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证监会重磅发声!科创板改革“1+6”政策到来,释放何信号
Nan Fang Du Shi Bao· 2025-06-18 08:30
Core Viewpoint - The 2025 Lujiazui Forum emphasizes the importance of financial openness and cooperation for high-quality development in the context of global economic changes, with a focus on the implementation of the "1+6" policy measures by the China Securities Regulatory Commission (CSRC) to enhance support for technology enterprises [1][2]. Group 1: Deepening the Reform of the Sci-Tech Innovation Board - The CSRC aims to enhance the inclusiveness and adaptability of the system by deepening reforms of the Sci-Tech Innovation Board and the Growth Enterprise Market, leveraging the Sci-Tech Innovation Board as a "testing ground" [2]. - The "1" in the "1+6" policy refers to the establishment of a Sci-Tech Growth Tier and the resumption of the fifth set of standards for unprofitable companies to list on the Sci-Tech Innovation Board, targeting high-quality tech enterprises with significant breakthroughs and substantial R&D investments [2]. - The "6" includes six specific reform measures, such as introducing a professional institutional investor system for applicable companies, expanding the fifth set of standards to cover more frontier technology sectors, and improving the refinancing system for Sci-Tech Innovation Board companies [2]. Group 2: Guiding Long-term Capital to Invest in Technology Enterprises - The CSRC will support the development of more technology innovation indices and public funds focused on Sci-Tech themes to attract long-term capital into technology investments [4]. - The introduction of long-term capital is seen as a key measure for deepening capital market reforms, aiming to reshape the market structure and promote long-term value investment [4]. - The focus will be on enhancing the regulatory framework for listed companies and fostering a more stable investment environment through the participation of social security funds, insurance funds, and industrial capital in private equity investments [4]. Group 3: Other Initiatives and Innovations - The CSRC plans to strengthen the linkage between equity and debt to support technological innovation, including the development of Sci-Tech bonds and related financial products [6]. - The commission will also promote the regularization of fund share transfer business and optimize mechanisms for physical stock distribution and reverse-linked products [6]. - New measures will be implemented to simplify the review process for mergers and acquisitions, enhancing the flexibility and convenience of equity incentive programs for listed companies [7].
事关A股,吴清宣布→
第一财经· 2025-06-18 03:48
Group 1 - The core viewpoint emphasizes the strengthening of stock-bond linkage to support technological innovation [1] - The development of technology innovation bonds (科创债) is prioritized, with plans to optimize issuance and trading systems [1] - The introduction of the first two data center REITs in China is approved, indicating a move towards asset securitization in the tech sector [1] Group 2 - The China Securities Regulatory Commission (CSRC) will continue to support tech companies in utilizing intellectual property and data assets for financing [1] - The official launch of the third set of standards for the Growth Enterprise Market (创业板) aims to support high-quality, unprofitable innovative companies in going public [1]