GuShiio.com ① There are at least 21 points to focus on incremental measures to strengthen financial services for the entire chain and full life cycle of technology-based enterprises;
② The “Implementation Opinions” propose at least 8 measures aimed at promoting high-quality development of the public fund industry;
③ In the future, we will consolidate the responsibilities of industry institutions, give full play to the role of “baton” in assessment and evaluation, urge securities and futures operating institutions to correct their business concepts, and strengthen organizational management and resource investment.
Cailian News, February 7 (Reporter Lin Jian)The first policy-side “gift package” of the Capital Market in the Year of the Snake was officially released!
On February 7, 2025, the China Securities Regulatory Commission issued the “Implementation Opinions on the” Five Major Articles “of Finance in the Capital Market”, which aims to improve the capital market in technology finance, green finance, inclusive finance, pension finance, and digital finance. The “five major articles” make systematic deployment and clear requirements, strengthen policy coordination and work coordination, and provide higher-quality products and services for major strategies, key areas, and weak links of economic and social development.
The timing at which the “Implementation Opinions” are issued is of special significance.
First, February 7 marks the first anniversary of Wu Qing’s appointment as chairman of the China Securities Regulatory Commission. During the first year of performing his duties, the securities regulatory system issued nearly 20 important documents, and a total of more than 70 revisions and releases of various detailed rules. Overall, the securities regulatory system has reformed the capital market hundreds of times frequently, and the degree of improvement is outstanding. During this period, 2024 In July, Wu Qing also held a special symposium on the “Five Major Articles” of the Capital Market to Do a Good Job in Finance.
Second, Zhou Xiaozhou, spokesperson of the China Securities Regulatory Commission, answered reporters ‘questions on the “Implementation Opinions”. This is also the first time that Zhou Xiaozhou has publicly responded to market concerns since he was officially announced to serve as the spokesperson of the China Securities Regulatory Commission in December 2024, further reflecting the regulatory system and the market. Interaction is more intensive.
Specifically, the “Implementation Opinions” are divided into 8 parts and 18 measures, focusing on supporting the development of new productive forces, highlighting deepening the comprehensive reform of investment and financing in the capital market, enhancing institutional inclusiveness and adaptability, and promoting the integration of factor resources into scientific and technological innovation. Major strategies, key areas, and weak links such as advanced manufacturing, green and low-carbon, and inclusive people’s livelihood are concentrated.
Zhou Xiaozhou mentioned that after the “Implementation Opinions” are issued, the CSRC will formulate a detailed implementation work plan to effectively implement various policies and measures.The first is to improve the working mechanism, strengthen coordination and cooperation with relevant departments and local governments, work together to promote the implementation of various tasks, jointly carry out policy publicity and public opinion guidance, and actively respond to market concerns. The second is to consolidate the responsibilities of industry institutions, give full play to the “baton” role of assessment and evaluation, urge securities and futures operating institutions to correct their business concepts, strengthen organizational management and resource investment, and do a good job in the “five major issues” of finance according to local conditions. The third is to coordinate development and security, strengthen risk monitoring, early warning and early correction, strictly crack down on various illegal activities committed in the name of the “five major articles” of finance, and effectively protect the legitimate rights and interests of investors.
The reporter sorted out a total of 39 pieces of incremental information from the incremental measures to strengthen financial services for the entire chain and life cycle of technology-based enterprises, as well as specific measures around green finance, inclusive finance, pension finance, and technology finance.
Re-emphasize the continued support for the issuance and listing of high-quality unprofitable technology companies
1. Further enhance the inclusiveness of new industries, new business formats and new technologies, and increase support for strategic industries such as new generation information technology, artificial intelligence, aerospace, new energy, new materials, high-end equipment, biomedicine, and quantum technology.
2. Actively explore ways to combine effective markets with promising governments, further improve the institutional mechanism for accurately identifying technology-based enterprises, and strengthen efforts to support the issuance and listing of technology-based enterprises that break through key core technologies in new industries, new business formats and new technology fields.
3.Continue to support the issuance and listing of high-quality unprofitable technology companies.
4. Optimize the new share issuance and underwriting mechanism, dynamically evaluate the pilot implementation effect of the Science and Technology Innovation Board’s deepening of the issuance and underwriting system, and expand the scope of application in a timely manner.
5. Steadily promote the implementation of the “light assets, high R & D investment” recognition standard and the release and implementation of the refinancing storage rack issuance system.
6. Guide technology-based enterprises to make reasonable use of the “two markets and two resources” for domestic and overseas listings, and support high-quality technology-based enterprises listed overseas to return to A-shares.
7. Encourage technology-based enterprises to carry out mergers and acquisitions in upstream and downstream industries in the same industry, and support listed companies to focus on industrial transformation and upgrading,Find the second growth curve to carry out mergers and acquisitions.
8. Support listed companies to acquire high-quality unprofitable assets that help strengthen chains and improve key technical levels.
9. Support technology-based enterprises to reasonably carry out cross-border mergers and acquisitions.
10. Improve the inclusiveness of the valuation of mergers and acquisitions of technology-based enterprises, and support the adoption of diversified valuation methods that adapt to the characteristics of new productivity.
11. Improve the absorption and merger system and rules, and support listed companies in carrying out absorption and mergers.
12. Encourage technology-based listed companies to comprehensively use multiple payment instruments such as shares, directional convertible bonds, and cash to implement mergers and acquisitions,Establish an installment payment mechanism for share consideration.
13. Promote the implementation of simplified procedures for mergers and acquisitions and reorganizations to be effective.
14. Encourage the development of M & A funds.
15. Improve the inclusiveness and flexibility of equity incentives for technology-based enterprises, optimize implementation procedures and reserved rights arrangements, and apply regulations such as short-term transactions and window periods to the granting and ownership optimization of equity incentives.
16.Optimize the “reverse pegging” policy for private equity and venture capital funds to exit.
17. Promote the pilot program of physical distribution of stocks by private equity venture capital funds to investors.
18. Study and improve the private equity venture capital fund share transfer system and mechanism.
19. Encourage relevant institutions to provide credit enhancement support for technology-based enterprises to issue bonds in accordance with the principles of marketization and legalization, and explore and develop more science and technology-themed bonds.
20. Incorporate high-quality enterprise science and technology innovation bonds into benchmark market-making varieties,Increase policy support for the exchange’s pledged repo discount coefficient.
21. Explore intellectual property asset securitization business.
Among the above information,In addition to mentioning key support for IPO financing, the policy of mergers and acquisitions was mentioned seven times.
At least 10 initiatives such as green finance, inclusive finance, pension finance, and technology finance
Since 2024, the China Securities Regulatory Commission has actively and steadily promoted green finance, inclusive finance, pension finance, digital finance and other related institutional optimization and product innovation involving the capital market. The “Implementation Opinions” propose specific measures focusing on green finance, inclusive finance, pension finance, and technology finance. The reporter sorted out and found that there are 10 incremental measures and expressions worthy of attention:
1. Rating agencies are encouraged to incorporate environmental information indicators into bond issuance rating methods.
2. Study and formulate green stock standards and unify business rules.
3. Support qualified green industry enterprises in issuing and listing, financing mergers and acquisitions, and issuing green bonds, green asset-backed securities, etc.
4. Further improve the convenience of green bond application acceptance, review and registration.
5. Support qualified financial institutions to participate in carbon emissions trading on the premise of compliance with laws and regulations and controllable risks.
6. Develop more green low-carbon futures and options that meet the development needs of the real economy.
7. Accelerate the establishment of a statistical evaluation system for inclusive financial services on the Beijing Stock Exchange and the New Third Board, play the role of evaluation “baton”, guide market institutions to tilt resources towards inclusive financial services, and increase the intensity of docking services for small, medium and micro enterprises.
8. Promote the implementation of more “green light” projects for the digital economy and platform corporate stock bond issuance.
9. We will further promote the construction of supervision of big data warehouses and industry basic databases, optimize and improve industry data standards, open up data islands, continue to carry out data governance actions, and improve data service capabilities.
10. Accelerate the intelligent transformation of supervision, strengthen system interoperability, strengthen cross-department data and information sharing, and further improve regulatory efficiency and risk identification and prevention capabilities.
Propose at least 8 measures to support the development of the public offering industry
It is worth mentioning that the “Implementation Opinions” propose at least 8 measures to promote high-quality development of the public fund industry and help stabilize the capital market.
1. A pedigree of public fund products with different risk-return characteristics.
2. Steadily reduce the comprehensive rate of the public fund industry, standardize the fund sales charging mechanism, and guide the conversion of short-term transaction funds into long-term allocation funds.
3. Improve the investment advisory system and rules, promote the pilot transformation of public fund investment and advisory business to routine, explore and build industry practice standards, cultivate and strengthen the talent team, and orderly expand the range of investment products.
4. Promote the inclusion of eligible equity public funds such as index funds into the scope of personal pension investment.
5. Compile more scientific and technological innovation indices and develop more public funds with scientific and technological innovation themes and related futures and options products.
6. Launch more green-themed public funds.
7. Support public fund management companies to set up subsidiaries specializing in pension financial services.
8. Improve the functions of the unified query platform for public fund account share information.
On the whole, the entire “Implementation Opinions” propose that there are many supporting requirements for the development of the public offering industry. For example, encourage public funds to develop innovative products, such as ESG-themed funds and pension target funds, to meet diversified investment needs; support the strengthening of investment research capacity building and improve investment management and risk control levels; strengthen investor protection and education, and improve information disclosure mechanisms. And enhance public financial literacy; promote technological empowerment and digital transformation, use financial technology to improve operational efficiency and service quality; support the internationalization of public funds and enhance global asset allocation capabilities; At the same time, optimize the regulatory framework and tax policies, reduce operating costs, and promote the healthy development of the industry.
In addition, there are two measures that involve the issue of medium-and long-term capital entering the market. At present, the Central Financial Office and the China Securities Regulatory Commission have jointly issued the “Guiding Opinions on Promoting Medium-and Long-term Funds into the Market”, and six departments including the Central Financial Office and the China Securities Regulatory Commission have jointly issued the “Implementation Plan on Promoting Medium-and Long-term Funds into the Market” to improve pensions, etc. Various supporting policies and systems for medium-and long-term funds into the market promote the positive interaction between stable returns on pensions and stable operation of the capital market.
The first is to promote and improve the supervision system for equity investment in insurance funds, better encourage and guide insurance companies to carry out long-term equity investment, and expand the scope of pilot projects for long-term stock investment in insurance funds. The second is to support qualified employers in exploring ways to liberalize personal options for enterprise annuities, and encourage enterprise annuity fund managers to explore differentiated investments.
Urge securities and futures operating institutions to correct their business concepts and put functionality first
Strengthening the service capabilities of industry institutions in the “five major articles” of finance has a large amount of space in the “Implementation Opinions”, which has attracted attention. The “Implementation Opinions” urge securities and futures operating institutions to improve positioning and governance, and strengthen compliance management and risk prevention and control.
Let’s first look at improving the positioning and governance of industry institutions. Urge securities and futures operating institutions to correct their business concepts and put functionality first. Guide industry institutions to incorporate the “five major issues” of finance into long-term business development strategies, strengthen the construction of organizational management systems, and make appropriate preferences in internal institutional settings, resource investment, performance evaluation, etc. Guide industry institutions to combine resource endowments such as shareholder characteristics, regional advantages, and talent reserves to do a good job in the “five major issues” of finance according to local conditions.
At the same time, securities companies, futures companies and other industry institutions are encouraged to actively participate in rural revitalization and carry out “one company, one county” paired assistance. Establish and improve the statistical and assessment and evaluation system for the capital market to do a good job in the “five major articles” of finance, and improve the classified evaluation index system for institutions in industries such as serving scientific and technological innovation and information technology investment. Cultivate a good industry culture and strengthen the construction of talent teams in the capital market.
In addition, strengthen compliance management and risk prevention and control. Urge industry organizations to firmly establish the concept of “compliance creates value”, implement comprehensive risk management and compliance management requirements for all employees, adhere to the principle of “not developing business if you can’t see clearly and cannot control it”, avoid rushing into action, and strictly guard against “pseudo-innovation” and “chaotic innovation”. In response to the risk characteristics in different areas of the “five major articles” of finance, explore the establishment of a hard restraint system for early risk correction, and urge industry institutions to improve risk identification, monitoring and early warning, and stress testing mechanisms.
Research proposes more targeted and actionable policy measures
Cailian reporters have long-term follow-up reports and found that in recent years, especially since 2024, the China Securities Regulatory Commission has repeatedly mentioned the concept of coordination and cooperation and linkage with other departments, which is also reflected in the “Implementation Opinions”. In order to enhance the synergy of the capital market to do a good job in the “five major articles” of finance, the “Implementation Opinions” also strengthen coordination and cooperation with relevant departments and local governments, coordinate risk prevention, strengthen supervision, and promote high-quality development, and create a good public opinion environment, and make relevant arrangements.
In addition to the attention paid to specific measures, the “Implementation Opinions” put forward overall requirements in the first part, which is the basic direction and main line of policy implementation. What are the main policy considerations for the “Implementation Opinions” focusing on further comprehensively deepening capital market reform? Zhou Xiaozhou, spokesperson of the China Securities Regulatory Commission, made the interpretation.
He told reporters that the “Implementation Opinions” adhere to the use of reform thinking and methods, focus on key and difficult issues in the “five big articles”, and combine the implementation of deployment requirements such as deepening the comprehensive reform of capital market investment and financing to study and propose more targeted and actionable policies. Measures mainly include the following aspects.
The first is to focus on serving scientific and technological innovation and the development of new productive forces, and enhance the inclusiveness and adaptability of the capital market system.Including: further improving the institutional mechanism for accurately identifying technology-based enterprises and supporting the listing of high-quality unprofitable technology-based enterprises; improving the information disclosure rules for technology-based enterprises; optimizing the issuance and underwriting mechanism of new shares and expanding the scope of application of the pilot issuance and underwriting system in a timely manner; taking multiple measures to activate the M & A reorganization market, optimizing M & A reorganization valuation, payment tools and other mechanism arrangements, etc.
The second is to increase the intensity of investment-side reforms.Including: implementing the “Guiding Opinions on Promoting Medium-and Long-term Funds to Market into the Market” and implementation plans to open up blockages for medium-and long-term funds to enter the market; steadily reducing the comprehensive premium rate of the public fund industry and improving the investment advisory system and rules; promoting pensions, insurance funds, etc. Reasonably expand the scope of investment, and promote various professional institutional investors to establish and improve long-term assessment mechanisms for more than three years, etc.
The third is to develop diversified equity financing and multi-level bond markets.This is a clear task put forward by the Third Plenary Session of the 20th CPC Central Committee. The “Implementation Opinions” make various arrangements around improving and improving the multi-level capital market system. Including: Promote the virtuous cycle of “offering, investment, management and withdrawal” of private equity venture capital funds, promote the optimization of the “reverse linkage” policy for fund exit and the pilot of physical distribution of stocks, study and improve the fund unit transfer mechanism, and develop private equity secondary market funds (S funds); Deeply promote the Beijing Stock Exchange and the New Third Board inclusive financial pilot, and improve the comprehensive services of “specialized, specialized, innovative” special board in the regional equity market; Promote the high-quality development of technological innovation corporate bonds, explore intellectual property asset securitization business, develop green bonds, green asset-backed securities, rural revitalization bonds, etc.
