Shang Qingjun, First-Class Inspector of the Public Company Supervision Department of the China Securities Regulatory Commission (CSRC), stated on October 21 at the parallel forum titled “Building a New Capital Market Ecosystem for Small and Medium-sized Enterprises” during the 2026 Financial Street Forum Annual Conference that the CSRC will follow the general work tone of making progress while maintaining stability, take risk prevention, strengthened regulation and development promotion as the main line, continuously improve the regulatory system, advance integrated high-quality development of the Beijing Stock Exchange (BSE) and the National Equities Exchange and Quotations (NEEQ, the New Third Board), and better support the implementation of the 15th Five-Year Plan Outline and the development of a strong financial nation

Shang Qingjun outlined three key priorities for the next stage of work:

First, consolidate the foundation for innovative growth of high-quality enterprises. Sticking to the positioning of serving innovative SMEs, the CSRC will roll out innovation evaluation criteria for the BSE to accurately identify various innovation factors, clarify application expectations, deliver better services to innovative SMEs with cutting-edge industry positioning, strong innovation capacity, sustained growth potential and specialized strengths, and keep optimizing the composition of listed companies. Meanwhile, the CSRC will strengthen the NEEQ’s function of nurturing standardized enterprises, improve admission and exit mechanisms, optimize tiered management, amplify the brand effect and financing capacity of the Innovation Tier, and refine differentiated information disclosure rules. It will further consolidate the development pattern featuring progressive tiered advancement, two-way upper-lower linkage, leading role of top-tier enterprises and growth impetus from the grassroots tier between the BSE and NEEQ, provide continuous, targeted capital market services for specialized, sophisticated, unique and innovative enterprises, and better boost the development of new productive forces北京证券交....

Second, upgrade the investment ecosystem and strengthen market resilience. The CSRC will step up development on the investment side, pursue balanced growth between the primary and secondary markets, and improve capital market functions that align investment and financing. On one hand, it will refine the BSE’s issuance and underwriting regime, steadily implement market value placement for new share offerings, improve investor returns in the secondary market, facilitate rational pricing of new shares, keep advancing inquiry-based offerings, and boost pricing flexibility. On the other hand, it will accelerate the development of market product lines, expand public fund supply, and steadily launch the BSE 50 ETF to balance financing and investment. In addition, the CSRC will improve risk monitoring, early warning and emergency response mechanisms to safeguard market order and protect the legitimate rights and interests of investors.

Third, enforce rigorous regulation to improve the quality of listed firms. Leveraging the special campaign on listed company governance, the CSRC will push SMEs to upgrade their corporate governance. It will support independent directors and audit committees to perform their duties effectively, encourage institutional investors and minority shareholders to participate in corporate governance, and reinforce internal oversight and checks and balances. The CSRC will tighten constraints on controlling shareholders and actual controllers, keep a close watch on the “key few” at listed companies, promptly take enforcement actions against serious violations including fraudulent issuance, financial fraud and illegal fund occupation that harm investor interests, severely crack down on major illegal acts, and resolutely root out market irregularities.

Source: Shanghai Securities News