证监会公众公司监管司商庆军：进一步提升北交所、新三板对创新型中小企业的服务能力

Core Viewpoint - The Beijing Stock Exchange (BSE) is enhancing its services for innovative small and medium-sized enterprises (SMEs) through reforms and improved institutional arrangements, aiming to create a new ecosystem that meets diverse financing needs [1] Group 1: Multi-layered Capital Market Development - The BSE and the New Third Board (NTB) will focus on differentiated positioning and functional synergy to better serve innovative SMEs, enhancing the adaptability of institutional mechanisms and product services [2] - The BSE will improve its listing mechanisms, utilizing the fourth set of listing standards for unprofitable companies, and optimize disclosure requirements to support technological innovation and traditional industry upgrades [2] - The NTB will enhance its role as a "nursery" for SMEs by optimizing access systems and improving tiered arrangements to stimulate market vitality and elevate the quality of listed companies [2] Group 2: Cultivating Patient Capital - A balanced market dynamic is essential for sustainable development, with a focus on cultivating patient capital to support innovative SMEs [3] - The BSE will prioritize enhancing the investment value of listed companies and will maintain a regular issuance and listing process while optimizing the new stock issuance system [3] - Efforts will be made to attract long-term capital through the establishment of special funds and by addressing bottlenecks in private equity fund operations [3] Group 3: High-Quality Regulatory Framework - The BSE is committed to high-quality regulation to promote the development of listed companies, focusing on standardization, innovation, returns, and accountability [4] - Strengthening information disclosure and internal controls will be prioritized to ensure compliance and enhance corporate governance [4] - The BSE will encourage companies to focus on core businesses and increase R&D investments while ensuring accountability for fraudulent activities [4] Group 4: Collaborative Innovation Support - The construction of a national innovation system requires collaboration among various stakeholders to support the financing of innovative SMEs [5] - The China Securities Regulatory Commission (CSRC) will enhance cooperation with various government departments to promote the formation of innovative capital and support high-quality SMEs [5] - Efforts will be made to deepen international cooperation and enhance the BSE's global presence, including partnerships with foreign regulatory bodies [5]