China Securities Regulatory Commission signals more inclusive capital market reforms for service and consumption companies

The China Securities Regulatory Commission published a readout of a symposium in Beijing chaired by Chairman Wu Qing with representatives of domestic and overseas listed companies and other enterprises in modern services and new consumption. The main message was that the commission plans to study additional inclusive capital market reforms during the 15th Five-Year period to better support service and consumer businesses as part of the broader push to deepen investment and financing reform. The discussion focused on whether current market rules fit the characteristics of modern service and consumer companies. Participants pointed to the rollout of the new Nine-Point Guidelines and the 1+N policy framework, including the recent deepening of ChiNext reform and changes to refinancing arrangements, as creating policy support for high-quality firms in these sectors. They proposed further adjustments to issuance and listing rules, refinancing, mergers and acquisitions, equity incentives, sector indices and fund products, the participation of medium and long-term capital, and coordination between offshore and onshore listing rules. Wu Qing linked support for these firms to a stronger A-share listed company mix, greater internal market stability and better investor returns. The commission indicated that, during the 15th Five-Year period, it will plan and study more concrete measures to deepen inclusive reform and support the development of real-economy companies, including those in the service and consumption sectors.