Cheng Fengchao, Academic Advisor of the China Securities Association: The capital market is an important force driving the long-term sustainable development of technology-based enterprises.

At the 2025 Lujiazui Forum held on June 18, the Chairman of the China Securities Regulatory Commission, Wu Qing, announced the "1+6" policy measures to deepen reforms in the Sci-Tech Innovation Board. Cheng Fengchao, member of the Academic Advisory Committee of the China Listed Companies Association and President of the Zhongguancun Guorui Financial and Industrial Development Research Association, believes that for technology companies, the capital market is not only a financing tool, but also an important force to promote corporate governance, transparency, and long-term sustainable development.