Introduction of shelf issuance system, ChiNext precise matching innovative enterprise financing needs.

In order to meet the needs of growing innovative entrepreneurial enterprises for long R&D duration and flexibility in fund-raising, the reform plan for the ChiNext board has made targeted optimizations and improvements to the refinancing system. The shelf issuance system for refinancing will be implemented on the ChiNext board, and the simplified refinancing procedures will also be further optimized. "The shelf issuance system allows for 'one-time registration, multiple issuances,' returning the pace of fundraising to the autonomous control of enterprises, and precisely adapting the 'pulse-like' characteristics of the funding needs of innovative enterprises with the 'flexible' arrangements of the system supply. It builds a 'on-demand' capital supply chain for innovative enterprises, accelerates the transformation of innovative potential into economic vitality, effectively reduces the temporary idle funds caused by centralized fundraising by enterprises, and helps to reduce the impact of large-scale refinancing on the market." Tian Lihui, Dean of the Institute of Financial Development at Nankai University, told reporters.