Wang Zhaojun: Initial results have been achieved in the development of new productive forces in the securities industry.

On November 8th, Wang Zhaojun, Secretary General of the China Securities Industry Association, stated at the 2025 Securities Industry High-quality Development Conference that securities firms, as the "gatekeepers" and "service providers" of the capital market, provide comprehensive services for technology companies through business linkage such as "investment banking + investment + research", "investment banking + trading", including risk investment promotion, introduction of strategic investors, equity investment, risk management, listing financing, market making, equity incentives, etc. With the capital market as the hub, they help build a virtuous circle of "technology-industry-finance" to promote deep integration of technological innovation and industrial innovation. Currently, the securities industry has made initial achievements in serving the development of new quality productive forces. From the perspective of financing, in terms of equity financing, in the first three quarters of this year, securities firms have served 52 technology companies in listing on the Sci-Tech Innovation Board, Growth Enterprise Market, and the Beijing Stock Exchange, with a total financing of 33.7 billion yuan, directing funds towards strategic emerging fields such as next-generation information technology, biomedicine, and new materials, nurturing a group of leading technology companies. At the same time, securities firms actively help Chinese enterprises go global and support their global development. In the first three quarters of this year, securities firms have served 65 companies in listing in Hong Kong, raising a total of 187.4 billion Hong Kong dollars. In terms of bond financing, in the first three quarters of this year, securities firms underwrote 674 bonds for technology innovation companies, with a total underwriting scale of 705.2 billion yuan, broadening the financing channels for technology companies. In terms of mergers and acquisitions, in the first three quarters of this year, securities firms served over 930 strategic emerging industry listed companies in mergers and acquisitions transactions, with a transaction value exceeding 510 billion yuan. From the investment perspective, securities firms' two types of subsidiaries actively invest in early-stage, small-scale, and hard technology, continuously increasing their support for technological innovation and new quality productive force sectors. In the past three years, 59 private equity fund subsidiaries of securities firms have invested a total of 95.9 billion yuan in technology companies, while 52 alternative investment subsidiaries have invested a total of 22.8 billion yuan directly in unlisted non-listed technology companies.