National People's Congress Deputy and Shenzhen Stock Exchange Director Changsha Yan: Prepare for GEM reform and comprehensively enhance the system's inclusiveness and adaptability

Securities Times Two Sessions Reporting Team

On March 7, National People’s Congress Deputy and Shenzhen Stock Exchange Director Chang Shayan stated at the Guangdong Delegation Group Meeting during the Fourth Session of the 14th National People’s Congress that the CSRC will regard the reform of the ChiNext Board as an important measure to promote capital market reform this year. The Shenzhen Stock Exchange is actively preparing according to the unified deployment of the CSRC. Moving forward, the SSE will implement the requirements of prioritizing quality and progressing step by step, better serving the high-quality development of the real economy.

Sha Yan said that around the goals and tasks outlined in the 14th Five-Year Plan and the government work report, the SSE will focus on improving the quality of listed companies, supporting technological innovation, stimulating market vitality, and consolidating market stability. These efforts aim to inject strong momentum into the high-quality development of the real economy and the cultivation of new productive forces.

Sha Yan also mentioned that the SSE has always taken cultivating high-quality clusters of listed companies and serving the high-quality development of the real economy as its main focus. It is committed to supporting the construction of a modern industrial system and promoting the formation of new productive forces. The SSE will promote the development of a number of high-quality innovative companies, focusing on key areas such as integrated circuits, artificial intelligence, and new materials, to form more internationally competitive clusters of listed companies.

Inclusive innovation is a distinctive feature of the SSE and an important aspect of this round of deepening reform of the ChiNext Board. Sha Yan pointed out that trends such as cross-innovation and hybrid innovation in the industrial chain have raised higher requirements for capital market services. The SSE will adhere to a dual approach—supporting frontier technology companies in emerging and future industries while maintaining strong inclusiveness for traditional industry transformation and upgrading. This will provide more comprehensive services to meet new industry innovation needs and help accelerate the construction of a new development pattern.

Reforming to stimulate market vitality and improving systems to solidify the foundation for development are key. Sha Yan emphasized that institutional innovation remains the core driver of the SSE and ChiNext’s development. The next step will focus on deepening comprehensive reform of investment and financing, leading reform of the ChiNext Board, and enhancing the inclusiveness and adaptability of issuance, listing, refinancing, mergers, and acquisitions systems. This aims to ensure a good start and steady progress in the reform work during the first year of the 14th Five-Year Plan, with steady and effective implementation.

Sha Yan pointed out that leveraging the geographical advantages of the Guangdong-Hong Kong-Macau Greater Bay Area, the SSE will deepen collaboration with Hong Kong, promote the landing of Hong Kong stock return cases to Shenzhen, accelerate the launch of landmark products for Shenzhen-Hong Kong cooperation, and open up at a higher level to support reform and development of the capital market.

Market stability is the prerequisite for reform and development. The SSE will take multiple measures to strengthen internal market stability. Sha Yan explained that medium- and long-term funds are key to market stability. Efforts will be made to continuously enhance the attraction of such funds, optimize trading mechanisms, improve risk management tools, vigorously develop index funds and other products, and perfect long-term investment mechanisms to ensure that medium- and long-term funds are willing, able, and able to stay. At the same time, listed companies will be guided to enhance the stability, continuity, and predictability of dividends and buybacks, and a virtuous cycle of investment support, financing, and returns will be continuously improved.

“The SSE will continue to strengthen supervision, providing strong support for market reform and development through high-quality regulation. It will persist in cracking down on financial fraud and misappropriation of funds, and further consolidate the normalized delisting mechanism,” Sha Yan said. The SSE supports technological innovation and development, and its governance system also needs to leverage technological power. In the future, the SSE will further strengthen technological supervision and governance, continuously improving its regulatory and service capabilities.

(Edited by: Wen Jing)

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