Group 1 - The core viewpoint emphasizes the importance of allowing more capable and innovative enterprises to enter the market, which will help expand the innovation asset pie and enhance the investment value of China's capital market [2][3] - The 2025 Lujiazui Forum outlined a roadmap for China's financial development, including a transformation of the monetary policy framework, greater financial openness, and reforms in the capital market [2] - The announcement by the Chairman of the China Securities Regulatory Commission (CSRC) regarding the establishment of a growth tier for the ChiNext board and the resumption of listing standards for unprofitable companies has sparked widespread discussion in the market [2][3] Group 2 - Unprofitable innovative enterprises are seen as the "seeds" of China's economy, but they have faced liquidity challenges due to a still-developing VC and PE market, leading some to seek value realization through overseas partnerships [3] - There is a need for more operationally feasible measures to open up market access, as relaxing listing requirements will alter the existing stress structure of the ChiNext and Sci-Tech Innovation Board [3][4] - A market-based incentive and constraint framework should be established based on the principle of equal rights and responsibilities, ensuring that sponsors bear clear responsibilities without exceeding their risk management capabilities [4] Group 3 - The capital market's role as a "testing ground" for innovative assets requires improvements in the standards for qualified investors, moving beyond a narrow definition based solely on financial capacity [4][5] - Regulatory efforts should focus on providing sufficient space for market self-governance rather than heavily regulating sponsors and defining qualified investors, which would facilitate the acceptance of unprofitable innovative enterprises [5] - The nurturing of the market's trial-and-error process is essential for the capital market to effectively support China's innovative assets, with a focus on protecting the legitimate rights and interests of market participants [5]

Core Viewpoint - The core regulatory principle of "tracing the actual controllers of listed companies to natural persons or state-owned entities, with clear and stable equity" aims to ensure effective corporate governance and protect the rights of minority investors, but it has led to issues due to the predominance of natural persons as actual controllers [1] Existing Issues and Contradictions - There are institutional limitations in corporate governance structures, as the dominance of natural persons as actual controllers in A-share companies leads to a model where ownership and management are combined, restricting modern governance development and causing short-term strategic focus [2] - Natural person controllers face limitations in resources, strategy, governance, and integration, leading to challenges in industry upgrading and sustained growth as companies mature [2] - Private equity (PE) firms are unable to become actual controllers of listed companies, which suppresses effective participation of long-term capital and weakens the long-term growth potential of listed companies [3] - Most private equity funds cannot meet the requirements for actual controllers, leading to a focus on short-term trading in the secondary market, which exacerbates the disconnect between primary and secondary investment markets and diminishes governance levels [3][4] - Regulatory policies often fail to produce sustainable effects, trapping the A-share market in a cycle of limited growth, with IPO controls and merger policies failing to break through the actual controller principle [4] Systemic Reform Suggestions and Path Design - The first phase involves clarifying governance structure reform directions and initiating pilot programs for long-term capital and professional management teams to form evergreen funds, allowing them to participate in the management of listed companies [5] - The second phase encourages the separation of ownership and management, establishing a governance structure linked to long-term development, and allowing evergreen funds to qualify as actual controllers for IPOs [6] - The third phase focuses on comprehensive marketization and modernization of governance, promoting legal reforms to support mergers and acquisitions as a standard growth path for companies [8] Strengthening Long-term Capital Guidance Mechanisms - The goal is to enhance corporate quality and investor confidence, creating a virtuous cycle in the Chinese capital market, fostering competitive companies, and activating substantial financial risk capital [9]

Wendy Yuen 中信银行(国际) 个人及商务银行业务总监 James Bell 彭博亚太区 卖方科技解决方案销售负责人 罗文辉 华泰证券 首席技术官 Muska Chiu 渣打银行 亚洲经济增速回升，成为世界经济之引擎。你准备好迎接机遇了吗？ 展望全球，随着不确定性加剧，美元主导地位面临前所未有的压力，地缘博弈也重塑着贸易流 向。投资者更多地将目光投向亚洲——这一活力与韧性兼具的地区经济增速回升，受到寻求稳定 与增长的投资者青睐。与此同时，面对科技给各行业带来的颠覆性影响、ESG要求的持续更新、 货币政策转向、监管环境发展……卖方机构亟需灵活调整战略，从而与时俱进、把握良机。 彭博诚邀您出席 2025年亚太区卖方论坛 ！机构高管、行业领袖、资深专家等业界人士将齐聚一 堂，探讨有关银行业与资本市场的热点议题，展望未来趋势，分享真知灼见。 主要议题 专家对谈：彭博对话高盛总裁施南德Kevin Sneader 香港私人银行与理财通的发展前景 * 报名需要时间审核，敬请耐心等待。审核通过将在微信收到报名成功提醒，活动开始前将会收到具体参会提醒，请注意查收！ * 彭博Bloomberg保留活动的最终解释权。 买方 ...

Core Insights - The core message emphasizes the role of the capital market in promoting the integration of technological innovation and industrial innovation, with a focus on deepening reforms in the Sci-Tech Innovation Board and enhancing the openness of the capital market [1] Group 1: Capital Market's Role in Innovation - The capital market provides comprehensive financial services throughout the entire lifecycle of technological innovation, facilitating the needs of companies at various stages from startup to maturity [2] - Capital markets can stimulate entrepreneurial spirit and innovation by effectively pricing key elements and assets, leading to better integration of talent, technology, and data [2][3] - The collaboration between scientists, entrepreneurs, and investors is crucial for fostering innovation, highlighting the importance of a capital market-driven innovation ecosystem [3] Group 2: Structural Changes and Support for Innovation - Recent structural changes in the capital market have positively impacted the virtuous cycle between technology, capital, and industry, enhancing the market's efficiency and investment value [4] - The proportion of technology companies in the A-share market has increased from 12% to 27% over the past decade, indicating a significant shift towards supporting innovation [4] - Continuous high investment in R&D by listed companies has contributed to improved market structure and investment value, with certain sectors experiencing compound annual growth rates of 12.5% and 17.9% [4] Group 3: Reform Measures and Institutional Adaptability - The introduction of the "1+6" policy measures aims to deepen reforms in the Sci-Tech Innovation Board, including the establishment of a growth tier and the reintroduction of listing standards for unprofitable companies [7] - The reforms focus on enhancing the inclusivity and adaptability of the capital market, ensuring that it better serves technological and industrial innovation [8] - Strong regulatory measures will be implemented to protect the rights of small investors and ensure that the benefits of policies reach innovative practitioners [8] Group 4: Opening Up the Market - The capital market will continue to promote comprehensive openness, facilitating the participation of foreign capital and institutions, which are seen as vital players in the Chinese capital market [9] - Recent developments have led to a reassessment of China's technological innovation capabilities by global investors, increasing interest in Chinese assets, particularly in high-tech sectors [9] - Upcoming measures will enhance the convenience for foreign investors in the A-share market, including optimizing the Qualified Foreign Institutional Investor (QFII) system and expanding the range of tradable products [9]

Group 1 - The core viewpoint emphasizes the need for better integration of technology innovation and industrial innovation through the capital market's hub function, which is crucial for the high-quality development of the capital market [1][2][4] - The capital market is seen as a vital component in supporting the transformation and upgrading of technology and industry, with recent reforms aimed at optimizing the system and product supply to attract resources to innovation [4][6] - The integration of technology, capital, and industry is highlighted as a significant theme for current and future capital market reforms, which is essential for fostering a virtuous cycle among these elements [4][5] Group 2 - The Chinese Securities Regulatory Commission (CSRC) is focusing on enhancing the inclusiveness and adaptability of the financial service system to better support technology and industrial innovation [2][6] - Key measures include leveraging the Sci-Tech Innovation Board as a testing ground for reforms, promoting long-term capital, and creating a more open and inclusive capital market ecosystem [6][7] - Recent initiatives include the introduction of a new tier for the Sci-Tech Innovation Board to accommodate unprofitable companies and expanding listing standards to cover emerging industries like artificial intelligence and commercial aerospace [7][8]

中新网北京6月18日电(记者 谢艺观)自2019年6月正式开板以来，科创板已走过6个年头。6年来，科创板 快速成长，市场建设初具规模，市场功能稳步发挥。 为更好发挥科创板改革"试验田"作用，在18日举行的2025陆家嘴论坛开幕式上，证监会主席吴清预告， 将加力推出进一步深化改革的"1+6"政策措施，引发大众关注。 同日下午，证监会发布《关于在科创板设置科创成长层 增强制度包容性适应性的意见》(以下简称《科 创板意见》)，在专家看来，这将有利于加快构建支持科技创新的资本市场生态。 图自证监会官网。 "1"即设置科创成长层 据中国证监会新闻发言人介绍，《科创板意见》是为主动适应境内外经济金融形势变化和科技型企业现 实需求，以在科创板设置专门层次为抓手，重启未盈利企业适用科创板第五套标准上市，推出的一揽子 更具包容性、适应性的制度改革。 设置科创成长层，重点服务技术有较大突破、商业前景广阔、持续研发投入大，但目前仍处于未盈利阶 段的科技型企业。 数据显示，科创板开板6年来，已有54家未盈利企业成功登陆科创板。2024年，这54家企业共实现营业 收入1744.79亿元，其中26家企业营业收入突破10亿元。 根据《科创 ...

要点 ○ 推出科创板进一步深化改革"1+6"政策措施 ○ 设置科创板科创成长层 ○ 试点引入资深专业机构投资者制度 ○ 面向优质科技企业试点IPO预先审阅机制 ○ 创业板正式启用第三套标准，支持优质未盈利创新企业上市 ○ 重启未盈利企业适用科创板第五套标准上市并扩大适用范围 吴清强调，证监会将以深化科创板、创业板改革为抓手，以发展多元股权融资为重点，着力打 造更具吸引力、竞争力的市场体系和产品服务矩阵，统筹推进投融资综合改革和投资者权益保 护，加快构建更有利于支持全面创新的资本市场生态。 更好发挥科创板改革试验田作用 推出进一步深化改革"1+6"政策措施 吴清表示，将更好发挥科创板改革"试验田"作用，加力推出进一步深化改革的"1+6"政策措 施。 其中，"1"即在科创板设置科创成长层，并且重启未盈利企业适用科创板第五套标准上市，更 加精准服务技术有较大突破、商业前景广阔、持续研发投入大的优质科技企业。同时，在强化 信息披露和风险揭示、加强投资者适当性管理等方面做出专门安排。 ○ 大力发展科创债，加快推出科创债ETF ○ 积极推动社保基金、保险资金、产业资本参与私募股权投资 ○ 抓好"并购六条"和重大资产重组管 ...

Group 1 - The China Securities Regulatory Commission (CSRC) emphasized the importance of multi-tiered capital markets in promoting the integration of technological and industrial innovation, particularly through the Sci-Tech Innovation Board (STAR Market) [1] - The introduction of the "1+6" policy measures aims to enhance the STAR Market's role as a testing ground for reforms, including the establishment of a growth tier for innovative companies and the resumption of listing standards for unprofitable enterprises [1] - The Shanghai Stock Exchange highlighted that the new growth tier will help stabilize market expectations, provide a controlled environment for incremental reforms, and facilitate better risk management for investors in unprofitable tech firms [1] Group 2 - As of June 18, the Sci-Tech Innovation Index has reached 569 sample stocks, covering 97% of the market capitalization of the STAR Market, including over 200 stocks not previously included in the scale index [2] - The Huaxia Sci-Tech Innovation Index ETF and its linked funds are actively tracking the Sci-Tech Innovation Index, currently ranking among the top in terms of scale and trading volume, with the highest average daily trading volume in the past week [2]

在6月18日开幕的2025陆家嘴论坛上，中国证监会主席吴清宣布，更好发挥科创板改革"试验田"作用， 将加力推出进一步深化改革的"1+6"政策措施，同时，将在创业板正式启用第三套标准，支持优质未盈 利创新企业上市。多位机构人士和专家表示，此次证监会提出一系列举措，将加快构建更有利于支持全 面创新的资本市场生态，更好发挥多层次资本市场枢纽功能，有力促进"科技-资本-产业"良性循环。 ...

Group 1 - The core viewpoint emphasizes the importance of a financial service system that is more adaptable to technological innovation and industrial transformation, highlighting the significant role of capital markets in supporting both large tech giants and small innovative companies [1][3] - The China Securities Regulatory Commission (CSRC) is focusing on enhancing the inclusiveness and adaptability of its systems, with reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market as key strategies to create a more attractive and competitive market ecosystem [3][4] - The CSRC plans to implement a series of key measures to enhance capital market openness by optimizing the Qualified Foreign Institutional Investor (QFII) system and expanding the range of products available for foreign investment [4] Group 2 - The CSRC will introduce a new "growth layer" on the Sci-Tech Innovation Board and restart the listing of unprofitable companies under the fifth set of standards, aiming to better serve high-quality tech firms with significant breakthroughs and strong commercial prospects [3] - Six innovative reform measures will be launched on the Sci-Tech Innovation Board, including the introduction of a professional institutional investor system and a pre-review mechanism for IPOs targeting quality tech companies [3] - The CSRC aims to facilitate smoother participation of global investors in China's capital market by enhancing the convenience of various foreign investment products, including the introduction of RMB foreign exchange futures [4]