A series of measures to deepen the reform of the ChiNext board, including more precise and inclusive listing standards, pre IPO review, and optimization of new stock issuance pricing, are about to emerge, promoting the ChiNext board to play a greater role in supporting technological innovation and serving high-quality development. During the National People's Congress and Chinese People's Political Consultative Conference, many interviewed representatives and members believed that the upcoming measures to deepen the reform of the ChiNext board responded to the urgent requirement of the capital market to better serve the development of new quality productive forces, and the ChiNext board will usher in a broader development space. A new round of reform is on the verge of being launched on the ChiNext board. At present, the overall plan for deepening the reform of the ChiNext board has basically taken shape and will be further improved before being released and implemented at an appropriate time. ”Wu Qing, Chairman of the China Securities Regulatory Commission, said at the economic themed press conference of the Fourth Session of the 14th National People's Congress. Changsha Yan, a member of the National People's Congress and a director of the Shenzhen Stock Exchange, stated that currently, the Shenzhen Stock Exchange is vigorously promoting various preparatory work for reform under the leadership of the China Securities Regulatory Commission, ensuring that the reform can be implemented and achieve practical results with just one shot. Since its official opening in 2009, the ChiNext board has become an important platform for the capital market to implement the innovation driven development strategy and serve the development of new quality productivity. According to data from the Shenzhen Stock Exchange, as of now, there are 1393 companies listed on the ChiNext board, with a total market value exceeding 19 trillion yuan. During the 14th Five Year Plan period, the Shenzhen Stock Exchange added 649 new listed companies, of which high-tech enterprises and private enterprises accounted for over 80%, and the proportion of specialized, refined, and new enterprises increased from 38% to 46%. Nearly half of the companies belong to strategic emerging industries. According to Wind statistics, out of the 649 companies mentioned above, 530 are listed on the ChiNext board, accounting for over 80%. From an industry perspective, the trend of enterprise clustering development on the ChiNext board is particularly evident in key areas such as advanced manufacturing, digital economy, and green low-carbon. Since the beginning of its entrepreneurship in 2007, DFNano has been exploring the application of nanotechnology in battery materials. This path was difficult, but the ChiNext board provided us with a platform for growth. With the help of this high-quality platform, the company has achieved a qualitative leap in four aspects: capital assistance, brand value, talent development, and social responsibility, allowing DFNano to stand on a broader stage. ”Kong Lingyong, a National People's Congress representative and chairman of German Nanotechnology, said. The development and growth of the ChiNext board is also a process of continuously deepening reforms and adapting to the high-quality development of the Chinese economy and the needs of industrial transformation and upgrading. In 2020, the overall implementation plan for the reform and pilot registration system of the ChiNext board was officially passed, and the ChiNext board carried out a series of radical reforms in basic institutional levels such as issuance and listing, trading, information disclosure, and delisting. In 2025, the ChiNext board will officially adopt the third set of standards to support the listing of high-quality unprofitable innovative enterprises. With the continuous deepening of reform, the function of the Growth Enterprise Market in serving innovation and growth is becoming increasingly prominent. Zhou Qunfei, a member of the National Committee of the Chinese People's Political Consultative Conference and Chairman of Lansi Technology, stated that the Shenzhen Stock Exchange's Growth Enterprise Market (GEM) has precise positioning, innovative systems, and comprehensive services. It is the core platform for high-quality development of growth oriented innovation and entrepreneurship enterprises, effectively promoting high-level circulation of technology, capital, and the real economy. This year's government work report proposes to strengthen financial services for the entire chain and lifecycle of scientific and technological innovation, and to implement a "green channel" mechanism for listing financing, mergers and acquisitions, and restructuring for technology-based enterprises in key core technology fields on a regular basis, using science and technology finance to support innovation and creation. The draft outline of the 15th Five Year Plan proposes to continuously deepen the comprehensive reform of capital market investment and financing, enhance the inclusiveness and adaptability of the capital market system, and increase the proportion of direct financing. From the specific measures of this round of ChiNext reform, it can be seen that it is the answer to the above requirements. Wu Qing introduced that this reform further highlights the functional positioning of the Growth Enterprise Market, better supporting the high-quality development of the real economy, including emerging industries and future industries. One is to expand the inclusiveness and coverage of the system. Establish a more precise and inclusive listing standard to strengthen support for the development of new industries, new formats, and new technology enterprises. Actively support high-quality innovative and entrepreneurial enterprises such as new consumption and modern service industries to issue and list on the ChiNext board. The second is to replicate and promote the beneficial experience of the reform of the Science and Technology Innovation Board to the ChiNext board. The key is to launch reform measures on the ChiNext board, such as pre IPO review for qualified high-quality innovative enterprises, especially those with breakthroughs in key core technologies, allowing eligible companies under review to increase capital and expand shares to existing shareholders, and optimizing the pricing of new stock issuance. Thirdly, we will comprehensively promote the improvement of the quality of companies listed on the ChiNext board. Establish and improve the institutional mechanism from recommendation for listing, selection and review to full process supervision, in order to better serve the development of local economy and private economy. These reform measures fully reflect the regulatory authorities' positive response to market demands. ”Feng Yidong, a member of the National Committee of the Chinese People's Political Consultative Conference and General Manager of Zhongtai Securities, said that the "1+6" reform measures implemented on the ChiNext board have achieved significant results, and the market has been looking forward to similar improvements in institutional inclusiveness for the ChiNext board. This reform clearly releases corresponding policy signals, effectively promoting the overall development of the ChiNext market and creating a better growth environment for the majority of ChiNext companies. With the implementation of these policies, the quality of companies listed on the ChiNext board will continue to improve, which in turn will give rise to more high-quality entrepreneurial enterprises that can effectively connect with the capital market. The ChiNext board welcomes broad development space. Innovation begins with technology, thrives in industries, and grows with capital. The government work report proposes to "intensify the cultivation and strengthening of new driving forces" and "cultivate and strengthen emerging and future industries". In the view of the delegates, this round of reform of the ChiNext board will further enhance its ability to serve technological innovation, and the ChiNext board will usher in a broader development space. I hope that after the reform of the ChiNext board, more technologically advanced, forward-looking, and precise inclusive institutional support will be provided to replicate and promote the beneficial experience of the reform of the ChiNext board, so that more hard tech enterprises can receive strong support from the capital market at critical stages of development. ”Jiang Lingfeng, National People's Congress representative and President of Chongqing Zhifei Biological Products Co., Ltd., said. Jiang Lingfeng expressed his hope that the reformed ChiNext board will enable hard tech companies that have made breakthroughs in key core technologies and are truly committed to solving the "bottleneck" problem to focus on research and development innovation with the help of long-term funding, allowing capital to flow towards hardcore innovation that can change the industry landscape, and making high-quality innovation and high-quality enterprises a strong engine driving China's high-quality economic development. Ding Lieming, a member of the National Committee of the Chinese People's Political Consultative Conference and Chairman and CEO of Beida Pharmaceutical, stated that the Growth Enterprise Market (GEM) is an important capital market platform for serving technological innovation and cultivating new quality productivity. Its support for scientific and technological innovation enterprises such as biopharmaceuticals is precise and powerful. The ChiNext board continues to improve its institutional inclusiveness through reform, further optimizing its listing and refinancing systems, accurately matching the pace of innovative drug research and development, and effectively addressing the pain points of enterprise R&D financing. (New Society)