Wu Qing, Chairman of the China Securities Regulatory Commission, stated at the 2025 Lujiazui Forum that listing is the starting point, not the end point, and financing is a tool, not the end goal. The China Securities Regulatory Commission will adhere to a goal oriented and problem oriented approach, and continuously improve the regulatory system arrangements for the entire chain of listed companies. The China Securities Regulatory Commission will introduce the "1+6" policy measures to further deepen the reform of the Science and Technology Innovation Board. Establish a growth layer for science and technology innovation on the Science and Technology Innovation Board; Restart unprofitable enterprises and apply the fifth set of listing standards for the Science and Technology Innovation Board; Introduce the system of senior professional institutional investors for the pilot of the fifth set of standard listed enterprises; Pilot IPO pre review mechanism for high-quality technology-based enterprises; Expand the scope of application of the fifth set of standards, etc. The China Securities Regulatory Commission will further strengthen the advantages of stock bond linkage services for technological innovation, vigorously develop science and technology innovation bonds, optimize the issuance and trading system arrangements, promote the improvement of interest subsidy guarantee supporting mechanisms, accelerate the launch of science and technology innovation bond ETFs, and actively develop stock bond combination products such as exchangeable bonds and convertible bonds.
