On 27 April 2020, the CPC Committee of SZSE held a special meeting to study and implement the guiding principles of the 13th meeting of the Central Commission for Comprehensively Deepening Reform, and work on ChiNext Board reform and pilot the registration-based system. The CPC Committee of SZSE recognizes that promoting the reform of ChiNext Board and piloting the registration-based system are crucial arrangements for thoroughly implementing Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, deepening capital market reforms, optimizing the capital market’s basic system, and improving capital market functions. They are also major moves to actively support the construction of the Guangdong-Hong Kong-Macao Greater Bay Area and the pilot demonstration area of socialism with Chinese characteristics, and of great significance to give full play to the decisive role of the market in resource allocation and to build a regulated, transparent, open, dynamic and resilient capital market.

Promoting the ChiNext Board reform and piloting the registration-based system are important tasks assigned by the CPC Central Committee. Everyone of SZSE is encouraged by the tasks, and feels responsible and honored. The CPC Committee of SZSE will conscientiously shoulder its responsibilities, further improve its political position, enforce the consciousness of the need to maintain political integrity, think in big-picture terms, follow the leadership core, and keep in alignment, hold confidence in the path, theory, system and culture, resolutely uphold General Secretary Xi Jinping’s core position on the Party Central Committee and in the Party as a whole, and resolutely uphold the Party Central Committee’s authority and its centralized, unified leadership in its efforts to promote the ChiNext Board reform and pilot the registration-based system. According to the requirements of the CPC Committee of the CSRC, the CPC Committee of SZSE will complete the reform and pilot implementation with high quality according to the highest standards and requirements at our optimal levels. The CPC Committee SZSE will promote the development of the ChiNext Board in a featured way different from other boards, find a proper positioning for it, and form a complementary market pattern with different emphases. It will work to stimulate market vitality and enhance the development momentum, strengthen the sense of gain of the market participants from the reform, and strive to improve the capabilities of the ChiNext Board to serve the national innovation strategy and the real economy.

These reform and pilot efforts are the first major reform of the capital market that targets both the existing and incremental businesses, involving a series of basic systems such as issuance, listing, information disclosure, trading, and delisting. This reform fully draws on the reform experience of the Sci-Tech innovation board, and is intended to comprehensively promote the ChiNext Board reform and the construction of a multi-level capital market system, as well as the pilot of the registration-based system and the construction of basic systems. SZSE will, according to the characteristics and operation of the ChiNext Board market, duly formulate and revise rules on businesses such as issuance and listing review, continuous supervision, and investor suitability, properly coordinate and transit from the old rules to the new ones, and optimize the incremental business and stabilize the existing business. Through this reform, SZSE strives to further improve its market functions, development quality, investment and financing mechanisms, and upgrade its capabilities to serve the real economy. This reform will help SZSE gain experience for the further market-wide reform and will play a demonstrative pilot role.

SZSE will stick to the market-and-law-based reform direction, implement the requirements of the new Securities Law, and focus on three aspects: First, SZSE will carry out reform by “opening the door”, solicit public opinions on the main rules, carefully listen to the opinions and suggestions of all parties in the market, and consolidate the basic systems for the ChiNext Board reform and the pilot of the registration-based system. Second, SZSE will maintain transparent throughout the reform, including review standards, review time, review status and review results. Third, SZSE will carry out the reform by working with others. It will make the market prepared in combination with all market players, ensure that the ChiNext Board reform and the pilot of the registration-based system have a smooth start and that they are advanced in an orderly manner and achieve actual results. They are expected to serve the innovation and entrepreneurship and high-quality economic development, and contribute to accelerating the resumption of production and life order in the fight against COVID-19 and building a moderately prosperous society in an all-round way.