Venture(US:VEMLY) Shang Hai Zheng Quan Bao·2026-01-11 18:51Core Viewpoint - The Chinese capital market is undergoing significant reforms to enhance the coordination of investment and financing, focusing on improving the quality of listed companies and increasing the participation of long-term capital [2][3][4]. Group 1: Investment and Financing Coordination - Investment and financing coordination is a dynamic process that requires continuous adjustment to balance market fluctuations and vulnerabilities [3]. - The quality of listed companies is crucial for attracting long-term investment, creating a virtuous cycle of high-quality companies leading to increased investor confidence and financing efficiency [3][4]. Group 2: Investor Protection - Protecting the rights of small and medium investors is a priority, with over 250 million A-share investors, 95% of whom are small investors [4]. - Regulatory measures will be designed to ensure a fair and transparent market environment, incorporating investor protection throughout all regulatory processes [4]. Group 3: Market Opportunities - The current global technological revolution and industrial transformation present unique opportunities for capital market reforms, aiming to attract high-quality listings and patient capital [4]. - The domestic market is witnessing a significant shift in asset allocation, necessitating enhanced investment and financing functions [4]. Group 4: Long-term Capital Inflow - By the end of 2025, various long-term funds are expected to hold approximately 23 trillion yuan of A-share circulating market value, a 36% increase from the beginning of the year [5]. - The scale of equity funds is projected to grow from 8.4 trillion yuan to around 11 trillion yuan by 2025 [5]. Group 5: Enhancing Company Value - A-share listed companies are expected to distribute a record cash dividend of 2.55 trillion yuan in 2025, double the amount of IPO and financing scales during the same period [5]. - The number of technology companies among the top 50 A-share companies has increased from 18 to 24 over the past five years [5]. Group 6: Reform Initiatives - Five key areas for deepening investment and financing reforms include improving the institutional environment for long-term investments, enhancing services for technology innovation companies, promoting the value creation capabilities of listed companies, cultivating top-tier investment banks and institutions, and strengthening regulatory enforcement [6][7][8].