证监会重磅发布

Core Viewpoint - The 2025 Lujiazui Forum emphasizes "Financial Openness and Cooperation in the Context of Global Economic Changes" and highlights the importance of deepening reforms in the Sci-Tech Innovation Board through the "1+6" policy measures to enhance long-term capital investment in technology enterprises [1][2]. Group 1: Policy Measures - The China Securities Regulatory Commission (CSRC) will implement the "1+6" policy measures to further deepen reforms in the Sci-Tech Innovation Board, including the reintroduction of the fifth set of standards for unprofitable companies to list [3][5]. - The "1" in the "1+6" refers to the establishment of a Sci-Tech Growth tier within the Sci-Tech Innovation Board, aimed at better serving high-quality technology enterprises with significant breakthroughs and sustained R&D investment [5][6]. - The "6" includes six specific reform measures, such as introducing a pilot program for professional institutional investors and expanding the scope of the fifth set of standards to support more frontier technology sectors [6][7]. Group 2: Capital Market Development - The CSRC aims to enhance the synergy of capital markets by promoting the development of Sci-Tech bonds and optimizing issuance and trading arrangements [10]. - The approval of the first two data center REITs in the country is part of the effort to support technology companies in utilizing new asset types for financing [10]. - The CSRC will also promote the regularization of fund share transfer business and optimize mechanisms for physical stock distribution and reverse linkage to facilitate diverse exit channels [11]. Group 3: Innovation and Growth - The current wave of technological revolution and industrial transformation is accelerating, with a focus on systematic integration and market application of technological breakthroughs [11]. - The CSRC will implement new measures to simplify the review process for mergers and acquisitions, enhancing the flexibility and convenience for listed companies to improve their core competitiveness and operational performance [12].