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Eight Measures on Deepening the Reform of the Science and Technology Innovation Board to Serve the Development of Scientific and Technological Innovation and New Productivity

Offices of China Securities Regulatory Commission，Various exchanges，Subordinate units，Associations，Departments and bureaus within the meeting:

Establishing the Science and dafabet online betting websitetechnology innovation Board at the Shanghai Stock Exchange and piloting the registration system，It was announced by General Secretary Xi Jinping personally、Personally deployed、Major reforms personally promoted。After more than five years of hard work，The effects of the Shanghai Stock Exchange’s Science and Technology Innovation Board and the registration system continue to expand，In support of high-level science and technology, self-reliance and self-reliance、Playing an increasingly important role in promoting and improving the basic system of the capital market。In order to thoroughly implement the spirit of the Central Financial Work Conference and the "Several Opinions of the State Council on Strengthening Supervision and Preventing Risks to Promote the High-Quality Development of the Capital Market" (Guofa [2024] No. 10) deployment，Improving the “1+N” policy system of the capital market，Further comprehensively deepen capital market reform，Promote the deepening and solidification of the stock issuance registration system，Actively play the role of the Science and Technology Innovation Board as a "test field"，Promote the development of new productive forces，Support Shanghai to accelerate the construction of “five centers” and other national strategies，Serving the overall situation of Chinese modernization，The following measures are now proposed。

　一、Strengthening the "hard technology" positioning of the Science and dafabet online betting websitetechnology innovation Board。Strictly Dafabet reviewscontrol the entrance，Resolutely implement the evaluation standards for scientific and technological innovation attributes，Prioritize support for "hard technology" companies that break through key core technologies in new industries, new formats, and new technologies to be listed on the Science and Technology Innovation Board。Further improve the accurate identification mechanism of technology-based enterprises，Make good use of the market mechanism。Enterprises related to adapting to new quality productivity have invested heavily、Long cycle、R&D and commercialization are characterized by high uncertainty，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。

　二、Carry out a pilot program to deepen the issuance and underwriting system。Optimizing the pricing mechanism for new stock issuance，Adjust the high-price elimination ratio for new stock pricing in the pilot program on the Science and dafabet online betting websitetechnology innovation Board。Improving the market value allotment arrangements for new stocks on the Science and Technology Innovation Board，Increase the market value requirements for stocks held by offline investors on the Science and Technology Innovation Board。The pilot program on the Science and Technology Innovation Board has a higher lock-in ratio for the public issuance of stocks by unprofitable companies、Offline investment institutions with longer lock-in periods，Increase its placement ratio accordingly。Strengthen supervision of quotation inquiry behavior，Study on establishing a “whitelist” system for offline professional investors，Strictly take measures such as qualification restrictions on institutions with frequent high quotations。

Three、Optimizing the stock and debt financing system for companies listed on the Science and dafabet online betting websitetechnology innovation Board。Establish and improve the equity and debt financing of "hard technology" enterprises that carry out research on key core technologies、“Green channel” for mergers, acquisitions and reorganization。Strict refinancing review，Improving the efficiency of refinancing review for scientific and technological innovation enterprises。Explore the establishment of "light assets、High R&D investment” identification standard，Support refinancing dafabet online betting websiteto raise funds for R&D investment。Promote the pilot case of refinancing storage shelf issuance and take the lead in landing on the Science and Technology Innovation Board。

Four、Give greater support to mergers, acquisitions and reorganizations。Support companies listed on the Science and dafabet online betting websitetechnology innovation Board to carry out mergers and acquisitions and integration of the upstream and downstream industry chains，Enhance industrial synergy。Appropriately improve the inclusiveness of mergers, acquisitions and restructuring valuations of companies listed on the Science and Technology Innovation Board，Support companies listed on the Science and Technology Innovation Board to focus on enhancing their sustainable operating capabilities，Acquisition of high-quality unprofitable “hard technology” companies。Rich payment tools，Encourage the comprehensive use of shares、Cash、Implementing mergers and acquisitions and reorganization through directional convertible bonds and other methods，Carry out research on installment payment of share consideration。Support companies listed on the Science and Technology Innovation Board to focus on improving and strengthening their main businesses to carry out mergers and acquisitions。Encourage securities companies to actively carry out mergers, acquisitions and reorganizations，Improve professional service capabilities。

　五、Improving the equity incentive system。Sound incentive and restraint mechanism，Encourage companies listed on the Science and dafabet online betting websitetechnology innovation Board to actively use equity incentives，Better alignment of interests with investors。Strengthen the pricing of equity incentives、Constraints on assessment conditions and objects，Improving the core team、Incentive accuracy for business backbones, etc.。Improving the equity incentive implementation procedures for companies listed on the Science and Technology Innovation Board，The granting and vesting optimization of equity incentives is suitable for short-term transactions、Window period and other regulations，Study and optimize the arrangement of reserved rights for equity incentives。

Six、Improving the trading mechanism，Prevent market risks。Strengthening transaction supervision，Promote the smooth operation of the Science and dafabet online betting websitetechnology innovation Board。Research and optimize the market maker mechanism、After-hours trading mechanism。Incorporate the Science and Technology Innovation Board ETF into the Fund Connect platform for transfer。Improving the designated trading mechanism，Improve transaction convenience。Continue to enrich the science and technology innovation board index varieties，Improving the index compilation method，Improving the “Shanghai Index” system。Enrich the Science and Technology Innovation Board ETF categories and ETF option products，Studying the timely launch of Science and Technology Innovation 50 Index futures options。Optimizing the normalized registration mechanism for broad-based index products on the Science and Technology Innovation Board。

Seven、Strengthening the full-chain supervision of companies listed on the Science and dafabet online betting websitetechnology innovation Board。The implementation of supervision requires "teeth with thorns"、Edged and angular，Severely crack down on fraudulent issuances on the Science and Technology Innovation Board、Financial fraud and other market chaos，Further tightening the responsibilities of issuers and intermediaries，More effectively protect the legitimate rights and interests of small and medium investors。Improving the information disclosure exemption system，Support companies listed on the Science and Technology Innovation Board from disclosing sensitive information such as business secrets in accordance with laws and regulations。Strengthen the positive incentives of regulatory policies，Guide the founding team、Core technical backbones and others voluntarily extend the share lock-up period。Optimizing the exit “reverse linking” system for private equity venture capital funds，Support reasonable demands for reduction of holdings。Strictly implement the delisting system，Resolutely prevent “black sheep” and “zombie shells” from appearing on the Science and Technology Innovation Board。

　八、Actively create a good market ecology。Promote the optimization of the judicial protection system mechanism of the Science and dafabet online betting websitetechnology innovation Board，Support the Shanghai Financial Court to innovate the financial trial system and mechanism in financial cases involving the Science and Technology Innovation Board，Support the Shanghai Financial Arbitration Court to launch an arbitration pilot on the Science and Technology Innovation Board。Strengthen cooperation with local governments、Collaboration with relevant ministries，Carry out regular visits to companies listed on the Science and Technology Innovation Board，Helping technological innovation companies solve practical difficulties，Jointly promote the improvement of the quality of companies listed on the Science and Technology Innovation Board。In-depth implementation of the "Improving Quality, Efficiency and Focusing on Returns" action，Strengthen investor education services，Actively promote rational investment、Value investing、Long-term dafabet online betting websiteinvestment philosophy，Promote the formation of a good market culture and investment culture for the Science and Technology Innovation Board。

China Securities Regulatory Commission

June 19, 2024

Source: China Securities Regulatory Commission