Speech by Qiu Yong, Chairman of the Shanghai Stock Exchange, at the Listing Ceremony of the First Batch of Newly Registered Companies on Sci-Tech Innovation Board's STAR Market Growth Tier

Honorable Vice Chairman Li Chao, Vice Mayor Wu Wei, Vice Governor Chen Ping, Vice Governor Li Yun, Vice Governor Li Jun, esteemed leaders, and distinguished guests:

Good morning! Today marks another significant milestone in the reform and development of the Science and Technology Innovation Board (STAR Market) with the listing of the first batch of newly registered companies in the Science and Technology Growth Tier. On behalf of the Shanghai Stock Exchange (SSE), I would like to express our sincere gratitude to all sectors of society and extend warm congratulations to the first batch of listed companies!

The establishment of the STAR Market and the pilot registration-based system was a major reform personally announced, personally deployed, and personally driven by General Secretary Xi Jinping. Over the past six years since the launch of the STAR Market, under the strong leadership of the China Securities Regulatory Commission (CSRC) and with the supervision and guidance of the CSRC's disciplinary inspection team, as well as the strong support from the Shanghai municipal government, the SSE has always kept the General Secretary's instructions in mind, focusing on the "big issues of the nation." It has continued to play the role of a "test ground" for STAR Market reforms, pioneering a series of innovative systems, and the effects of these reforms have been continuously amplified. Currently, the STAR Market has gathered 592 technology companies, with a total market value exceeding 9 trillion yuan, and has become the "preferred destination" for the listing of China's "hard-tech" companies. In June this year, the STAR Market reform "1+6" policy was officially released. SSE has worked diligently to implement this policy, completing the readiness preparations for rules, technology, and the market in just over four months. Today, we celebrate the listing of the first batch of newly registered companies in the Science and Technology Growth Tier.

Looking ahead, the SSE will firmly implement the decisions and policies of the CPC Central Committee and better serve high-quality development. First, adhere to a "hard-tech" focus, further strengthen the role of the STAR Market as a "test field," ensure strict access controls, better identify high-quality tech companies, and support the development of frontier technology sectors such as artificial intelligence, commercial space, and low-altitude economy by applying the fifth set of standards. We will provide unconditional support for the listing of "hard-tech" companies with the potential to compete globally. Second, promote development through reform, enhancing the inclusiveness and adaptability of systems, deepening reforms in areas such as issuance underwriting, refinancing, and mergers and acquisitions, and guiding various resource elements to gather more rapidly in the tech sector. Third, maintain strong regulation, continuously improve regulatory effectiveness, and ensure that regulations are strict yet appropriate, targeted, and effective. We will actively explore regulatory approaches that adapt to the laws of technological innovation, increasing market confidence and expectations for tech enterprises. Fourth, place investor protection at the core of our mission, promote coordinated development of investment and financing, enhance market attractiveness and competitiveness, and continue to deepen investment-side reforms. We will focus on cultivating patient capital and long-term capital, vigorously develop index-based investments, and continually improve the quality and investment value of listed companies. We aim to accelerate the creation of a market ecosystem where "funds are willing to come, enterprises are willing to stay, and investors see returns."

Simplicity is the ultimate sophistication, and practical action is key! Under the leadership of the CPC Committee of the CSRC and the supervision of the Discipline Inspection and Supervision Team stationed at the CSRC, the SSE will take deepening STAR Market reforms as the central focus, accelerate the development of a world-class exchange, enhance Shanghai's position as an international financial center and a center for innovation, and continue to promote the high-quality development of the capital market. Thank you, everyone!