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Article selector: Chu Chen   |   Release date:2024/9/4 14:20:25   |   Number of views: 97

Recently，Secretary of the Party Committee of China Securities Regulatory Commission、Chairman Wu Qing held a symposium in Beijing，With the National Social Security Fund、Insurance Asset Management、Bank financing、In-depth exchanges between representatives of 10 leading institutional investors including private equity funds。Participating units put forward specific suggestions on the next step of comprehensively deepening the reform of the capital market，Proposed among them，Attract more companies representing technological innovation and new productivity to go public。

With the improvement of capital market functions，Products and service systems are constantly improving，More resources are concentrated in areas such as scientific and technological innovation，“Hard technology” companies emerge one after another，Develop and grow with the help of capital market。According to Flush iFinD statistics，57 companies have been listed on A-shares this year，43 of them are specialized and new enterprises，75%。

Multi-level capital market

Providing "fertile ground" for financing for scientific and technological innovation enterprises

The multi-level capital market has achieved remarkable results in serving technological innovation。Among them，The Science and Technology Innovation Board highlights the characteristics of “hard technology”，Play the role of "test field" for capital market reform;The GEM focuses on serving high-quality growth innovative entrepreneurial enterprises;The Beijing Stock Exchange and the National Equities Exchange and Quotations jointly create an innovative service platform for small and medium-sized enterprises。

Scientific and technological innovation promotes industrial innovation，The capital market has become one of the main positions to support the development of new productive forces。Currently，GEM、Science and Technology Innovation Board、Beijing Exchange is an important sector that supports technological innovation。As of August 27，The proportion of specialized and special new enterprises on GEM is about 51%;Science and Technology Innovation Board New Generation Information Technology、Biological Industry、The total proportion of companies in the high-end equipment manufacturing industry exceeds 75.8%;The proportion of specialized and new enterprises in Beijing Stock Exchange is 79.6%。

To this，Chen Li, chief economist of Sichuan Finance Securities, Dafabet reviewssaid in an interview with a reporter from Securities Daily，Clear positioning of each sector，The accuracy of service technology innovation continues to improve，Effectively promotes the growth of technological innovation enterprises and industrial upgrading。

Listed companies’ technological innovation vitality continues to be released。for example，In the field of artificial intelligence，Iflytek’s Spark Extremely Fast Super-Anthropomorphic Interaction Technology Released，Help iFlytek occupy the new productivity heights of intelligent language services。In the field of innovative drugs，Baekje China、Alice、Many representative companies such as China Cell have successfully launched blockbuster products with annual sales exceeding 1 billion yuan。

Lan Rixu, a professor at the Central University of Finance and Economics, told a reporter from Securities Daily: “We must continue to expand sources of funds in the future、Rich investment varieties、Improving the basic system，Accelerate the promotion of high-level circulation between technology companies and multi-level capital markets。Each sector of the capital market must adhere to differentiation、Featured positioning，Accelerate the establishment of coverage stocks、Comprehensive full-cycle service product system for scientific and technological innovation enterprises in bonds and private equity。”

Stock and bond two-wheel drive

Support technological innovation and industrial upgrading

Currently，The capital market has established a pattern of “stock and bond dual-wheel drive” service innovation and development strategy，Give full play to the resource allocation function of the capital market，Support technological innovation and industrial upgrading。

In addition，Policies continue to encourage early investment by venture capital funds、Tou Xiao、Invest for the long term、Touhard Technology。June 19，"Several Policies and Measures to Promote the High-quality Development of Venture Capital" issued by the General Office of the State Council，“Give full play to the important role of venture capital in supporting technological innovation” “Through preferred shares、Convertible bonds、Invest in the field of technological innovation through various methods such as stock options”。

Technology and innovation fund of funds continue to emerge，Received attention and promotion from the government and financial institutions。Recently，Bank of China has established a science and technology innovation fund of funds with a scale of 30 billion yuan，BOC Securities serves as the sponsor and manager of the fund，Will cooperate with local governments and leading industrial enterprises，Establish funds in batches and installments。This fund will focus on investing in artificial intelligence、Quantum technology、Key areas such as biotechnology。In addition，Guangzhou Development Zone (Huangpu District) is also organizing dafabet live casinothe application for the 2024 Science and Technology Innovation Venture Capital Fund of Funds，To promote high-quality capital、Project、Technology and talents gather in strategic emerging industries。

Bond market，April 19 this year，The China Securities Regulatory Commission proposed in the "Sixteen Measures for the Capital Market to Serve the High-level Development of Technology Enterprises"，Strengthen the bond market’s precise support for technological innovation。According to Wind statistics，As of August 27，Since this year，The exchange issued technological innovation corporate bonds 3499.5.1 billion yuan。

From the perspective of geographical distribution，Beijing、Guangdong、Jiangsu and other places have the largest number of science and technology debts。Wanlian Securities analyst Liu Xinyang thinks，In the context of accelerating the development of new productive forces，my country’s scientific and technological enterprises have a stronger financing demand，Policy is expected to continue to make efforts to smoothen the bond financing channels for scientific and technological innovation enterprises，Introducing financial support for scientific and technological innovation enterprises，Promote technological innovation to accelerate the transformation of new productivity。

Dong Zhongyun, chief economist of AVIC Securities, told a reporter from Securities Daily，The optimization of the stock and debt financing system and the improvement of the trading mechanism will provide more sources of funds for listed companies，Help companies increase investment in R&D，Promote enterprise innovation and high-quality development;At the same time，With the improvement of trading mechanism and strengthening of supervision，Market efficiency and stability will be improved，It will also attract more long-term investors to participate，Thus improving the quality and maturity of the entire market。

Improve the inclusiveness of the system

Promoting the development of new productive forces

To further deepen reforms，Increase the inclusiveness of new industries, new business formats and new technologies，Utilize the functions of capital market。June 19 this year，The China Securities Regulatory Commission issued "Eight Measures on Deepening the Reform of the Science and Technology Innovation Board and Serving the Development of Scientific and Technological Innovation and New Productivity" (hereinafter referred to as the "Eight Measures on the Science and Technology Innovation Board")，Further deepen the "hard technology" characteristics of the Science and Technology Innovation Board，Improving issuance and underwriting、Mergers and acquisitions、Equity Incentive、Transaction and other institutional mechanisms。

　Two months since the release of the "Eight Articles on the Science and Technology Innovation Board"，A series of policy measures and typical cases are gradually implemented，Highlights。The Science and Technology Innovation Board issuance dafabet online sports betting appand underwriting pilot continues to deepen，Added the requirement to hold 6 million yuan of Science and Technology Innovation Board stocks for offline new ventures，Adjusted the high-price elimination ratio for applicable new stock pricing。At the same time，The Science and Technology Innovation Board Index continues to “new”，Continue to create more product tools for patient capital。

Enterprises related to new quality productivity have large investments、Long cycle、R&D and commercialization are characterized by high uncertainty，For this，"Eight Articles of the Science and Technology Innovation Board" proposed，Support key core technologies、Great market potential、High-quality unprofitable technology companies with outstanding scientific and technological innovation attributes are listed on the Science and Technology Innovation Board，Improve institutional inclusiveness。

More companies applying for IPOs on the Science and Technology Innovation Board are making progress。Shanghai Stock Exchange official website display，After the release of the "Eight Articles of the Science and Technology Innovation Board"，As of press time on August 27，Already have Keplin、Saifen Technology’s two companies have registered for IPO on the Science and Technology Innovation Board to take effect;7 companies submitted registration on the Science and Technology Innovation Board，The status of 26 companies has been updated to "Inquiry"。

Talking about further improving the inclusiveness and accuracy of the capital market in supporting technological innovation，Yan Xiang, chief economist of Huafu Securities, told a reporter from Securities Daily，In the context of developing new productive forces，We must continue to promote issuance and listing、Equity Incentive、Mergers and acquisitions、System reform in information disclosure and other aspects，Continuously improve service efficiency and resource allocation efficiency for technology-based enterprises，Further improve the service system for national strategic emerging industries and high-tech industries，Dislocation development after completion、Complementary functions、Interconnected multi-level capital market system，Better support the formation of new productive forces and high-quality economic development。

In Chen Li’s opinion，More capital market reform measures are worth looking forward to in the future，Including optimizing the stock and debt financing system of listed companies，Give greater support to mergers, acquisitions and reorganizations、Improving the trading mechanism、Strengthening the supervision of the entire chain of listed companies，Actively create a good market ecology，Will further enhance the capital market’s ability to serve technological innovation，Promote technological innovation and the development of new productive forces。

Source: Securities Daily