完善股市基础制度 提高资本市场包容性

Group 1 - The core viewpoint emphasizes the importance of enhancing the inclusiveness of the capital market, as highlighted in the recently passed proposal for the 15th Five-Year Plan, which officially states the need to improve the inclusiveness and adaptability of capital market systems [1] - The central financial office has pointed out the necessity to enhance the capital market's inclusiveness towards new industries, new business formats, and new technologies, aligning with the needs of technological innovation and the growth of tech companies [1] - The Chinese stock market has demonstrated its improved inclusiveness through actions, particularly in the reform of the Sci-Tech Innovation Board, which has reopened the IPO channel for unprofitable tech companies and established a growth tier specifically for such enterprises [1] Group 2 - To improve the inclusiveness of the capital market, a robust stock market system is essential, as seen in the U.S. market, which showcases strong inclusiveness in its IPO system due to well-established regulations that protect investors' rights and impose severe penalties on violators [2] - In China, the presence of a significant number of locked-up shares upon IPO poses a challenge to the healthy development of the A-share market, especially for unprofitable companies, as the release of these shares can lead to substantial losses for investors if the companies do not achieve profitability [2] Group 3 - Investor protection must be effectively implemented, with a focus on the role of strict legal measures; the current severity of capital market laws in China needs to be strengthened to ensure that violators face significant consequences [3] - There is a call for increased legislative efforts to align more closely with strict legal measures and to adopt special representative litigation mechanisms in civil lawsuits to better protect the rights of small and medium investors [3]