National People's Congress Deputy and Shenzhen Stock Exchange Director Changsha Yan: Prepare for GEM reform and comprehensively enhance the system's inclusiveness and adaptability

Securities Times Two Sessions Report Team

On March 7, during the fourth session of the 14th National People’s Congress, Changsha Yan, a deputy to the National People’s Congress and director of the Shenzhen Stock Exchange, stated at the Guangdong delegation meeting that the CSRC will regard the reform of the ChiNext Board as an important measure to promote capital market reform this year. The Shenzhen Stock Exchange is actively preparing in accordance with the unified deployment of the CSRC. Moving forward, the SSE will implement the principles of quality first and gradual progress, better serve the high-quality development of the real economy.

Yan said that, around the goals and tasks outlined in the 14th Five-Year Plan and the government work report, the Shenzhen Stock Exchange will focus on improving the quality of listed companies, supporting technological innovation, stimulating market vitality, and consolidating market stability. These efforts aim to inject strong momentum into the high-quality development of the real economy and the cultivation of new productive forces.

Yan also mentioned that the SSE has always taken cultivating high-quality clusters of listed companies and serving the high-quality development of the real economy as its main focus. It is committed to supporting the construction of a modern industrial system and promoting the formation of new productive forces. The SSE will promote the development of a number of high-quality innovative companies, focusing on key areas such as integrated circuits, artificial intelligence, and new materials, to form more internationally competitive clusters of listed companies.

Inclusive innovation is a distinctive feature of the SSE and an important aspect of this round of deepening ChiNext reform. Yan pointed out that trends such as cross-innovation and hybrid innovation in the industrial chain place higher demands on capital market services. The SSE will adhere to a dual approach—supporting frontier technology companies in emerging and future industries, while maintaining strong inclusiveness for traditional industry transformation and upgrading. This will enable more comprehensive services to meet the new needs of industrial innovation and accelerate the construction of a new development pattern.

Reforming to stimulate market vitality and improving systems to solidify development foundations are key. Yan emphasized that institutional innovation remains the core driver of the SSE and ChiNext’s development. The next step will focus on deepening comprehensive reform of investment and financing, leading reforms of the ChiNext Board, and enhancing the inclusiveness and adaptability of issuance, listing, refinancing, mergers, and acquisitions systems. This aims to ensure a good start and steady progress in the reform work during the first year of the 14th Five-Year Plan, with steady and effective implementation.

Yan pointed out that leveraging the regional advantages of the Guangdong-Hong Kong-Macao Greater Bay Area, the SSE will deepen collaboration with Hong Kong, promote the landing of Hong Kong stock return cases, and accelerate the launch of landmark products for Shenzhen-Hong Kong cooperation. Higher-level opening-up will support the reform and development of the capital market.

Market stability is the prerequisite for reform and development. The SSE will take multiple measures to strengthen internal stability. Yan explained that medium- and long-term funds are key to market stability. Efforts will be made to continuously enhance the attraction of such funds, optimize trading mechanisms, improve risk management tools, and vigorously develop index funds and other products. A long-term investment mechanism will be improved to ensure that medium- and long-term funds are willing, able, and able to stay. Additionally, listed companies will be guided to enhance the stability, continuity, and predictability of dividends and buybacks, and a virtuous cycle of investment support, financing, and returns will be continuously improved.

“The SSE will continue to strengthen supervision, providing strong support for market reform and development through high-quality regulation. It will persist in cracking down on financial fraud and misappropriation of funds, and further consolidate the normalized delisting mechanism,” Yan said. The SSE supports technological innovation and recognizes that its governance system also needs to leverage technological power. Future efforts will further strengthen technological supervision and governance, continuously enhancing regulatory and service capabilities.

(Edited by: Wen Jing)

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