CSRC: Strictly implement the evaluation standards for growth-oriented innovative and entrepreneurial enterprises on the Growth Enterprise Board and the negative list system for listing recommendations.

This reform will prioritize the protection of investors' legitimate rights and interests, and will strengthen the supervision throughout the entire process from admission to continuous monitoring and eventual delisting of companies on the ChiNext board. Firstly, there will be strict control over the admission to listing. The evaluation standards for growth-oriented innovative entrepreneurial enterprises on the ChiNext board and the negative list system for listing recommendations will be strictly implemented. The role of the listing review committee of the Shenzhen Stock Exchange and industry consulting experts will be fully utilized. Supervision and oversight of public power will be strengthened, with further emphasis on integrity risk prevention and control in the entire process of exchange review, listing committee deliberation, and CSRC registration, and strict accountability according to regulations, discipline, and the law. Secondly, there will be strict prevention and crackdown on financial fraud and other illegal behaviors. Oversight will be enhanced, technology-enabled supervision will be improved, non-site monitoring and discovery of financial fraud will be strengthened, communication and information sharing mechanisms between the Shenzhen Stock Exchange and other units within the CSRC system will be improved in order to timely identify and address potential issues. Legal means will be fully utilized to harshly punish fraudulent issuance, financial fraud, market manipulation, insider trading, and other illegal behaviors. Judicial institutions will be encouraged to provide high-quality legal protection for companies listed on the ChiNext board and investors. Thirdly, there will be further strengthening of the responsibilities of intermediary institutions as "gatekeepers". The regulation system for sponsoring institutions and their representatives will be improved, the evaluation of the quality of the sponsoring institutions' practice will be strengthened, and strict measures will be taken against collusion in fraud, aggressive stock acquisitions, and other illegal behaviors to encourage sponsoring institutions and representatives to be honest, diligent, and ethical in their practices. Fourthly, there will be a focus on differentiated supervision to support the strong and restrict the weak. Different arrangements will be made for high-quality innovative companies in areas such as listing, mergers and acquisitions, and stock and bond financing to further improve efficiency and convenience. For companies with improper operations, continued supervision will be strengthened in accordance with regulations. Fifthly, there will be strict supervision of delisting. The delisting system will be improved and strictly implemented, with increased protection for investors during the delisting process.