Wu Qing: There will be two new measures launched soon.

Chairman Wu Qing of the China Securities Regulatory Commission stated that next steps would involve effectively integrating existing policies with incremental reforms to promote capital formation through various channels and drive resources towards new productive areas. This will allow the capital market to support industrial transformation and achieve new "acceleration" in high-quality development. Two new measures will be introduced soon. The first measure is to deepen the reform of the ChiNext board. The overall consideration is to further highlight the role of the ChiNext board in supporting high-quality development of the real economy, including emerging industries and future industries. This will involve expanding the inclusiveness and coverage of the system by introducing more precise and inclusive listing standards to support the development of new industries, new formats, and new technology enterprises. The reform will replicate the beneficial experiences of the Science and Technology Innovation Board to the ChiNext board and focus on promoting high-quality innovative enterprises, especially those with breakthroughs in key core technologies. The aim is to improve the quality of listed companies on the ChiNext board through a comprehensive system including recommendation for listing, selection review, and full-process supervision. The second measure involves optimizing the refinancing mechanism. Refinancing is essential in supporting listed companies to strengthen themselves and promote the formation of innovative capital and innovative dynamics. Before the Spring Festival, the Shanghai and Shenzhen stock exchanges introduced a series of measures to optimize refinancing. Further efforts will be made to optimize the refinancing review and registration mechanism in terms of institutional rules to enhance convenience. This will include enhancing the inclusiveness and adaptability of the rules, encouraging long-term funds such as social security, insurance, and public funds to participate, introducing shelf offerings to guide rational and effective fundraising, improving the lock-in price mechanism, and enhancing the simplicity of the refinancing process. Additionally, there will be a focus on supporting high-quality technology innovation enterprises in refinancing, increasing efficiency for companies with good governance and high market recognition, and strengthening regulatory supervision throughout the entire refinancing process to protect the legitimate rights of investors.