Establishing a fourth set of listing standards to provide stronger financial support for high-quality innovative and entrepreneurial enterprises in emerging and future industries - as an important sector of the capital market serving the development of new quality productivity, the institutional inclusiveness and adaptability of the Growth Enterprise Market will be further enhanced in the new round of reform. Market participants believe that the launch of the fourth set of standards is not simply adding a declaration channel, but rather improving and optimizing the listing standard system of the ChiNext board, and is an important measure for the capital market to serve new quality productivity. In the future, with the implementation of this standard, more high-quality emerging and future industry enterprises are expected to land on the ChiNext board, enriching the market ecology while providing investors with more high-quality targets, forming a virtuous cycle of high-quality development of enterprises, market growth, and investor benefits. The reform focuses on the characteristics of innovative enterprises in emerging and future industries, and adds a fourth set of listing standards, introducing indicators such as expected market value, operating income, compound growth rate of operating income, and research and development investment to scientifically set listing standards. Specifically, emerging fields have a wider coverage and richer business formats, and innovative and entrepreneurial enterprises in these fields often have the characteristics of broad market prospects and huge development potential. To this end, the fourth set of listing standards for the ChiNext board introduces a combination indicator of "expected market value+operating income+compound growth rate of operating income". Based on the threshold of market value of 3 billion yuan and operating income of 200 million yuan, enterprises are required to have strong growth capabilities, with a compound growth rate of 30% for operating income in the past three years. The future industry is driven by cutting-edge technology and has significant strategic, leading, and uncertain characteristics. Enterprises in these fields are currently in the early stages of incubation or industrialization, and generally have characteristics such as small income scale, high R&D investment, and outstanding innovation ability. To this end, the fourth set of listing standards for the ChiNext board introduces a combination indicator of "expected market value+operating income+R&D investment", requiring that the enterprise's technological innovation and business model have been recognized by the market, achieved commercial application and formed a certain income scale, outstanding innovation ability, market value not less than 4 billion yuan, cumulative R&D investment in the past three years not less than 100 million yuan and accounting for no less than 15% of cumulative operating income, and operating income in the past year not less than 200 million yuan. In the view of Yin Zhongyu, Chief Mergers and Acquisitions Expert at the Federal Reserve Securities, the launch of the fourth set of standards is a major highlight of this ChiNext reform. It not only provides financial support for high-quality enterprises in cutting-edge fields, but also selects highly recognized enterprises with high market value requirements, further expanding the coverage of the ChiNext and enhancing its inclusiveness and market attractiveness. In the view of Li Zhan, Chief Economist of China Merchants Fund, the fourth set of standards added this time has strong pertinence. The core logic of standards for emerging industries is to examine the commercialization capability and growth rate of enterprises, suitable for those that have already found a business model and are in a period of rapid expansion; For the standards of future industries, more emphasis is placed on the intensity of research and development investment, which is suitable for enterprises that are still in the stage of technological breakthroughs and require a large amount of research and development investment. Lu Zhe, Chief Economist of Dongwu Securities, believes that with the deepening of the global new round of industrial transformation and economic structural adjustment, institutional innovation must adapt to the industrial cycle. This reform has established an inclusive listing system with information disclosure as the core, accurately matching the characteristics of innovative enterprises with high research and development and long cycles, and providing better financial services for cutting-edge enterprises. Experts say that the fourth set of listing standards for the Shenzhen Stock Exchange's Growth Enterprise Market and the fifth set of listing standards for the Science and Technology Innovation Board support the listing of high-quality unprofitable technology companies, forming a distinct difference. The two major sectors have a complementary relationship. Lu Zhe believes that compared with the Science and Technology Innovation Board, the Growth Enterprise Market covers a wider range of fields such as new consumption and modern service industries, requires a minimum operating income of 200 million yuan, and focuses on long-term and later stage enterprises; The Science and Technology Innovation Board focuses on "hard technology" and can accommodate enterprises in earlier stages that have not yet achieved operating income, emphasizing hard indicators such as patents. The two form a complementary relationship of "wide coverage" and "high-precision", jointly serving the new quality productivity. Li Zhan stated that compared to the Science and Technology Innovation Board, the fourth set of standards for the ChiNext board differs in terms of applicable industries. The Science and Technology Innovation Board focuses more on "hard technology" fields such as integrated circuits, biomedicine, high-end equipment, etc; The ChiNext board focuses more on the introduction, transformation, and application of cutting-edge technologies, with a wider coverage. At the stage of enterprise development, companies listed on the Science and Technology Innovation Board may still be in the stage of technology validation, while those targeted by the fourth set of standards on the ChiNext board usually have a certain income base and are in the transition from technology research and development to commercialization. As the spokesperson of the China Securities Regulatory Commission stated, the "two innovation boards" have achieved well differentiated development and complementary advantages while adhering to their respective positioning. Among them, the Science and Technology Innovation Board highlights the characteristics of "hard technology" and focuses on serving enterprises that carry out key core technology research and development. It has formed industrial clusters in fields such as integrated circuits and biomedicine; The ChiNext board mainly serves growth oriented innovation and entrepreneurship enterprises, cultivating a number of benchmark enterprises in the fields of new energy and high-end equipment. The fourth set of listing standards added to the ChiNext board this time focuses on the introduction, transformation, and application of cutting-edge technologies, forming a certain distinction from the listing standards related to the Science and Technology Innovation Board in terms of indicator setting, applicable industry scope, and industrial development stage. It is reported that in the next step, the China Securities Regulatory Commission will guide the Shanghai and Shenzhen Stock Exchanges to actively leverage the characteristics and advantages of the "two innovation boards", coordinate development, form synergy, further expand the coverage of capital market services for the real economy, and strive to achieve the reform effect of "1+1>2". Further strengthen investor protection. Considering that companies listed under the fourth set of standards have high growth potential and high uncertainty, regulatory authorities will adhere to the principle of gradual progress and quality priority, and organize the Shenzhen Stock Exchange and industry institutions to further strengthen audit checks, risk disclosure, and investor education. On the one hand, we will strictly control the admission process for issuing and listing, strengthen the responsibility of intermediary institutions as gatekeepers, highlight the requirements for growth and innovation, strictly adhere to the bottom line of financial authenticity, and prevent "sick declaration" and "rushing forward" to improve the quality of listed companies from the source. According to Tian Lihui, a finance professor at Nankai University, high growth and high uncertainty coexist in such enterprises, and investor protection must be prioritized. Only by consolidating the responsibilities of intermediary institutions, measuring growth and innovation capabilities with hard indicators, and strictly adhering to financial bottom lines can speculative enterprises be screened out, allowing investors to invest in real and high-quality companies, thus achieving fundamental protection. He suggested that relevant departments should use financial technology to dynamically cross validate indicators such as R&D investment and revenue growth, so that "pseudo growth" has nowhere to hide; At the same time, further strengthen the responsibility of intermediary agencies as "gatekeepers", and once financial fraud occurs, administrative, civil, and criminal accountability should be carried out in accordance with the law. The relevant person in charge of Ping An Securities stated that Ping An Securities attaches great importance to the policy orientation of consolidating the responsibility of intermediary institutions in the reform of the Growth Enterprise Market. A systematic working mechanism has been established in improving the quality of sponsorship, strengthening continuous supervision, and risk control throughout the entire process, including consolidating the responsibility of "gatekeepers" and continuously enhancing industry compliance awareness and professional quality; In the continuous supervision process, a dedicated supervision team was established to develop a special warning model for high-risk areas, achieving real-time monitoring of abnormal situations; In terms of risk control throughout the entire process, establish a three-dimensional management system of "front, middle, and back office collaboration" to form key control nodes covering the entire project lifecycle. On the other hand, for companies that have not yet made a profit at the time of their initial public offering, a special symbol "U" should be added after the stock abbreviation before achieving profitability, continuously indicating relevant risks. Controlling shareholders, actual controllers, directors, and executives are not allowed to reduce their holdings of shares before the initial public offering within three full accounting years from the date of listing. The Shenzhen Stock Exchange will also make adaptive revisions to the "GEM Investment Risk Disclosure Statement" to effectively strengthen risk disclosure and investor education. Chen Li, a member of the China Chief Economist Forum, said that the "U" symbol can continuously warn of risks, the sales restriction regulations help bind long-term interests, and the revised risk disclosure statement refines risk scenarios. These measures help investors make decisions based on information symmetry and risk awareness, and build a responsible investor protection system. At the same time, investors should keep their eyes open, enhance their awareness of risk-taking, and jointly create a healthy investment ecosystem. (New Society)