Core Viewpoint - The article highlights the ongoing reforms in China's capital market, particularly in Jiangsu province, aimed at enhancing support for technology innovation enterprises and facilitating their access to financing through various initiatives and policies [1][2][3]. Group 1: Financing Reforms and Initiatives - The China Securities Regulatory Commission (CSRC) has introduced multiple measures such as the "16 Articles on Science and Technology Innovation" and the "8 Articles on the Science and Technology Innovation Board" to improve financing channels for innovative companies [1]. - Jiangsu's capital market has seen a significant increase in the number of listed companies, with 29 new domestic listings expected by 2025, accounting for 25% of the national total [1]. - A record was set for the speed of financing for small and medium-sized technology innovation enterprises, with a new mechanism allowing for same-day application and acceptance, and a first-round inquiry completed in just one working day [2]. Group 2: Industry Development and Market Integration - Jiangsu's listed companies cover a comprehensive "1650" industrial system, indicating a deep integration between the capital market and local industrial layout [3]. - The semiconductor industry in Jiangsu is set to add two new listed companies by 2025, with one already marking a significant milestone as the first new stock on the Science and Technology Innovation Board this year [3]. - In the biopharmaceutical sector, several companies have expressed intentions to return to A-shares, supported by proactive services from the Jiangsu Securities Regulatory Bureau [3]. Group 3: New Industry Opportunities - The article emphasizes the importance of emerging industries, such as artificial intelligence and commercial aerospace, in driving future economic growth and innovation [4][5]. - Several companies in Jiangsu are planning to apply for the fifth set of standards on the Science and Technology Innovation Board, which supports hard-tech enterprises that may not yet be profitable but represent future technological directions [5]. Group 4: International Market Engagement - Jiangsu has seen an increase in companies successfully obtaining listings in Hong Kong, with a total of 9 A+H listed companies, reflecting the growing internationalization of the capital market in the province [6]. - A biopharmaceutical company in Jiangsu raised approximately HKD 9.89 billion in its IPO on the Hong Kong Stock Exchange, marking the largest financing scale in the Hong Kong medical sector since 2020 [6]. Group 5: Quality and Governance in Listings - The Jiangsu Securities Regulatory Bureau is focused on enhancing the quality of listed companies by providing targeted guidance and promoting a correct understanding of the listing process among enterprises [7]. - Over 20 specialized policy seminars and case analysis meetings have been conducted to help companies understand the latest listing requirements and stabilize their development expectations [7]. Group 6: Future Outlook - The Jiangsu Securities Regulatory Bureau aims to improve the inclusiveness and adaptability of capital market systems to support technological self-reliance and cultivate new productive forces [8]. - The bureau plans to implement measures that ensure support reaches enterprises effectively, translating reform policies into development momentum for high-quality growth in Jiangsu [8].
持续提升制度包容性、适应性 资本市场精准赋能江苏高质量发展
Zheng Quan Shi Bao Wang·2026-01-04 12:49