Core Insights - The China Securities Regulatory Commission (CSRC) has fully implemented the stock issuance registration system, enhancing support for the development of new productive forces [1] - A series of measures, including the "16 Articles for Sci-Tech Innovation" and "6 Articles for Mergers and Acquisitions," have been introduced to optimize the processes of issuance, mergers, and capital management [1] - The CSRC has conducted two rounds of delisting reforms, resulting in the smooth delisting of 207 companies during the "14th Five-Year Plan" period [1] Group 1 - The stock issuance registration system has transitioned from pilot to full implementation, focusing on serving the development of new productive forces [1] - The CSRC has introduced various initiatives, such as the "1+6" reform measures for the Sci-Tech Innovation Board, which have led to the registration of three unprofitable tech companies under the new standards [1] - Since the release of the "6 Articles for Mergers and Acquisitions," 230 significant asset restructuring cases have been disclosed, supporting industry consolidation among listed companies [1] Group 2 - The CSRC has broadened exit channels through delisting reforms, effectively removing "bad apples" and "zombie companies" from the market [1] - During the "14th Five-Year Plan" period, 13 foreign-controlled securities, fund, and futures institutions have been approved to operate in China, with foreign ownership in A-shares reaching 3.4 trillion yuan [1] - The number of Chinese companies listed overseas has increased to 269, expanding the capital market's international connections [1]