CSRC latest statement! Concerns about strengthening the protection of small and medium-sized investors and supporting the listing of high-quality non-profit technology companies.

Chief lawyer Cheng Hehong of the China Securities Regulatory Commission delivered a keynote speech at the 2025 Tianjin Wudadao Financial Forum on June 5. He emphasized the need to study and formulate "Several Opinions on Further Strengthening the Protection of Small and Medium Investors in the Capital Market" to effectively protect investors. He highlighted the importance of trust and participation of investors in supporting and serving technological innovation in the capital market. He stressed the need to strengthen the protection of the legitimate rights and interests of investors in line with the financing services for science and technology enterprises. It is essential to improve the disclosure of information related to the technological innovation attributes and investment risks of science and technology enterprises and enhance the corresponding investor suitability system mechanisms. Cheng also mentioned the inclusion of high-quality enterprise technology innovation bonds as benchmark market-making varieties. He underlined the importance of strengthening the comprehensive services of stock and bond linkage and supporting the issuance of real estate investment trusts (REITs) for projects in new infrastructure and technological innovation zones. In addition, he discussed the promotion of the transfer of fund shares from pilot to regular business and the expansion of the pilot program for distributing stocks to investors, aiming to cultivate and grow long-term and patient capital to support the development of science and technology enterprises. Furthermore, Cheng emphasized the importance of building a more trustworthy and friendly market environment by modifying and improving the "Measures for Supervision and Administration of Integrity in the Securities and Futures Market" to establish a robust system of penalties for dishonesty and incentives for honesty. In conclusion, he mentioned the significant increase in asset restructuring disclosures by strategic emerging industry listed companies this year and highlighted the efforts to support high-quality non-profit technology companies and promote the landing of new cases under the fifth set of listing standards for the Science and Technology Innovation Board. This article was originally published by "Cai Link" and translated by GMTEight editor Liu Xuan.