China to deepen ChiNext reform with more inclusive listing standards for emerging, services sectors

China's securities regulator plans to introduce more inclusive listing standards on ChiNext to better support enterprises from emerging industries, new consumption sectors and modern services, Wu Qing, chairman of the China Securities Regulatory Commission said on Friday.

Wu made the remarks at a news conference on the sidelines of the fourth session of the 14th National People's Congress.

Wu said the new round of ChiNext reform aims to further strengthen the role of the Nasdaq-style board in Shenzhen in supporting emerging industries and industries of the future, with the overall reform plan largely taken shape, to be released at an appropriate time after further refinement.

A key step will be introducing a new set of listing standards to provide stronger support for companies in new industries, using new business formats and adopting new technologies, while also enabling innovative enterprises in areas such as new consumption and modern services to access capital markets.

The regulator will also replicate effective reforms from the STAR Market on ChiNext, including a pre-review mechanism for IPO applications and allowing companies under IPO review to raise capital from existing shareholders.