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Reporter Cai Yuekun
On the afternoon of April 10, when Mr. Chen, who works at a brokerage, saw the news that the fourth set of listing standards for the ChiNext had been officially released, he excitedly said, &#34;It has finally been officially implemented!&#34;
On that day, the China Securities Regulatory Commission (CSRC) issued the &#34;Opinions on Deepening the Reform of ChiNext to Better Serve the Development of New Quality Productive Forces&#34; (hereinafter referred to as the &#34;Opinions&#34;), and the Shenzhen Stock Exchange (SZSE) simultaneously drafted and publicly solicited opinions on four revised supporting business rules. The &#34;Opinions&#34; proposed eight reform measures from the aspects of optimizing the issuance and listing standards to improve inclusiveness and attractiveness, and actively leveraging the role of local governments to enhance the efficiency of review and registration.
Among them, the addition of the fourth set of listing standards for ChiNext is one of the core measures of the &#34;Opinions&#34; and one of the most anticipated measures by the market. The introduction of the fourth set of listing standards for ChiNext has long been expected by the market.
In March 2026, CSRC Chairman Wu Qing had already signaled that the reform of ChiNext would introduce a more targeted and inclusive set of listing standards to increase support for new industries, new business formats, and new technology enterprises, while also supporting high-quality innovative and entrepreneurial enterprises in new consumption and modern service industries to list on ChiNext.
Mr. Chen mentioned that the addition of the fourth set of listing standards is a major highlight of this reform, specifically designed for high-quality innovative and entrepreneurial enterprises in emerging and future industries, further broadening the listing channels for innovative enterprises.
Addition of the Fourth Set of Listing Standards
Among the various contents of the &#34;Opinions,&#34; Mr. Chen is most concerned about the addition of the fourth set of listing standards.
Regarding the specific standards, the &#34;Opinions&#34; clearly state that there are two indicators: first, &#34;expected market capitalization of no less than 3 billion yuan, operating income of no less than 200 million yuan in the most recent year, and a compound annual growth rate of revenue of no less than 30% over the last three years,&#34; mainly applicable to enterprises in emerging industries; second, &#34;expected market capitalization of no less than 4 billion yuan, operating income of no less than 200 million yuan in the most recent year, and cumulative R&amp;D investment of no less than 100 million yuan over the last three years, accounting for no less than 15% of revenue,&#34; mainly applicable to enterprises in future industries.
A spokesperson for the CSRC stated that in recent years, innovative and entrepreneurial enterprises in emerging and future industries have been continuously emerging in China. These enterprises generally have characteristics such as high initial investment, low starting revenue, and rapid value appreciation, and urgently need the capital market to provide more efficient and matching financial support. To better adapt to the development laws and characteristics of these enterprises and enhance the inclusiveness of ChiNext for diverse innovations, this reform adds the fourth set of listing standards for ChiNext, combining growth and innovation indicators such as revenue compound growth rate and R&amp;D investment with market capitalization and revenue indicators to better support high-quality enterprises with high growth potential and outstanding innovation capabilities.
A responsible person from the SZSE also stated during a press conference that the fourth set of listing standards has set a relatively high market capitalization requirement to help filter out enterprises with high market recognition. The operating income indicator can measure a company's level of commercialization, and the 200 million yuan threshold requires enterprises to have a certain scale, which also aligns with the development laws of early-stage growth-type innovative and entrepreneurial enterprises
Unprofitable Companies' IPOs Welcome New Opportunities Again
The recent reform of the ChiNext highlights its functional positioning, better serving the high-quality development of the real economy, especially unprofitable companies' IPOs (Initial Public Offerings) will once again welcome new opportunities.
The &#34;Opinions&#34; clearly state that there will be active support for high-quality unprofitable innovative companies and high-quality innovative companies in new consumption, modern service industries, and other fields to issue and list on the ChiNext. The existing listing standards of the ChiNext will be utilized effectively to support high-quality companies that meet the positioning of the board and the requirements of national industrial policies to issue and list on the ChiNext.
A spokesperson for the China Securities Regulatory Commission (CSRC) stated that this is an urgent need to better support technological innovation and the development of new productive forces. Currently, a new round of technological revolution and industrial transformation is accelerating, with explosive development in many fields such as artificial intelligence. New technologies are giving rise to new industries and new business formats, requiring the capital market to provide more efficient and convenient financing support. Further enhancing the inclusiveness and adaptability of the ChiNext system is conducive to better leveraging the characteristics and advantages of the ChiNext, providing greater support for the upgrading of traditional industries, the growth of emerging industries, and the cultivation of future industries.
Mr. Chen revealed that a semiconductor company he had been following for a long time happened to meet the fourth set of listing standards, but due to the delayed implementation of the standards, the company had not formally submitted an IPO application. Now that the fourth set of standards has been officially released, the company's IPO process will also accelerate.
As the inclusiveness of the ChiNext continues to improve, the market inevitably focuses on whether it will form a competitive relationship with the Sci-Tech Innovation Board. In response, the CSRC spokesperson stated that both the Sci-Tech Innovation Board and the ChiNext are important platforms for the capital market to serve technological innovation and the development of new productive forces. In recent years, the &#34;two innovation boards&#34; have achieved differentiated development and complementary advantages while adhering to their respective positions. Among them, the Sci-Tech Innovation Board highlights &#34;hard technology&#34; characteristics, focusing on serving enterprises engaged in key core technology breakthroughs, and has formed industrial clusters in fields such as integrated circuits and biomedicine; the ChiNext mainly serves growth-oriented innovative entrepreneurial companies, cultivating a number of benchmark enterprises in fields such as new energy and high-end equipment.
The CSRC spokesperson added that the newly added fourth set of listing standards for the ChiNext focuses on the introduction, transformation, and application of cutting-edge technologies, forming certain distinctions from the relevant listing standards of the Sci-Tech Innovation Board in terms of indicator settings, applicable industry scope, and industrial development stages. In the future, the CSRC will guide the Shanghai and Shenzhen Stock Exchanges to actively leverage the characteristics and advantages of the &#34;two innovation boards,&#34; collaborate in development, and form synergy, further expanding the coverage of the capital market in serving the real economy, striving to achieve a reform effect of &#34;1+1&gt;2.&#34;
Strictly Prevent &#34;Sick Applications&#34;
The enhancement of inclusiveness does not mean that the IPO review standards of the ChiNext will be substantially relaxed.
The CSRC stated that considering the high growth potential and significant uncertainties of companies applying for the fourth set of standards, it will adhere to the principles of gradual progress and quality first, organizing the Shenzhen Stock Exchange and industry institutions to further strengthen review controls, risk disclosure, and investor education. This includes: strictly controlling the entry criteria for issuance and listing, reinforcing the responsibilities of intermediary institutions as &#34;gatekeepers,&#34; emphasizing growth and innovation requirements, strictly adhering to the bottom line of financial authenticity, and preventing &#34;sick applications&#34; and &#34;herd behavior,&#34; thereby improving the quality of listed companies from the source
In addition, for companies that are not yet profitable at the time of their initial public offering, a special identifier &#34;U&#34; will be added after the stock abbreviation to continuously remind of related risks. Major shareholders, actual controllers, directors, and senior executives are prohibited from reducing their holdings of shares prior to the IPO for three complete accounting years from the date of listing.
Furthermore, regarding risk prevention and strict regulation, the spokesperson of the China Securities Regulatory Commission (CSRC) stated that this reform will prioritize the protection of investors' legitimate rights and interests, focusing on the entry, ongoing supervision, and exit of the ChiNext, effectively strengthening the regulatory efforts throughout the entire process, all links, and all participants.
First, strictly control the entry criteria for issuance and listing. The evaluation standards for growth-oriented innovative entrepreneurial companies on the ChiNext and the negative list system for listing recommendations will be strictly enforced, making good use of the Shenzhen Stock Exchange's listing review committee and industry consulting experts. Strengthen the checks and balances of public power, further enhance the integrity risk prevention and control throughout the entire process of exchange review, listing committee deliberation, and CSRC registration, and strictly hold accountable according to regulations, discipline, and law;
Second, strictly prevent and punish financial fraud and other illegal activities. Strengthen penetrating supervision, enhance the quality and effectiveness of technology-enabled regulation, improve non-site monitoring and detection of financial fraud, and establish a communication and sharing mechanism for information between the Shenzhen Stock Exchange and other units within the CSRC system to timely identify and address emerging issues. Utilize legal means to severely punish illegal activities such as fraudulent issuance, financial fraud, market manipulation, and insider trading. Promote judicial authorities to provide high-quality judicial protection for ChiNext listed companies and investors;
Third, further tighten the responsibility of intermediary institutions as &#34;gatekeepers.&#34; Improve the regulatory system for sponsoring institutions and sponsoring representatives, strengthen the evaluation of the professional quality of sponsoring institutions, severely crack down on illegal activities such as colluding in fraud and sudden shareholding, and urge sponsoring institutions and sponsoring representatives to be honest, diligent, and clean in their work;
Fourth, emphasize classified regulation to &#34;support the excellent and limit the inferior.&#34; Differentiate arrangements for high-quality innovative companies in terms of issuance and listing, mergers and acquisitions, and equity and debt financing, further improving convenience and efficiency. For companies with irregular operations, continue to strengthen regulation according to regulations. Fifth, strictly regulate delisting. Improve and strictly implement the delisting system, increasing investor protection during the delisting process.
In the long term, Huafu Securities believes that the &#34;Opinions&#34; systematically strengthen the institutional foundation for high-quality innovative enterprises to enter the capital market through precise quality improvement at the issuance end, flexible empowerment at the financing and mergers and acquisitions end, improved mechanisms at the market end, and strict coordination at the regulatory end, effectively activating the endogenous motivation for enterprise growth and industrial upgrading, constructing a virtuous cycle market ecology for investment and financing, and reinforcing multiple barriers for risk prevention and investor protection

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The fourth set of listing standards for ChiNext has been officially released, aimed at enhancing support for emerging industries and future industry enterprises. The new standards include two main indicators: first, an expected market value of no less than 3 billion yuan, with operating income of no less than 200 million yuan in the most recent year, and a compound annual growth rate of revenue of no less than 30% over the past three years; second, an expected market value of no less than 4 billion yuan, with operating income of no less than 200 million yuan in the most recent year, and cumulative R&D investment of no less than 100 million yuan over the past three years, accounting for no less than 15% of revenue. This move will broaden the listing channels for innovative enterprises and promote capital market support for emerging companies

腾讯新闻 - 财经

ChiNext

ICBCCS ChiNext Composite ETF

GF ChiNext Composite ETF

E Fund GEM ETF

Unprofitable Companies' IPOs Welcome New Opportunities: A Comprehensive Interpretation of the Fourth Set of Listing Standards for ChiNext