CSRC: Study and optimize the new stock issuance system, steadily expand the market maker team.

Shang Qingjun, the first-level inspector of the Public Company Supervision Department of the China Securities Regulatory Commission, delivered a keynote speech titled "Deepening Reform and Innovation, Optimizing Market Functions, Strengthening Regulatory Compliance, and Promoting the Innovation and Development of Small and Medium-sized Enterprises with High-Quality Financial Services" at the 2025 Financial Street Forum Annual Meeting on October 29th. Shang Qingjun emphasized the importance of balancing market dynamics and cultivating patient capital. It is necessary to prioritize the improvement of the investment value of listed companies, adhere to the normalization of listings on the Beijing Stock Exchange, improve the "full-chain" issuance regulatory arrangements, and strengthen the responsibility at all levels. Research and optimize the new stock issuance system, steadily expand the market-making team, and provide more opportunities for participation and investment in the market. At the same time, actively guide various medium and long-term funds to enter the market, promote more regions to establish special funds to participate in market development, and expand the professional investor base. Focus on the key points and bottlenecks of each link in the private equity fund "raising, investing, managing, and exiting" process, make precise efforts, smooth the circulation, and attract more patient capital with a focus on "long-termism" to invest in innovative small and medium-sized enterprises.