April nineteenthEthermoncryptoThe Securities Regulatory Commission formulated the "16 measures for the Capital Market to serve the High-level Development of Science and Technology Enterprises" (hereinafter referred to as "measures")EthermoncryptoWe will put forward supportive measures from all aspects, such as listing and financing, mergers and acquisitions, bond issuance, and private investment, to further improve the function of the capital market, optimize the allocation of resources, and make greater efforts to support the high-level development of science and technology enterprises and promote the development of new productive forces.

The main contents include:

1. Priority should be given to supporting the listing and financing, mergers and acquisitions, and bond issuance of science and technology enterprises that break through key core technologies, and improve the "green channel" mechanism of the whole chain.

2. Support scientific and technological enterprises to set up equity incentive plans before listing, continue to implement incentives after listing, and encourage core technical personnel to be included in the scope of incentives.

3. We should scientifically and rationally maintain the normalization of new share issuance, give full play to the joint efforts of issuing supervision lines, continuously improve audit efficiency and transparency, and meet the financing needs of science and technology enterprises of different types and different stages of development.

4. support the listing of high-quality unprofitable scientific and technological enterprises with key core technologies, great market potential and outstanding scientific and technological innovation in accordance with the rules and regulations.

5. Highlight the positioning of Science and Technology Innovation Board and gem, set the upper limit of declaration scale, and serve early science and technology enterprises more accurately.

6. Study and establish the storage shelf issuance system of Science and Technology Innovation Board and gem.

7. appropriately improve the inclusiveness of restructuring and valuation of light-asset scientific and technological enterprises, and support scientific and technological enterprises to carry out restructuring by comprehensively using various payment instruments such as shares, targeted convertible bonds, cash, and so on.

8. 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. We will implement the policy of "reverse pegging" of private equity funds, expand pilot projects for private equity venture capital funds to allocate stocks and transfer shares to investors, broaden exit channels, and promote a virtuous circle of "investment-exit-reinvestment".

9. Evaluate the market maker mechanism of the optimized Kechuang Board and the Beijing Stock Exchange to further promote marketization and facilitation and improve the efficiency of market price discovery and resource allocation. We will improve the relevant rules on margin trading and refinancing.

10. The "pre-communication" mechanism for the listing and refinancing of all science and technology enterprises to enhance the convenience and effectiveness of consultation for science and technology enterprises.

Optimize the listing and financing environment of science and technology enterprises

"measures" a total of 16 items, related to the market concern of financing, refinancing and other aspects.

The "measures" point out that it is necessary to concentrate our efforts on supporting major scientific and technological problems. We will strengthen policy coordination with relevant departments, accurately identify scientific and technological enterprises, give priority to supporting the listing and financing, mergers and acquisitions, and bond issuance of scientific and technological enterprises that break through key core technologies, and improve the "green channel" mechanism of the whole chain.

At the same time, improve the equity incentive of science and technology enterprises. We will support high-tech enterprises to set up equity incentive plans before listing, continue to implement incentives after listing, and encourage core technical personnel to be included in the scope of incentives. Study and optimize the methods, objects and pricing principles of equity incentives in science and technology enterprises, simplify the implementation procedures of equity incentives, and introduce the exemption provisions for short-term transactions in the implementation process of equity incentives as soon as possible, so as to give better play to the role of equity incentives.

In terms of issuance, the "measures" pointed out that the institutional arrangements for the full implementation of the reform of the stock issue registration system should be implemented, so as to promote the transformation of system supervision by the transformation of issuance supervision. We should scientifically and rationally maintain the normalization of new share issuance, give full play to the joint efforts of issuing supervision lines, continuously improve audit efficiency and transparency, and meet the financing needs of science and technology enterprises of different types and different stages of development.

In particular, it is proposed to optimize the financing environment for the listing of science and technology enterprises. In accordance with the law, we will support the listing of high-quality unprofitable scientific and technological enterprises with key core technologies, great market potential and outstanding scientific and technological innovation. We will further promote all kinds of medium-and long-term funds to increase the allocation of equity assets. We will support science and technology enterprises to list overseas in accordance with the law, implement the overseas listing record management system, and better support the development of overseas listing and financing of science and technology enterprises.

Promulgate the positioning rules of the motherboard and establish the storage shelf issuance system of Science and Technology Innovation Board and gem.

The "measure" once again defines the positioning of each plate. On the one hand, the introduction of motherboard plate positioning rules, highlighting the industry representative of the "market blue chip" features. Science and Technology Innovation Board adheres to the positioning of "hard science and technology", the gem serves growing innovative start-up enterprises, and the Beijing Stock Exchange and the National Stock transfer Company jointly create the main position to serve innovative small and medium-sized enterprises. Highlight the positioning of Science and Technology Innovation Board and gem, set the upper limit of declaration scale, and serve early science and technology enterprises more accurately. Strengthen the guidance and acceptance, acceptance, examination and registration of each link to check the plate positioning, and optimize the structure of newly listed enterprises.

On the other hand, we will solidly promote the high-quality development of the Beijing Stock Exchange. We will improve the market access tolerance of the Beijing Stock Exchange and vigorously attract and cultivate a number of innovative small and medium-sized enterprises to list. We will launch a mechanism for public issuance of convertible bonds by companies listed on the North 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 characteristic products of the North Stock Exchange.

In terms of refinancing, the "measures" increase refinancing support for science and technology enterprises. We should give full play to Science and Technology Innovation Board's role as a "test field", support the development of innovative and entrepreneurial enterprises that are growing on the gem, actively study more financing varieties and methods that meet the needs of scientific and technological enterprises, and study the establishment of Science and Technology Innovation Board and the storage and issuance system of gem. Improve the effectiveness and convenience of refinancing, and guide listed companies to invest the funds raised in related areas in line with the national economic development strategy and industry orientation.

In terms of mergers and acquisitions, the "measures" are clear, continue to deepen the market-oriented reform of mergers and acquisitions, formulate rules for the restructuring of targeted convertible bonds, optimize the small and rapid audit mechanism, and appropriately improve the inclusiveness of the restructuring valuation of light-asset science and technology enterprises. we will support science and technology enterprises to comprehensively use various payment tools such as shares, directed convertible bonds and cash to carry out restructuring, so as to help science and technology enterprises improve quality, improve efficiency, and become better and stronger.

Establish a mechanism for serving scientific and technological innovation in the bond market

The "measures" strengthen the bond market's precise support for scientific and technological innovation. We will promote the high-quality development of scientific and technological innovation corporate bonds and improve the supporting mechanism for the bond market to serve scientific and technological innovation. We will focus on supporting corporate bond financing in high-tech and strategic emerging industries, and encourage policy institutions and market institutions to provide credit-increasing support for private science and technology enterprises to issue scientific and technological bonds. We will bring high-quality enterprise sector bonds into the benchmark market-making varieties, and guide and promote investors to increase their investment in science and technology bonds. We will support conditional new infrastructure, new infrastructure such as data centers, and science and technology innovation industrial parks to issue REITs in the field of science and technology innovation, and broaden the sources of incremental funds.

And guide private equity venture capital funds to invest in the field of scientific and technological innovation, "measures" to improve the supervision of 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. We will implement the policy of "reverse pegging" of private equity funds, expand pilot projects for private equity venture capital funds to allocate stocks and transfer shares to investors, broaden exit channels, and promote a virtuous circle of "investment-exit-reinvestment". Give full play to the function of regional equity market services to cultivate and standardize science and technology enterprises. We will steadily expand the coverage of pilot innovation in the regional equity market, build high-quality "specialized and special new" boards, constantly enrich service tools and financing products for science and technology enterprises, and gradually promote the landing of businesses such as stock options and equity incentives. We will study ways to strengthen long-term capital support such as government guidance funds through preferred shares (rights).

In terms of transactions, the "measures" pointed out that the scientific and technological innovation index system should be further enriched and more indexes reflecting the characteristics of scientific and technological innovation enterprises should be compiled. We will improve the construction of the supporting product system of the exchange. Support securities fund management institutions to develop science and technology-themed fund products, improve their active management ability, and actively invest in science and technology enterprises. We will enrich the supply of derivatives from Science and Technology Innovation Board and gem, and actively promote the development and listing of science and technology 50, gem stock index futures and options. Evaluate the market maker mechanism of the optimized Kechuang Board and the Beijing Stock Exchange to further promote market facilitation and improve the efficiency of market price discovery and resource allocation. We will improve the relevant rules on margin trading and refinancing.

In addition, the "measures" pointed out that securities companies will be urged to enhance their ability to serve scientific and technological innovation and optimize the service mechanism of science and technology-based enterprises. We should strictly suppress the responsibilities of science and technology enterprises and relevant intermediary agencies that plan to issue securities, ensure the truthfulness, accuracy and integrity of information disclosure, severely crack down on illegal and fraudulent issuance in accordance with the law, and protect the legitimate rights and interests of investors.

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