China Securities Regulatory Commission: The 15th Five-Year Capital Market Plan focuses on stabilizing and nurturing the market, and will introduce a refinancing shelf registration system at the right time.

The China Listed Companies Association has released the operating performance report of Chinese listed companies for the third quarter of 2025. During the 14th Five-Year Plan period, the capital market reform has achieved positive results, and a series of landmark measures with strong traction and high credibility have been gradually implemented. Reforms on the investment side have made breakthroughs, promoting the issuance of guidelines and implementation plans for attracting medium and long-term funds into the market. The reform effects of "Attracting Long-term Funds, Promoting Long-term Investment" are accelerating, with various types of medium and long-term funds holding a total market value of about 21.4 trillion yuan in A-shares by the end of August. Reforms on the financing side are deepening, advancing sector reforms, and introducing policies such as the Sci-Tech Innovation Board and setting up the Sci-Tech Growth Board, among other measures. The 15th Five-Year Plan for the capital market focuses on strengthening the foundation and cultivating the sources, and will introduce the shelf offering system for refinancing at the appropriate time, further expanding support channels for mergers and restructurings of listed companies, comprehensively enhancing the adaptability and inclusiveness of the capital market, and effectively promoting listed companies to become better and stronger, achieving high-quality development.