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On March 27, 2023, the Shanghai Stock Exchange (SSE) and Shanghai Municipal Financial Regulatory Bureau jointly organized the 2023 Symposium on Sci-Tech Innovation Investment Institutions. As one of the important events of Shanghai Comprehensive Service Week of the SSE Capital Market, the symposium was co-organized by the Asset Management Association of Shanghai (AMAOS), hosted by Shanghai Technology Venture Capital (Group) Co., Ltd. and Shanghai Zhangjiang Hi-Tech Park Development Co., Ltd., and attended by representatives from 14 investment institutions, 3 sci-tech innovation incubators and 2 results transformation institutions.
At the symposium, the SSE briefed the latest progress of its four product markets, i.e., stocks, bonds, funds and derivatives, and its international business to participating institutions. Shanghai Technology Venture Capital (Group) Co., Ltd. introduced the development of AMAOS, Shanghai's venture capital industry and the primary market. Around the theme of "optimizing the ecology for sci-tech innovation finance and supporting the high-standard cycle of 'science and technology - industry - finance'", the participants exchanged views on the development of the capital market, discussed on promoting the construction of Shanghai Science and Technology Innovation Center, and put forward opinions and suggestions on "how the SSE can improve its board construction and optimize its supervision and services" and "how local government can optimize the development ecology for venture capital funds".
At the event, Cai Jianchun, Deputy Party Secretary and President of SSE, said that the SSE has always attached great importance to equity investment institutions. Since 2019, it has held five sessions of Equity Investment Institutions Conferences in succession. Ninety-four opinions and suggestions were collected, of which about 70 have been implemented or optimized, forming a sound pattern of mutual promotion and symbiotic development. The SSE hopes to work with equity investment institutions to build a more inclusive and market-oriented sci-tech innovation ecology, further leverage the pioneering role of investment institutions in supporting sci-tech innovation, and facilitate the sci-tech innovation enterprises' utilization of the SSE capital market. The SSE will adhere to the "three principles of the registration system", stick to the positioning where the Main Board serves large-cap blue chips and the STAR Market serves "key and core technology", and firmly follow the path of developing a modern capital market with Chinese characteristics. Also, it will constantly strengthen coordination and cooperation with equity investment institutions, organize communication events on a regular basis, and communicate the orientation of supervision in a timely manner. The SSE welcomes visits and exchanges from all equity investment institutions.
Guan Xiaojun, Deputy Director-General of Shanghai Municipal Financial Regulatory Bureau, responded to questions from participating institutions about the development of private equity funds in Shanghai, saying that the Shanghai Municipal Financial Regulatory Bureau has maintained close cooperation with the SSE. Guided by the "Light of Pujiang" initiative and based on the STAR Market, they have promoted the virtuous cycle of "science and technology - industry - finance" to create a favorable ecology for Shanghai's sci-tech innovation finance. Recently, the Shanghai Municipal Financial Regulatory Bureau is working with the SSE's "Xingqihang" platform to promote the digital upgrade of the policy and enterprise databases of the "Light of Pujiang" initiative. By deepening the reform of sci-tech innovation finance, working on the early and starting stage, and promoting the deep integration of financial capital and sci-tech innovation elements, they strive to build and improve a full life-cycle service system for venture capital funds and start-ups.
Going forward, guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, the SSE will closely focus on the goal of "promoting deeper integration of the innovation, industrial, capital, and talent chains" proposed in the Report to the 20th CPC National Congress. Under the unified leadership of the China Securities Regulatory Commission, the SSE will solidly push forward the reform of the comprehensive registration system and the construction of the STAR Market, keep making new progress in the development of modern capital market with Chinese characteristics, and contribute to the realization of Chinese modernization.
