Yuan Duolan, a member of the Shanghai Stock Exchange (SSE) Party Committee and vice general manager, recently outlined the exchange’s commitment to implementing the “Eight Measures for the Sci-Tech Innovation Board” during an open forum in Shanghai. She emphasized the need to refine and fully execute these initiatives, while comprehensively advancing various system reforms to enhance the market’s inclusiveness and adaptability.
SSE’s Crucial Role in Driving Innovation
In the ongoing push to develop new quality productive forces, the SSE has been a key provider of capital support, facilitating the integration of technological and industrial innovation and fostering a virtuous cycle among technology, industry, and capital. The STAR Market serves as a prime example of this success. To date, it has enabled 588 innovative enterprises to go public, with initial public offering (IPO) fundraising exceeding 920 billion yuan and refinancing raising over 180 billion yuan, bringing the total support funds to more than 10 trillion yuan.
This robust capital backing has spurred increased innovation investment among STAR Market – listed companies. The board maintains an average annual R&D intensity of over 10%, significantly outperforming other markets. Additionally, it has accumulated more than 120,000 invention patents, providing essential support for industrial innovation and development.
Progress on the “Eight Measures for the STAR Market”
On June 19, 2024, the China Securities Regulatory Commission introduced the “Eight Measures for Deepening the Reform of the Sci-Tech Innovation Board to Serve Technological Innovation and the Development of New Quality Production Forces” (the “STAR Market Eight Measures”). As the first anniversary of the release of these measures approaches, Yuan Duoran reported significant progress.
“After nearly a year of dedicated efforts, most of the initiatives related to the ‘STAR Market Eight Measures’ have been completed or are well underway. Supporting regulations have been introduced in an orderly fashion, typical cases have been implemented continuously, and the reform’s positive impacts are starting to materialize,” Yuan stated.
Collaborative Efforts for Innovation
Yuan Duoran highlighted that technological innovation is a collective endeavor. “Technological innovation is not a solo performance but a symphony that requires the coordinated efforts of the government, enterprises, research institutions, and financial institutions. Only when all innovative elements work in harmony can we achieve a seamless transition from technological breakthroughs to industrial implementation,” she explained.
Future Outlook and Initiatives
Looking ahead, Yuan Duoran detailed the SSE’s multi-faceted strategy to strengthen the foundation of technological innovation and create a new ecosystem:
Leveraging the STAR Market: The SSE will further utilize the STAR Market as an “experimental field,” reinforce its positioning as a “hard technology” platform, and fully implement the “STAR Market Eight Measures.” This involves deepening reforms in issuance, underwriting, equity and bond financing, mergers and acquisitions, and trading mechanisms to enhance system inclusiveness and service quality for technological innovation and new productive forces.
Enhancing Sci-Tech Bond Reforms: The exchange will deepen innovation in Sci-Tech bonds and related mechanisms, ensuring comprehensive support for market entities in utilizing these bonds. This includes improving market services, financing reviews, and investment and financing connections.
Expanding Product Offerings: The SSE will increase innovation in low-volatility fund products, continuously enrich the Sci-Tech Index and ETF system, providing investors with diverse asset allocation tools. This will help attract innovative capital to the fields of technological and industrial innovation.
Fostering Emerging Industries: The exchange will strengthen research services and enterprise exploration in key emerging and future industries. It will collaborate with various parties to provide early-stage, small-scale, and hard-tech services, promote technology transfer and industrialization, leverage industrial agglomeration advantages, organize new productive force salons, and build industry exchange platforms. These efforts aim to create a new capital market cultivation ecosystem with full product support, full-chain integration, and full-cycle services.
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