Focusing on building a "Long-term Investment" ecosystem and strengthening the market's inherent resilience... Shanghai Stock Exchange's latest statement

The chairman of the Shanghai Stock Exchange, Qiu Yong, said at the 2026 North Bund Wealth and Culture Forum recently that, standing at a new starting point in the launch of the “15th Five-Year Plan,” the Shanghai Stock Exchange will always adhere to the directions of market-oriented development, rule-of-law development, and international development. Taking comprehensive reforms in capital market investment and financing as the driving force, it will promote a system that is more inclusive and better suited, listed companies that are higher quality and more efficient in achieving strong results, a market operation that is more stable and resilient, and a deeper integration of finance and culture.

Qiu Yong introduced, in three aspects, the Shanghai Stock Exchange’s efforts and practices in deepening comprehensive reforms in capital market investment and financing and in cultivating financial culture with Chinese characteristics.

First, it will make vigorous use of the advantages of equity and debt financing, focusing on serving the development of new-quality productive forces. Qiu Yong said that in recent years, the Shanghai Stock Exchange has deepened reforms of the STAR Market, strengthened the development of the bond market and the REITs market, and more precisely and effectively served the development of new-quality productive forces, injecting strong momentum into the real economy. On the one hand, the effects of STAR Market reforms have continued to expand, better serving high-level science and technology self-reliance and self-strengthening. The “Eight Articles for the STAR Market” and the “1+6” reform measures for the STAR Market have been implemented in sequence, supporting the development of hard-tech enterprises without exception. By the end of 2025, there were 600 STAR Market companies; cumulative equity financing exceeded 1.1 trillion yuan; and total stock market value exceeded 10 trillion yuan. Cumulatively, it has supported 60 loss-making enterprises, 9 enterprises with special structures, 7 red-chip enterprises, and 22 enterprises listed under the fifth set of standards. The median R&D intensity for the STAR Market has remained at above 10% for three consecutive years. At the same time, the main-channel role of mergers and acquisitions and restructuring has continued to play. It better supports the transformation and upgrading of the economy. It actively supports listed companies to enhance core competitiveness through mergers and acquisitions and restructuring. Since the issuance of the “Six Articles for Mergers and Acquisitions,” the Shanghai market has disclosed 1,233 asset restructuring deals and 130 major asset restructuring deals for asset restructuring. Nearly 70% of these were carried out around new-quality productive forces.

On the other hand, the functions of the bond and REITs markets are increasingly becoming visible, better helping to activate existing stock and optimize incremental additions. Qiu Yong said that during the “14th Five-Year Plan” period, the issuance scale of bonds on the Shanghai market was 33 trillion yuan. Among this, in 2025 the bond issuance was 7.9 trillion yuan. The issuance scale of industrial bonds exceeded that of urban investment (chengtou) bonds, and the issuance of STAR Market-related bonds exceeded 860 billion yuan. By promoting a “dual-wheel drive” of “initial issuance + follow-on issuance” for public-offering REITs, 52 deals have been listed and 5 deals have completed follow-on issuance.

Second, it will work to build an ecosystem of “patient capital making long-term investments,” focusing on strengthening the market’s inherent resilience. “Investment and financing are two sides of the same coin of the functions of the capital market.” Qiu Yong said that in recent years, the Shanghai Stock Exchange has focused on opening up channels for medium- and long-term funds to enter the market, enriching the supply of investment products, continuously improving asset quality and investors’ returns, and accelerating the formation of a good ecosystem of “patient capital making long-term investments.” On the one hand, it will develop index-based investing vigorously and actively attract medium- and long-term funds to enter the market. During the “14th Five-Year Plan” period, about 3,500 newly compiled indexes were created, and the scale of ETF products increased from 0.9 trillion yuan to 4.2 trillion yuan. On the other hand, it will build a group of high-quality listed companies, enhancing investors’ sense of gain. It will deeply advance the special campaign of “improving quality and increasing efficiency to deliver returns,” under which investment value of listed companies has been steadily improving, and the intensity of share repurchases and share buybacks/increases has been continuously strengthened. During the “14th Five-Year Plan” period, on the Shanghai market, listed companies’ average annual compound growth rates for operating revenue and net profit were 3.8% and 4.6%, respectively. The upper limit for the amount of repurchases and increases grew by more than 150%, and the cumulative declared dividend amount increased by 51%.

At the same time, the Shanghai Stock Exchange maintains the market’s steady operation, focusing on building endogenous stability mechanisms. It will strengthen market monitoring and comprehensive risk analysis and judgment, make full use of market-oriented and rule-of-law approaches to prevent and resolve risks, and continue to strengthen oversight of trading conduct.

Third, it will work to cultivate financial culture with Chinese characteristics, focusing on laying a solid foundation for market development. “We strongly advocate the investment philosophy of ‘rational investing, value investing, and long-term investing.’ By issuing the ‘Initiative on Rational Investing, Value Investing, and Long-Term Investing in the Capital Market,’ we will cultivate a rational investing ecosystem and make respect for规律 become a market consensus.” Qiu Yong said that the Shanghai Stock Exchange has vigorously promoted the industry culture of “honesty and trustworthiness, taking profit in accordance with righteousness, steady and prudent conduct, innovation in keeping with the right way, and compliance with laws and regulations,” guiding industry institutions to grasp the correct direction of cultural development. It has released the “Action Plan on Further Leveraging the Functions of Exchanges to Guide the Industry to Practice Financial Culture with Chinese Characteristics,” closely centering on requirements for the securities industry to ensure the creation of a trustworthy environment, to serve the real economy, to prevent and control financial risks, to deepen financial reform, and to strictly adhere to compliance bottom lines, thereby strengthening the industry’s self-awareness in financial culture and promoting the building of solid lines of defense against practicing corruption and staying clean in one’s work.

“The Shanghai Stock Exchange is willing to join hands with financial institutions and experts and scholars from all sectors to move forward together. Through institutional innovation, we will cultivate fertile ground for wealth; and through culture as the soul, we will nurture a healthy market ecosystem—contributing wisdom and strength to serving Chinese-style modernization and the building of a strong financial nation.” Qiu Yong further said.

Massive information and precise interpretation—on the Sina Finance APP

责任编辑：宋雅芳