Shanghai introduced the “20 Rules” for direct financing to strengthen financial services for technology enterprises throughout the life cycle, and solidly promote the joint development of the Shanghai International Financial Center and the Science and Technology Innovation Center. On the morning of July 23, the Finance Office of the Shanghai Municipal Committee, together with the Shanghai Securities Regulatory Bureau, the Municipal Science and Technology Commission, and the Municipal State-owned Assets Administration Commission, held a press briefing to interpret the recently introduced “Certain Measures to Further Strengthen Technology Finance Services in Shanghai by Fully Utilizing Direct Financing Functions”. The “Certain Measures” include 20 measures in five major areas, including 4 measures to improve early investment lead pricing capabilities, 5 rules to establish and improve equity investment continuity mechanisms, 3 rules to give full play to the role of key hubs in the capital market, 3 rules to enrich diversified long-term capital supply, and 5 rules to optimize the supporting institutional environment. Among them, initiatives such as pioneering the exploration and formation of “qualified angel investor” certification standards and continuing to expand the scope of application of the fifth set of listing standards on the Science and Technology Innovation Board have attracted much attention. The former mainly solves the problem of “no one dares to invest in the first kilometer”, while the latter mainly solves the problem of “it is difficult for unprofitable enterprises with cutting-edge technology to go public.” Regarding the next phase of the plan, Wang Dengyong, deputy director of the Shanghai Securities Regulatory Bureau, said that the bureau will push for major reform and opening-up measures in equity financing, mergers and acquisitions, institutional development, and offshore finance to be tested first in Shanghai, and actively build a “testing ground” for financial innovation in Shanghai to promote the capital market to better serve high-quality economic development. According to First Finance, the Shanghai Stock Exchange will further strengthen cooperation with all parties in Shanghai, continue to improve the full life cycle and full chain service system to support technology enterprises, jointly promote the construction of an investment and financing ecosystem that conforms to the development rules of new quality productivity, and fully implement and support the implementation of relevant measures.

Shanghai introduced the “20 Rules” for direct financing to strengthen financial services for technology enterprises throughout the life cycle, and solidly promote the joint development of the Shanghai International Financial Center and the Science and Technology Innovation Center. On the morning of July 23, the Finance Office of the Shanghai Municipal Committee, together with the Shanghai Securities Regulatory Bureau, the Municipal Science and Technology Commission, and the Municipal State-owned Assets Administration Commission, held a press briefing to interpret the recently introduced “Certain Measures to Further Strengthen Technology Finance Services in Shanghai by Fully Utilizing Direct Financing Functions”. The “Certain Measures” include 20 measures in five major areas, including 4 measures to improve early investment lead pricing capabilities, 5 rules to establish and improve equity investment continuity mechanisms, 3 rules to give full play to the role of key hubs in the capital market, 3 rules to enrich diversified long-term capital supply, and 5 rules to optimize the supporting institutional environment. Among them, initiatives such as pioneering the exploration and formation of “qualified angel investor” certification standards and continuing to expand the scope of application of the fifth set of listing standards on the Science and Technology Innovation Board have attracted much attention. The former mainly solves the problem of “no one dares to invest in the first kilometer”, while the latter mainly solves the problem of “it is difficult for unprofitable enterprises with cutting-edge technology to go public.” Regarding the next phase of the plan, Wang Dengyong, deputy director of the Shanghai Securities Regulatory Bureau, said that the bureau will push for major reform and opening-up measures in equity financing, mergers and acquisitions, institutional development, and offshore finance to be tested first in Shanghai, and actively build a “testing ground” for financial innovation in Shanghai to promote the capital market to better serve high-quality economic development. According to First Finance, the Shanghai Stock Exchange will further strengthen cooperation with all parties in Shanghai, continue to improve the full life cycle and full chain service system to support technology enterprises, jointly promote the construction of an investment and financing ecosystem that conforms to the development rules of new quality productivity, and fully implement and support the implementation of relevant measures.