To raise the market's awareness of the STAR Market "1+6" reform policies, accelerate their effective implementation, and foster a capital market ecosystem more conducive to technological innovation, Shanghai Stock Exchange (SSE) recently held a series of themed symposiums in Shanghai, Beijing, and other cities. These meetings brought together leading equity investment firms for in-depth exchanges, allowing the SSE to fully hear their opinions and suggestions while addressing market concerns in a timely manner.
Equity investment firms are a vital component of the STAR Market ecosystem. According to statistics, over 90% of companies listed on the STAR Market received investment and support from equity investment firms prior to their IPOs. Participants at the symposiums noted that the rollout of the STAR Market "1+6" policies has significantly boosted confidence of equity investment firms. It has also strengthened the resolve of tech entrepreneurs, enabling a virtuous cycle among technology, industry, and capital, and providing higher-quality support for achieving technological self-reliance and self-strengthening. The timing of the policy introduction is highly opportune and carries substantial significance. New policy measures such as the introduction of the Growth Tier, senior institutional investors, and pre-reviews have made the STAR Market system uniquely suited to China's conditions compared to mature overseas markets, enhancing its appeal to both venture capital institutions and tech enterprises. In recent days, several unprofitable companies have had their STAR Market IPO applications accepted, and the first IPO application under the reinstated fifth listing standard has successfully passed the review. These typical examples highlight the resolve behind the reform, further reinforce market confidence and stabilize expectations.
Participating firms agreed that the STAR Market "1+6" reform policies have further improved the equity investment cycle of fundraising, investment, management, and exit, strengthening their confidence in investing in early stage, small-sized companies and hard technologies, and investing the long-term. It has also enhanced their ability to provide full-lifecycle support for tech-driven enterprises. They emphasized their commitment to thoroughly studying and understanding the background and content of the "1+6" policies, and to coordinating training efforts for their portfolio companies, helping technology enterprises gain a comprehensive understanding of each measure under the STAR Market "1+6" reform policies.
Going forward, the SSE will deepen communication and coordination with equity investment institutions, improve regular communication mechanisms, and guide investment firms in seizing policy opportunities, adapting to market conditions, and aligning with the growing consensus in society. By leveraging their role as pioneers in supporting technological innovation and gatekeepers of professional standards, equity investment firms will play a key role in promoting the understanding, implementation, and demonstration of the STAR Market "1+6" reform policies—contributing more effectively to the advancement of science and technology innovation and the development of new quality productive forces
