All-round support for the high-level development of science and technology enterprises, the China Securities Regulatory Commission issued "16 Articles"

CCTV Beijing, April 19 (Reporter Qi Zhiying) On April 19, the China Securities Regulatory Commission issued the "Sixteen Measures for the High-level Development of Capital Market Services Technology Enterprises" (hereinafter referred to as the "Measures"). The Measures put forward supportive measures in all aspects such as listing and financing, mergers and acquisitions, bond issuance, and private equity investment.

The China Securities Regulatory Commission said that the "Measures" were proposed to further improve the function of the capital market, optimize the allocation of resources, and more vigorously support the high-level development of science and technology enterprises.

Measures include:

1. Concentrate efforts on supporting major scientific and technological breakthroughs. Strengthen policy coordination with relevant departments, accurately identify technology-based enterprises, give priority to supporting the listing and financing, mergers and acquisitions, and bond issuance of technology-based enterprises that break through key core technologies, and improve the "green channel" mechanism of the whole chain.

2. Improve equity incentives for science and technology enterprises. Support the establishment of equity incentive plans before the listing of science and technology enterprises, continue to implement incentives after listing, and encourage the inclusion of core technical personnel in the scope of incentives. Study and optimize the methods, targets and pricing principles of equity incentives for science and technology enterprises, simplify the implementation procedures of equity incentives, and introduce exemption provisions for short-term transactions in the implementation of equity incentives as soon as possible, so as to better play the role of equity incentives.

3. Deepen the transformation of issuance supervision. Implement the institutional arrangements for the full implementation of the reform of the registration-based stock issuance system, and promote the transformation of system supervision through the transformation of issuance supervision. Scientifically and reasonably maintain the normalization of new share issuance, give full play to the joint force of issuance supervision, continue to improve the efficiency and transparency of review, and meet the financing needs of technology-based enterprises of different types and stages of development.

Fourth, optimize the listing and financing environment of science and technology enterprises. Support the listing of high-quality unprofitable science and technology enterprises with key core technologies, great market potential, and outstanding scientific and technological innovation attributes in accordance with laws and regulations. We will further promote all kinds of medium and long-term funds to increase the allocation of equity assets. Support the overseas listing of science and technology enterprises in accordance with laws and regulations, implement the overseas listing filing management system, and better support the overseas listing and financing development of science and technology enterprises.

Fifth, the overall play of the functional positioning of each sector. The main board sector positioning rules have been introduced to highlight the characteristics of "large-cap blue chips" that are representative of the industry. The Science and Technology Innovation Board adheres to the positioning of "hard technology", the Growth Enterprise Market serves growth-oriented innovative and entrepreneurial enterprises, and the Beijing Stock Exchange and the National Equities Exchange and Quotations Company jointly build the main position of serving innovative small and medium-sized enterprises. Highlight the positioning of the Science and Technology Innovation Board and the Growth Enterprise Market, set the upper limit of the application scale, and serve early-stage technology-based enterprises more accurately. Strengthen the guidance and acceptance, acceptance, review, and registration of all aspects of the positioning of the plate, and optimize the structure of newly listed enterprises.

6. Solidly promote the high-quality development of the Beijing Stock Exchange. Improve the inclusiveness of market access on the Beijing Stock Exchange, and vigorously attract and cultivate a number of innovative small and medium-sized enterprises to go public. Launched a mechanism for public issuance of convertible bonds by companies listed on the Beijing Stock Exchange. Guide all kinds of medium and long-term funds to actively participate in the Beijing Stock Exchange, and study and enrich the index funds and special products of the Beijing Stock Exchange.

7. Increase support for the refinancing of science and technology enterprises. Give full play to the role of the Science and Technology Innovation Board as a "test field", support the development of growth-oriented innovative and entrepreneurial enterprises on the Growth Enterprise Market, actively study more financing varieties and methods to meet the needs of science and technology enterprises, and study the establishment of a shelf issuance system for the Science and Technology Innovation Board and the Growth Enterprise Market. Improve the effectiveness and convenience of refinancing, and guide listed companies to invest the raised funds in relevant fields that are in line with the national economic development strategy and industrial orientation.

8. Promote the efficient implementation of mergers and acquisitions and restructuring of science and technology enterprises. We will continue to deepen the market-oriented reform of mergers and acquisitions, formulate rules for the restructuring of targeted convertible bonds, optimize the mechanism for rapid review of small amounts, appropriately improve the inclusiveness of the valuation of asset-light technology-based enterprises, and support technology-based enterprises to comprehensively use various payment tools such as shares, directional convertible bonds, and cash to implement restructuring, so as to help technology-based enterprises improve quality and efficiency, and become better and stronger.

9. Strengthen the bond market's precise support for scientific and technological innovation. Promote the high-quality development of scientific and technological innovation corporate bonds, and improve the support mechanism for the bond market to serve scientific and technological innovation. Focus on supporting the bond financing of high-tech and strategic emerging industry enterprises, and encourage policy institutions and market institutions to provide credit enhancement support for private science and technology enterprises to issue science and technology innovation bond financing. We will include high-quality corporate science and technology innovation bonds in the benchmark market-making varieties, and guide and promote investors to increase investment in science and technology innovation bonds. Support the issuance of REITs in the field of scientific and technological innovation such as new infrastructure and new infrastructure such as data centers and scientific and technological innovation industrial parks, and broaden the sources of incremental funds.

10. Guide private equity venture capital funds to invest in the field of scientific and technological innovation. Improve the regulatory measures for private equity funds, enrich product types, promote the development of parent funds, and give full play to the role of private equity venture capital funds in promoting the growth of science and technology enterprises. Implement the "reverse linkage" policy for private equity funds, expand the pilot project of private equity venture capital funds to distribute shares in kind and share transfer to investors, broaden exit channels, and promote a virtuous cycle of "investment-exit-reinvestment".

11. Give full play to the function of regional equity market services to cultivate and standardize technology-based enterprises. Steadily expand the coverage of regional equity market innovation pilots, build high-quality "specialized, special and new" special boards, continuously enrich service tools and financing products for technology-based enterprises, gradually promote the implementation of stock options, equity incentives and other businesses, and study the strengthening of long-term capital support such as government guidance funds through preferred shares (rights) and other means. Strengthen the interconnection between multi-level capital markets, do a good job in the connection arrangements for enterprise standard counseling, financing and equity incentive product research and development, data sharing, etc., and make good use of the regional equity market and the new third board docking channel and publicity review system.

12. Intensify the innovation of financial products. Further enrich the scientific and technological innovation index system, and compile more indices that reflect the characteristics of scientific and technological innovation enterprises. Improve the construction of the exchange's supporting product system. Support securities fund management institutions to develop science and technology-themed fund products, improve active management capabilities, and actively invest in science and technology enterprises. Enrich the supply of derivatives on the Science and Technology Innovation Board and the Growth Enterprise Market, and actively promote the R&D and listing of stock index futures and options on the Science and Technology Innovation Board 50 and the Growth Enterprise Market.

13. Continue to improve the trading mechanism. Evaluate and optimize the market maker mechanism of the Science and Technology Innovation Board and the Beijing Stock Exchange, further promote market-oriented facilitation, and improve the efficiency of market price discovery and resource allocation. Improve the rules related to margin financing and securities lending and refinancing.

14. Supervise and urge securities companies to improve their ability to serve scientific and technological innovation. Promote the high-quality development of securities companies, focus on their main responsibilities and main businesses, strengthen professional capacity building, promote the play of functions, and provide equity financing, bond financing, mergers and acquisitions, market-making transactions, risk management, wealth management and other services for technology-based enterprises, and help build a diversified relay financial service system.

15. Optimize the service mechanism of science and technology enterprises. Practice the concept of "opening the door to conduct audits", improve the "pre-communication" mechanism for the listing and refinancing of technology-based enterprises, and improve the convenience and effectiveness of consultation for technology-based enterprises. Strengthen the overall planning of market cultivation and improve the efficiency of technology-based enterprises in key service areas.

16. Consolidate the responsibilities of all parties. Adhere to the principle of "declaration is responsibility", tighten the responsibilities of technology-based enterprises and related intermediaries that intend to issue securities, ensure the truthfulness, accuracy and completeness of information disclosure, severely crack down on illegal and fraudulent issuance of information disclosure in accordance with the law, and protect the legitimate rights and interests of investors. (CCTV Capital Eye)

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