Recently, the China Securities Regulatory Commission (CSRC) has released Sixteen Measures on Enhancing Capital Market Services for High-level Development of Sci-Tech Enterprises (the "Measures").
The Measures introduce supportive initiatives in various aspects such as initial public offerings (IPOs), mergers and acquisitions (M&As), bond issuance, and private equity investment. Key highlights of the Measures include: firstly, establishing a "green channel" for financing; secondly, supporting equity financing for sci-tech enterprises; thirdly, strengthening precise supportive measures for the bond market; and lastly, improving the supporting system for sci-tech innovation. According to the Measures, efforts will be made to bolster policy coordination among relevant authorities, accurately identify sci-tech enterprises, establish a sound "green channel" mechanism, and prioritize support for sci-tech enterprises that make breakthrough in key core technologies in capital market financing. Leveraging the functions of diverse boards, the Measures will facilitate sci-tech enterprises in their IPOs, refinancing, M&As, and overseas listings, and guide private equity venture capital funds to invest in the field of technological innovation. Additionally, the Measures propose refinements in the methods, targets, and implementation procedures of equity incentives of sci-tech enterprises.