China Securities Regulatory Commission convenes listed company symposium to steer 15th Five-Year Plan capital market reform agenda

The China Securities Regulatory Commission (CSRC) convened a symposium with representatives of domestic and foreign listed companies as it develops the capital market’s 15th Five-Year Plan, gathering input and setting out a reform and supervisory agenda aimed at supporting stable market development. Participants focused on optimizing issuance and listing rules to better meet the needs of emerging industries and traditional-industry upgrading, improving listed companies’ refinancing efficiency and revitalising mergers and acquisitions and restructuring, attracting more “patient capital” and medium- to long-term funds, and strengthening dividend, share repurchase and incentive and restraint mechanisms alongside more standardised governance and information disclosure. CSRC Chairman Wu Qing positioned the plan around risk prevention, stronger supervision and high-quality development, with a continued push to deepen investment and financing reforms and improve the system’s inclusiveness and adaptability. The priorities flagged included introducing further ChiNext Board reforms, continuing implementation of Science and Technology Innovation Board reforms, increasing the convenience, flexibility and attractiveness of the refinancing regime, and promoting more integrated development of the Beijing Stock Exchange and the New Third Board to enhance the reach of the multi-level market. Listed companies were also urged to focus on core business, improve governance and strengthen investor returns.