Shanghai Securities News | CSRC Vice Chairman Li Chao: Hopes STAR Market Companies Fully Utilize Reform Policies to Enhance Development Quality and Investor Returns

Source: Shanghai Securities News · China Securities Network

Author: He Xinyi

Shanghai Securities News China Securities Network (Reporter: He Xinyi) On October 28, Li Chao, Vice Chairman of the China Securities Regulatory Commission (CSRC), stated at the listing ceremony for the first batch of newly registered companies on the STAR Market Growth Tier that the debut of these companies marks a new and solid step in the capital market's efforts to serve technological innovation and the development of new quality productive forces.

Li Chao noted that since the announcement of the STAR Market's establishment and the pilot registration system in November 2018, the CSRC and market participants have jointly driven the STAR Market from inception to growth. The market has operated steadily and positively, with its functions gradually being realized and its brand influence rapidly expanding. The benefits of the STAR Market reforms have become increasingly evident, leading to continuous improvements in the foundational systems of the entire market. These efforts have effectively supported a number of high-tech enterprises in fields such as integrated circuits and biomedicine, accelerating the enhancement of the capital market's capacity to serve technological innovation.

Li Chao emphasized that since last year, the CSRC has successively introduced major policy measures, including the Eight Measures for the STAR Market and the Six Measures on M&A. The "1+6" reforms for the STAR Market implemented in June this year have progressed smoothly overall. The establishment of the STAR Market Growth Tier, along with pilot initiatives such as introducing experienced professional institutional investors and pre-review mechanisms, has been steadily advanced, with related cases being implemented in an orderly manner.

"STAR Market companies are expected to make full use of the reform policies, improve corporate governance, and enhance development quality and investor returns. Industry institutions are encouraged to further strengthen their professional capabilities and service quality to better serve entity enterprises and investors. The Shanghai Stock Exchange is urged to adhere to the STAR Market's 'hard tech' positioning, strengthen regulation, and optimize services", Li Chao stated.

Li Chao further stated that the CSRC will thoroughly implement the majordeployment of the Fourth Plenary Session of the 20th Central Committee, accelerate research and planning for strategic tasks and major initiatives in the capital market during the 15th Five-Year Plan period, and firmly adhere to the main priorities of preventing risks, strengthening regulation, and promoting high-quality development. The CSRC will unwaveringly follow the path of financial development with Chinese characteristics. Guided by the comprehensive reform of investment and financing in the capital market, the CSRC will comprehensively advance and implement a new round of capital market reforms and opening-up, continuously enhancing the inclusiveness, adaptability, attractiveness, and competitiveness of China's capital market, thereby better serving the development goals of the 15th Five-Year Plan and the construction of a strong financial nation.