On December 9, 2022, the Shanghai Stock Exchange (SSE) organized the 2022 Forum for Equity Investment Institutions, which was attended by 48 equity investment institutions and 15 securities companies. Also present at the forum were officials in charge of relevant business at the Department of Public Offering Supervision of the China Securities Regulatory Commission (CSRC) and the Asset Management Association of China. This was the fifth consecutive forum for equity investment institutions held by the SSE.
Cai Jianchun, President of SSE, pointed out at the meeting that after more than three years of construction, the STAR Market has become the first choice for Chinese companies with key and core technologies to be listed, with positive results in supporting the virtuous cycle of science and technology, capital and industry. As important participants, equity investment institutions have formed a favorable pattern of mutual promotion and symbiotic development with the STAR Market. The STAR Market has opened up all links of "fundraising, investment, management and exit" for equity investment institutions in the sci-tech innovation industry, achieving an orderly relay between venture capital and institutional investors. By constantly delivering high-quality enterprises, equity investment institutions have helped reinforce the foundation for high-quality development of the STAR Market. So far this year, 144 companies have been listed on the SSE through IPOs, raising 341.5 billion yuan, ranking first in the world. Cai Jianchun also said that the SSE has always adhered to the principles of joint contribution, broad participation, and shared benefits, and attached great importance to the opinions and suggestions of equity investment institutions. Of the 75 opinions and suggestions received at the first four sessions, 50 have been implemented or optimized after careful evaluation. The SSE will continue to carry forward the spirit of "opening three doors in transparent review, supervision and service" to create systematic and multi-dimensional services; constantly leverage the STAR Market's role as a test field for reform to promote the efficient circulation of innovation capital; and keep in mind the "top priorities of the country" to foster synergy in support of achieving breakthroughs in core technologies. Equity investment institutions and securities companies are expected to make full use of the SSE to allocate limited resources to areas most necessary for national sci-tech innovation, continuously increase support for key areas, important regions and weak links, and strengthen cooperation and interaction with the SSE to jointly work on winning the battle of core technologies.
At the meeting, the SSE informed the participating equity investment institutions and securities companies of the SSE stock market's development and the STAR Market's construction. The attendees had a full exchange of views on issues such as understanding the nature of sci-tech innovation, transparent review, optimizing pricing mechanism, improving M&A and restructuring; and proposed opinions and suggestions on how to further enhance the STAR Market's appeal, build an effective valuation system, accelerate the realization of sci-tech self-reliance and self-strengthening at higher levels, and achieve orderly linkage between the primary and secondary markets. Besides, the representatives of equity investment institutions shared insights on this year's equity investment market.
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 accelerating the implementation of the innovation-driven development strategy proposed in the report to the 20th CPC National Congress. Under the unified leadership of the CSRC, it will steadily push forward the construction of the STAR Market, keep making new progress in the development of capital market with Chinese characteristics, and set the stage and launch a good start for fully implementing the spirit of the 20th CPC National Congress.
