中国证监会公众公司监管司一级巡视员商庆军：进一步提升北交所、新三板对创新型中小企业的服务能力

Group 1 - The China Securities Regulatory Commission (CSRC) emphasizes the importance of multi-tiered capital markets in supporting technological innovation and enhancing service capabilities for innovative SMEs through the Beijing Stock Exchange (BSE) and the New Third Board [1][2] - The CSRC plans to improve the listing mechanisms of the BSE, utilizing the fourth set of listing standards for unprofitable companies, and optimizing disclosure requirements to support both cutting-edge technology and traditional industry upgrades [1][3] - The New Third Board will be optimized to enhance its role as a "nursery" for innovative SMEs, improving access standards and market vitality while focusing on nurturing, standardizing, and servicing [1][2] Group 2 - The CSRC highlights the need for a balanced market dynamic and the cultivation of patient capital, which is crucial for the long-term support of innovative SMEs [2][3] - Efforts will be made to normalize the issuance and listing processes on the BSE, enhance the regulatory framework, and expand the market maker team to provide more investment opportunities [2][3] - The CSRC aims to attract more long-term capital by addressing pain points in private equity fundraising, investment, management, and exit processes [2][3] Group 3 - The CSRC is focused on optimizing regulatory arrangements for listed companies to promote high-quality development, emphasizing strong regulation in areas such as standardization, innovation, returns, and accountability [3][4] - There will be a push for improved information disclosure and internal controls among listed companies, alongside increased R&D investment and employee stock ownership plans [3][4] - The CSRC will enforce strict accountability measures to combat fraudulent activities and protect investor rights [3][4] Group 4 - The CSRC plans to strengthen collaboration with various government departments to promote the formation of innovative capital and support high-quality SMEs aligned with national strategic needs [4] - Efforts will be made to enhance information sharing among innovative enterprises and ensure precise alignment between policy guidance and industry demands [4] - The CSRC aims to deepen the high-quality opening of capital markets and foster international cooperation with foreign regulatory bodies and institutions [4]