Shanghai: Promote continuous deepening reform of the Sci-Tech Innovation Board and continuously expand the scope of application of the fifth set of listing standards for the Sci-Tech Innovation Board.

In recent days, the Shanghai Municipal Committee of the Communist Party of China's Financial Commission Office, the Shanghai Development and Reform Commission, and other departments have issued the "Several Measures to Fully Utilize the Direct Financing Function of Shanghai and Further Strengthen Technological Financial Services," in which they propose to promote the continuous deepening of reforms of the Science and Technology Innovation Board. They will promote the release of guidelines for the listing audit of enterprises applying the fifth set of standards on the Science and Technology Innovation Board, such as artificial intelligence, low-altitude economy, etc., and promote the listing of emerging industries and future industries enterprises such as controllable nuclear fusion, embodied intelligence, large-scale models, quantum computing, brain-computer interfaces, etc. on the Science and Technology Innovation Board, continuously expanding the applicability of the fifth set of listing standards on the Science and Technology Innovation Board, enhancing the system's inclusiveness and adaptability for non-profit enterprises in the frontier technology field in the capital market. They will make good use of the pilot IPO pre-review mechanism for high-quality technology companies and promote further enhancement of communication mechanisms between the Shanghai Stock Exchange and high-quality investment institutions and professional investors. They will facilitate the refinancing of technology companies by making good use of refinancing support policies, optimizing refinancing audit processes and timing intervals, allowing unprofitable companies that meet the listing standards but have not yet become profitable and companies facing price plunges to refinance. They will optimize refinancing application materials, etc., to support technology companies in flexibly utilizing various tools such as additional issuances, rights issues, convertible bonds, etc., for financing. They will promote the implementation of the shelf issuance system for refinancing. They will deepen the construction of the "Technology Board" in the bond market by promoting the landing of policy tools such as risk-sharing tools for technological innovation and bond guarantee funds for private enterprises. They will encourage financial institutions to create credit risk mitigation tools, form a coordinated credit enhancement system between the central and local governments, and provide support for the issuance of technological innovation bonds. They will support more eligible enterprises in issuing technological innovation bonds. They will deepen the innovation of technological innovation bond products and support more technology companies in issuing convertible bonds related to science and technology innovation. (Source: Shanghai Financial Government WeChat Account)