Shanghai Stock Exchange: Steadily Promote the Expansion of the Fifth Set of Listing Standards for Industry, Supporting Technologically Innovative Enterprises in Key Core Technology Fields to Regularly List and Raise Funds

◎ Reporter: Qi Doudou

The 2026 Government Work Report and the draft of the 14th Five-Year Plan outline important strategic deployments for further deepening reforms in the capital market and serving high-quality development. As a key hub for serving the economy and society, how will the Shanghai Stock Exchange (SSE) effectively shoulder its mission and ensure policies are implemented effectively?

On March 10, the SSE stated in an interview with Shanghai Securities News that it will unswervingly implement the decisions and deployments of the Party Central Committee and the State Council, faithfully carry out the requirements of the China Securities Regulatory Commission (CSRC), adhere to steady progress and reform breakthroughs, and actively follow the path of financial development with Chinese characteristics, contributing to the modernization of China and building a strong financial nation.

Steadily expanding the scope of the fifth set of listing standards for industries

The Government Work Report clearly states that for technology-based enterprises in key core technological fields, a regular “green channel” mechanism for listing, financing, mergers, and acquisitions will be implemented.

The SSE said it will resolutely implement relevant work requirements, increase institutional support for tech enterprises with breakthroughs in key core technologies, and expand diversified equity financing channels; further leverage the resource allocation function of the capital market to support technology innovation and transformation and upgrading enterprises for regular financing and M&A activities.

“The SSE will continuously evaluate and improve relevant systems and rules, research and reserve a batch of policies to support technological innovation and the development of new productive forces, and steadily expand the scope of the fifth set of listing standards for industries,” the exchange stated.

On one hand, it will maintain steady progress while advancing both stock reform implementation and new policy planning. The SSE said that moving forward, it will further deepen the “Science and Technology Innovation Board (STAR Market) Eight Measures” and the “1+6” reform plan for the STAR Market, in accordance with the CSRC’s arrangements. It will also focus on cultivating key backup enterprises, continuously improve market service foresight and precision, and host future industry salons to gather strength and explore ways to enhance the support capacity of the capital market for future industries.

On the other hand, it will uphold quality as the guiding principle and strictly control the access to issuance and listing. The SSE emphasized that, considering the overall layout of the national strategy for high-level technological self-reliance and self-improvement, it will deepen understanding of “hard technology,” actively utilize the STAR Market to serve the development of new productive forces, and make good use of regular cooperation mechanisms with relevant national authorities to accurately identify “hard technology” enterprises. It will also better coordinate investment and financing development, reinforce the responsibilities of intermediaries as “gatekeepers,” and resolutely prevent low-quality enterprises with weak innovation capabilities and unclear market prospects from listing. The goal is to guide limited listing resources to truly support technological innovation.

Promoting the aggregation of various factors and resources into the field of new productive forces

In recent years, under the overall guidance of the CSRC, the SSE has accelerated reforms to adapt to innovation-driven development, focusing on better leveraging the functions of the capital market and promoting the concentration of various factors and resources into the field of new productive forces.

First, increasing the proportion of “tech” in Shanghai-listed companies. Over the past five years, the proportion of tech innovation companies listed on the Shanghai Stock Exchange has risen to 40%, with nearly 70% of newly listed companies being tech innovation enterprises. These are key drivers for cultivating new productive forces and promoting the integration of technological and industrial innovation. Since the opening of the STAR Market six years ago, it has supported 604 “hard tech” companies to go public, raising over 1.1 trillion yuan, with a total market value exceeding 11 trillion yuan. R&D investment has surged, with annual R&D spending surpassing 1 trillion yuan, accounting for nearly 40% of national corporate R&D, and about 300 companies receiving national science and technology awards. STAR Market companies have accumulated 130,000 patents, leading in R&D intensity.

Second, supporting mergers and acquisitions to invigorate new industrial momentum. The SSE stated that, guided by the goal of cultivating world-class enterprises, since the release of the “Six M&A Measures,” approximately 1,300 asset transactions have been added on the Shanghai market, including over 130 major asset reorganizations, with nearly 70% of targets in the field of new productive forces. Since 2025, major asset reorganization transactions on the Shanghai market have increased by 38% year-on-year, with the number of new major asset reorganizations on the STAR Market exceeding the total of the previous six years, effectively promoting efficient resource allocation. Landmark transactions such as billion-level mergers and cross-border innovative M&As have been completed efficiently.

Third, enhancing the financing function of STAR Market bonds for “new” strength. By the end of 2025, the SSE had issued approximately 1.76 trillion yuan in science and technology innovation bonds, serving over 500 industrial enterprises; the first batch of STAR Market convertible bonds was successfully issued, and STAR Market bond ETFs have been launched and listed.

Fourth, enriching index and ETF products. The SSE actively guides long-term funds into the field of technological innovation. Currently, there are 33 STAR Market indices and over 100 related ETF products, with a total scale of about 300 billion yuan. Among them, the STAR Market comprehensive index ETF has become an important investment target for investors seeking exposure to China’s “hard tech” assets.

The SSE stated that moving forward, under the strong leadership of the CSRC, it will focus on accelerating the development of new productive forces, consolidating and expanding advantages such as “large-cap blue chips, leading hard tech, multi-product support, and precise services,” and steadily implement various reform measures. It will also work to deepen the integration of technological and industrial innovation, further enhance the inherent stability of the capital market, and strive to achieve a positive interaction between deepening reforms, improving functions, and market stability, actively serving the goal of high-level technological self-reliance and the development of new productive forces.

Continuing to deepen comprehensive reform of capital market investment and financing

The Government Work Report proposes to further deepen the comprehensive reform of capital market investment and financing, improve the long-term capital entry mechanism, enhance investor protection systems, expand exit channels for private equity and venture capital funds, and increase the proportion of direct and equity financing.

How will the SSE further advance reform in investment and financing?

The SSE said that moving forward, it will focus on three areas: better leveraging the functions of equity and debt financing, promoting value growth and governance improvement of listed companies, and further deepening investment-side development.

First, better leverage equity and debt financing functions. The SSE will continue to implement reform measures, promote increased proportions of direct and equity financing, further expand the scale of industrial bonds, and develop innovative products supporting national strategies.

Second, promoting value growth and governance improvement of listed companies. The SSE will continue to implement the “Five Major Supervisory Measures,” deepen the “Quality and Efficiency Rebound” initiative, improve incentive and restraint mechanisms, enhance corporate governance, and guide companies to increase dividends and share repurchases. It will also support listed companies in improving core competitiveness through mergers and acquisitions.

Third, further deepening investment-side development. The SSE will actively promote the “Three Investments” concept, strengthen investor protection mechanisms, enrich long-term investment products and risk management tools, and continue to expand the STAR Market index and product system, increasing supply of long-term investment-compatible indices and products.