China Securities Association: Further guide securities firms to shift from "approvability" to "investability" in investment banking.

On July 11th, the Securities Association of China released the "Implementation Opinions of the China Securities Industry Association on Strengthening Self-Discipline Management and Promoting High-Quality Development of the Securities Industry". The new regulations mention guiding securities firms to actively participate in the construction of a multi-level capital market system, provide services for the main board, the science and technology innovation board, the growth enterprise board, the Beijing Stock Exchange's differentiated development, as well as deepening reforms for the New Third Board. Further guidance will be provided to shift investment banking business from "approvability" to "investability", strengthen core capabilities such as investment banking, investment research, and investment, and enhance business synergy to fully unleash value discovery capabilities. It aims to establish a more effective comprehensive financial service model around the full life cycle needs of enterprises, and comprehensively improve the quality of professional services. Encouragement will be given to guide securities firms to increase their investment in financial advisory services for mergers and acquisitions, strengthen research on valuation and pricing issues related to mergers and acquisitions, and promote securities firms to better play the role of trading matching and professional services.