CSRC's Shang Qingjun: Promote the Integrated High-Quality Development of the BSE and NEEQ, with Sustained Efforts in Three Areas

Shang Qingjun, a first-level inspector of the Public Company Supervision Department of the China Securities Regulatory Commission (CSRC), said on October 21 at the parallel forum themed "Jointly Building a New Ecosystem for Capital Markets Serving SMEs" at the 2026 Financial Street Forum Annual Conference that the CSRC will thoroughly implement the decisions and arrangements of the CPC Central Committee and the State Council, adhere to the general principle of seeking progress while maintaining stability, and take risk prevention, strengthened supervision, and development promotion as the main line, continuously improve the regulatory system, promote the integrated high-quality development of the Beijing Stock Exchange (BSE) and the National Equities Exchange and Quotations (NEEQ), and better serve the implementation of the 15th Five-Year Plan and the building of a financial powerhouse. Shang Qingjun introduced that the next step will focus on advancing work in three areas: First, cultivate a solid foundation for the innovative development of high-quality enterprises. Based on the positioning of serving innovative SMEs, release the BSE's innovation evaluation standards, accurately identify various innovation elements, clarify application expectations, provide better services for innovative SMEs at the industry frontier with innovation capabilities, sustained growth potential, and specialized development advantages, and continuously optimize the structure of listed companies. At the same time, strengthen the NEEQ's standardized cultivation function, improve the access and exit mechanisms, optimize tiered management, enhance the brand effect and financing allocation function of the Innovation Tier, improve differentiated information disclosure arrangements, and consolidate the development pattern of the BSE and NEEQ featuring "progressive tiers, upward and downward linkage, leadership by the top, and support from the base," so as to provide capital market services with continuous relay and precise identification for specialized, refined, distinctive, and innovative enterprises and better promote the development of new quality productive forces. Second, optimize the investment ecosystem and enhance the market's intrinsic resilience. Long-term capital is the "ballast stone" and "stabilizer" of the market. The next step will be to intensify investment-side development, coordinate the promotion of balanced development between the primary and secondary markets, and improve the capital market function of coordinated investment and financing. On the one hand, improve the BSE's issuance and underwriting system, steadily implement market value-based allotment for IPOs, enhance secondary market investors' sense of gain, promote reasonable IPO pricing, continue to push for the implementation of inquiry-based issuance cases, and further improve pricing flexibility; on the other hand, accelerate the construction of the market product system, increase the supply of public funds, steadily launch the BSE 50 ETF, and promote balanced development of both investment and financing ends. At the same time, improve risk monitoring, early warning, and emergency response mechanisms, effectively maintain market order, and protect investors' legitimate rights and interests. Third, adhere to strict supervision and management to improve the quality of listed companies. Relying on special corporate governance actions, urge listed SMEs to improve their corporate governance; support independent directors and audit committees in actively and effectively performing their duties, mobilize the enthusiasm of institutional investors and minority shareholders to participate in corporate governance, and strengthen internal supervision and checks and balances. Strengthen standardized constraints on major shareholders and actual controllers, keep a close eye on the "key few" of listed companies, take timely action against fraudulent issuance, financial fraud, fund misappropriation, and other acts that seriously infringe on investors' legitimate rights and interests, severely crack down on major illegal acts, and resolutely eliminate illegal and irregular practices.