---
title: "Golden Summit Think Tank | Tian Lihui: Deepening ChiNext Reform to Empower New Productive Forces through Institutional Innovation"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/282404695.md"
description: "On April 10, 2026, the China Securities Regulatory Commission issued the \"Opinions on Deepening the Reform of the ChiNext to Better Serve the Development of New Productive Forces,\" marking a fundamental leap in the capital market system. The reform is guided by inclusiveness, adaptability, and stability, addressing bottlenecks throughout the entire cycle of listing, financing, mergers and acquisitions, trading, and regulation, and promoting the transformation of the capital market from an industrial mindset to an innovative mindset. A fourth set of listing standards has been added, replacing profitability criteria with growth and innovation criteria to ensure that high-quality innovative enterprises can go public domestically"
datetime: "2026-04-11T04:39:13.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/282404695.md)
  - [en](https://longbridge.com/en/news/282404695.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/282404695.md)
---

# Golden Summit Think Tank | Tian Lihui: Deepening ChiNext Reform to Empower New Productive Forces through Institutional Innovation

On April 10, 2026, the China Securities Regulatory Commission officially released the "Opinions on Deepening the Reform of the ChiNext to Better Serve the Development of New Quality Productive Forces," while the Shenzhen Stock Exchange simultaneously launched four supporting business rules for public consultation. This reform is not only an iteration of rules but also a fundamental leap in the institutional logic of the capital market. The reform is guided by "inclusiveness, adaptability, and stability," addressing the bottlenecks throughout the entire cycle of "listing - financing - mergers and acquisitions - trading - regulation," marking a historic shift in China's capital market from "industrial thinking" to "innovative thinking," and promoting a historic transformation from an "industrial valuation system" to an "innovative value discovery system."

**Underlying Logic: Breaking the Profit Obsession and Restructuring the Innovation Value Assessment System**

Institutional economics tells us that the vitality of an institution lies in its adaptability to economic forms. The traditional capital market's valuation system, centered on "profit," is essentially a product of the industrial economy era, suitable for assessing traditional enterprises with stable cash flows and mature profit models. However, the growth patterns of new quality productive force enterprises are entirely different. Companies in fields such as artificial intelligence and biomedicine often require over ten years of R&D investment, experiencing continuous losses in the early stages, but once a technological breakthrough occurs, their value can grow exponentially; new consumption and modern service enterprises exhibit characteristics of light assets, high growth, and deferred profits. Using "one ruler to measure all enterprises" will inevitably lead to many high-quality innovative companies being forced to list overseas, preventing domestic investors from sharing in the dividends of new economic development.

The core breakthrough of this reform is the introduction of a fourth set of listing standards, replacing the single "profit ruler" with two new rulers of "growth" and "innovation." The standard design is highly intelligent: for emerging industries, it sets indicators of "3 billion market capitalization + 200 million revenue + 30% compound growth rate" to capture enterprises with validated business models that are in an explosive growth phase; for future industries, it sets indicators of "4 billion market capitalization + 200 million revenue + 100 million cumulative R&D + 15% R&D intensity" to filter enterprises with high technological barriers and high innovation density. The 200 million revenue baseline ensures that enterprises possess basic commercialization capabilities, while the 3 billion/4 billion market capitalization thresholds introduce a market selection mechanism, allowing professional investment institutions to vote on enterprise value with real capital.

Thus, the ChiNext has formed a complete gradient system of "profit - growth - innovation": the first set of standards serves mature profit-making enterprises, the second and third sets cover light asset growth enterprises, and the fourth set focuses on high-growth and strong innovation enterprises. This system perfectly complements the Sci-Tech Innovation Board: the Sci-Tech Innovation Board focuses on "from 0 to 1" original technological breakthroughs, while the ChiNext anchors "from 1 to N" industrial applications, together forming a relay pattern of the capital market that serves the entire cycle of innovation.

**System Reconstruction: Full-Chain Institutional Upgrade, Building an Innovative Capital Ecosystem** True institutional innovation is never a single breakthrough, but rather a systematic reconstruction. This reform revolves around the entire lifecycle of innovative enterprises, introducing a series of supporting measures to form a complete ecological closed loop characterized by "more inclusive entry, more efficient processes, more flexible financing, and smoother transactions."

On the review side, the IPO pre-review mechanism and the local government promotion mechanism work together to solve the problem of information asymmetry. The pre-review mechanism draws on mature foreign experiences, allowing companies to conduct confidential reviews before formal applications, which protects the core secrets of companies during the technology breakthrough period and identifies application barriers in advance, significantly shortening the listing cycle. The local government promotion mechanism fully leverages "local knowledge," using local governments' understanding of enterprise operations, compliance, and reputation as a reference for review, without setting thresholds or replacing gatekeeping, achieving an organic combination of an effective market and a proactive government.

On the financing side, the refinancing shelf issuance system and simplified procedures directly address the pain points of innovative enterprises. The "one registration, multiple issuances" shelf issuance allows companies to flexibly finance according to R&D progress and market demand, avoiding the idleness of funds caused by one-time large fundraising; it permits temporary shareholder meetings to authorize simplified procedures for financing and raises the upper limit, significantly improving financing efficiency, enabling companies to quickly obtain financial support at critical points in technology breakthroughs.

On the trading side, the market maker system, real-time confirmation of block trades, and fixed-price trading of ETFs after hours work together to systematically enhance market liquidity and stability. Market makers provide a "stabilizer" for low liquidity stocks, narrowing the bid-ask spread; real-time confirmation of block trades eliminates default risks and facilitates the entry of medium- and long-term funds; ETF after-hours trading reduces the impact of large transactions on the market, providing a more favorable trading environment for institutional investors.

**The Path of Balance: Finding the Optimal Solution Between Inclusive Innovation and Risk Prevention**

Inclusiveness must never come at the expense of quality. This reform opens the "entry" while simultaneously tightening the "safety valve" throughout the entire process, clearly reflecting the regulatory orientation of "supporting the excellent and limiting the inferior," achieving a dialectical unity of "allowing flexibility" and "maintaining control."

The reform emphasizes strict control over the entry threshold for issuance and listing, adhering to the positioning of the ChiNext serving growth-oriented innovative enterprises, strictly implementing the negative list system for listing recommendations, and preventing "sick applications" and "herd behavior." For unprofitable enterprises, measures such as adding a "U" identifier to stock abbreviations, extending the lock-up period for controlling shareholders, and strengthening risk disclosure fully protect investors' right to know. At the same time, it enhances technology-enabled regulation, using big data and artificial intelligence technologies to conduct off-site monitoring of financial fraud, and fully utilizing legal means to severely punish fraudulent issuance and financial falsification.

The essence of whole-process regulation lies in classified policies. For high-quality enterprises with standardized operations and outstanding innovation capabilities, green channels are provided for mergers and acquisitions, equity and debt financing; for enterprises that violate laws and regulations, strict supervision is imposed on their capital operations and shareholder reductions. A sound delisting system has formed a market mechanism of "survival of the fittest," firmly preventing "delisting without resolution," focusing on investor compensation and relief, and making market clearing more orderly.

**Conclusion** The inclusiveness of the system determines the explosive power of innovation. This reform of the ChiNext is essentially a systemic revolution driven by capital to promote productivity transformation. It not only opens the capital market to countless innovative enterprises but also reshapes the entire society's perception of the value of innovation, no longer judging heroes by temporary profits, but by the potential for growth and the strength of innovation.

On the journey of Chinese-style modernization, the capital market will inject a continuous stream of capital momentum for high-quality economic development with a more open, inclusive, and efficient posture. Looking ahead, as various reform measures take effect, the ChiNext will undoubtedly become an important fertile ground for cultivating new quality productivity, attracting more high-quality innovative enterprises to take root and grow, allowing more domestic investors to share in the dividends of new economic development. When the ChiNext no longer uses profit as the sole measure, and when the value of innovation gains institutional recognition, the future of China's capital market will undoubtedly shine even brighter due to this profound value revolution.

**Author: Tian Lihui, Expert at the Central Radio and Television Financial Gold Top Think Tank, Professor of Finance at Nankai University**

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