Government introduces new support measures to strengthen sci-tech companies in capital markets

STAR Market Photo: VCG

As the Chinese government steps up efforts to promote high-quality new capacity, it has announced a raft of new measures to strengthen capital markets, with support for science and technology companies being a top priority.

China's Shanghai Stock Exchange and Shenzhen Stock Exchange resumed accepting applications for initial public offerings (IPOs) on the same day, about half a year later. The Shanghai Stock Exchange's official website announced on Thursday that Xi'an Taijin New Energy Technology Co., Ltd.'s application to list on the Science and Technology Innovation Board has been accepted by the Shanghai Stock Exchange.

On the same day, the Shenzhen Stock Exchange's official website announced that China Uranium Corporation's application for listing on the Shenzhen Stock Exchange's main board had been accepted.

Li Chang'an, a professor at the China Institute of Open Economy at the University of International Business and Economics, told the Global Times on Friday that the resumption of initial public offerings (IPOs) will have a positive impact on the capital market, noting that capital market vitality mainly comes from liquidity, including new share issuance.

The government has been advocating a new high-quality production model, referring to advanced productivity freed from the traditional economic growth model, and has stepped up measures to support technology companies.

Experts said capital markets have become an important source of support to help some science and technology companies cope with current problems, such as difficulties raising funds.

The China Securities Regulatory Commission, the top securities regulator, announced eight new measures on Wednesday to deepen reform of the Nasdaq-style science and technology innovation board of the Shanghai Stock Exchange, also known as the “Star Market.”

The reform focuses on strengthening support for the country's scientific and technological innovation drive and promoting the vigorous development of new high-quality productive forces.

Specifically, high-tech ventures that have achieved breakthroughs in core technologies in emerging industries will be given priority access to the STAR market for listing, as well as other support measures.

In addition, the CSRC has pledged to improve the pricing mechanism for stock listings and will adjust the weeding out rate for high bids in new IPOs on a pilot basis in the STAR Market.

Experts said the government's successive release of policies to support these enterprises is aimed at making full use of the positive role of the capital market in promoting the development of science and technology enterprises and new high-quality productive forces.

Regarding the new support measures for the STAR Market, Premier Li Keqiang said that they are centered on fostering new, high-quality productive forces and transitioning to high-quality economic development driven by technological innovation, and stressed the important role played by capital markets in fostering new, high-quality productive forces.

Li said that many enterprises in the STAR market focus on technological innovation, have high technological content and are in line with the future development direction, thus embodying the concept of high-quality development and showing promising prospects, and predicted that more supportive policies will follow.

Global Times

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