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On April 14, the ChiNext Index continued its strong performance, breaking through the highs of November and December 2021, reaching a new high since August 2021, aiming for the high of 3576.12 points on July 22, 2021.
Last Friday, the China Securities Regulatory Commission (CSRC) issued the &#34;Opinions on Deepening the Reform of the ChiNext Board to Better Serve the Development of New Quality Productive Forces&#34; (hereinafter referred to as the &#34;ChiNext Opinions&#34;), and the Shenzhen Stock Exchange simultaneously solicited public opinions on four supporting business rules.
Xu Chi, Chief Strategy Analyst at Zhongtai Securities, believes that this reform is not limited to broadening the IPO entrance but aims to build a complete capital tool chain covering &#34;listing - financing - mergers and acquisitions - trading,&#34; promoting the ChiNext Board to evolve from a single financing platform to a comprehensive capital market platform that serves the growth of innovative enterprises.
It is noteworthy that the proposal in the &#34;ChiNext Opinions&#34; to &#34;timely launch ChiNext stock index futures&#34; has attracted widespread attention from the market. Some institutions have reminded that historically, the performance of the corresponding underlying index has been relatively bright before and after the listing of new stock index futures contracts.
ChiNext Reform &#34;Enhancing Sector Attractiveness&#34;
As substantive negotiations between the U.S. and Iran enter a phase, A-shares have welcomed a rebound driven by a recovery in risk appetite. The SSE Index reclaimed 4000 points, with a five-day increase of over 3%; the ChiNext Index rebounded from a low, continuing to rise, and as of the midday close on April 14, the ChiNext Index rose by 2.13%, reaching 3558.79 points during the session, with a five-day increase of over 12%.
From the market perspective, popular concepts such as storage devices, semiconductors, HBM, and computing power have strengthened. CITIC Construction Investment Securities stated that the recent A-share market has welcomed a repair trend, driven by improvements in market risk appetite, liquidity, and fundamentals. Hualong Securities believes that as the index's resilience to external disturbances continues to strengthen, A-shares are expected to return to endogenous growth.
Last Friday, the deepening reform measures for the ChiNext Board were implemented, with the &#34;ChiNext Opinions&#34; consisting of eight main points, primarily involving three major areas: optimizing the listing mechanism to enhance sector attractiveness; focusing on post-listing financing and continuous supervision of sector companies; and enriching the types of related financial derivatives to enhance the market's inherent stability.
Among them, &#34;adding a fourth set of listing standards for the ChiNext Board&#34; is one of the core measures of this deep reform. Xu Fengyu, an analyst at Minmetals Securities, stated that the ChiNext Board and the Sci-Tech Innovation Board are developing in a complementary manner, jointly building a financial service system covering the entire life cycle of technology enterprises. The Sci-Tech Innovation Board allows unprofitable companies to go public, focusing more on enterprises that achieve breakthroughs in key core technologies from &#34;0 to 1.&#34; The addition of the fourth set of listing standards for the ChiNext Board places greater emphasis on the introduction, transformation, and application of cutting-edge technologies, with the requirement of &#34;revenue in the last year ≥ 200 million yuan&#34; ensuring the company's ability for industrial expansion from &#34;1 to N.&#34;
Xu Fengyu believes that this reform strengthens the division of labor between the Science and Technology Innovation Board and the ChiNext by reconstructing the listing standard system, providing listing channels for technology companies at different stages through differentiated standards, and further improving the capital market's support for the entire lifecycle of technology enterprises.
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In addition, the establishment of an IPO pre-review mechanism, deepening the reform of the new stock issuance pricing mechanism, and piloting the local government information push mechanism for companies intending to go public have also attracted significant attention.
Donghai Securities analyst Tao Shengyu believes that the establishment of an IPO pre-review mechanism allows issuers to apply for pre-review before formal declaration, with the documents, processes, and results of the review phase kept confidential. If there are no significant changes after the formal declaration, the review inquiries can be simplified, balancing the protection of innovative companies' technical information with review efficiency. The pilot implementation of the local government information push mechanism can fully leverage the local government's information advantages to help review departments accurately identify high-quality innovative companies.
Regarding post-listing financing, the &#34;ChiNext Opinions&#34; propose to promote the implementation of a refinancing shelf issuance system on the ChiNext.
&#34;Allowing listed companies to register once and issue in batches, raising funds multiple times according to their operational development needs within the validity period of the registration. This system aligns the financing rhythm with the business rhythm, reducing the risk of idle funds, especially suitable for innovative companies with high R&amp;D investment and strong phase-based funding needs,&#34; said Zhao Ran, chief analyst of non-bank and financial technology at CITIC Securities.
Institutions Highlight Investment Opportunities
The &#34;ChiNext Opinions&#34; mentioned that &#34;more ChiNext-related ETFs and options will be launched, and ChiNext stock index futures will be introduced at an appropriate time,&#34; which has attracted widespread attention in the market.
Guotai Junan Securities analyst Zhang Chao believes that this is the second mention of ChiNext index derivatives following the China Securities Regulatory Commission's &#34;Sixteen Measures for Capital Market Services to High-Level Development of Technology Enterprises&#34; on April 19, 2024, which stated &#34;to enrich the supply of derivatives for the Science and Technology Innovation Board and ChiNext, and actively promote the research and listing of ChiNext stock index futures and options.&#34;
Currently, the China Financial Futures Exchange has launched four varieties of stock index futures, among which the CSI 300 stock index futures is China's first stock index futures product. Subsequently, the CSI 500 and SSE 50, as well as the CSI 1000 stock index futures, were successively listed, and all varieties have operated smoothly after listing.
Zhang Chao believes that if ChiNext derivatives are officially launched, it will mark a historic breakthrough for the Shenzhen Stock Exchange in the field of single market index derivatives, effectively filling the long-standing product line gap.
Zhang Chao stated that although the Shenzhen market has high-quality core indices such as ChiNext and the Shenzhen 100, it has always lacked matching futures risk management tools, forcing investors to rely on cross-product operations in other markets to hedge single market volatility and finely allocate ChiNext assets, which not only limits efficiency but also makes it difficult to fully lock in risks. The listing of ChiNext financial derivatives will complement existing products and build a more complete equity derivatives system
Dongwu Futures believes that the ChiNext has nurtured a large number of benchmark enterprises in information technology, new energy, and high-end equipment over the past 16 years. By the end of the first quarter of 2026, the total market value exceeded 17.83 trillion yuan, with high-tech enterprises accounting for 92%. However, the ChiNext coexists with high growth and high volatility, with an average daily turnover rate of about 5.35%, far exceeding that of the main board.
Stock index futures have three core functions: risk aversion (hedging), price discovery, and asset allocation. Based on this, Dongwu Futures believes that ChiNext stock index futures will have three major values: first, to enhance pricing efficiency, quickly reflect expectations, and correct spot deviations; second, to strengthen market resilience, with two-way trading absorbing shocks and smoothing irrational fluctuations; third, to unblock the bottleneck for long-term capital entering the market, allowing &#34;patient capital&#34; such as social security and insurance to hedge accurately and dare to hold long.
Guotou Anxin Futures believes that, based on the timeline of the new contract listing progress of the China Financial Futures Exchange, it generally takes about a month from the announcement of the upcoming listed varieties to the official listing and trading. It is expected that the promotion of this ChiNext stock index futures contract will be relatively rapid. Looking back at the historical performance of the corresponding underlying index before and after the listing of new stock index futures contracts, the results have generally been quite impressive. Investors can pay attention to investment opportunities in the underlying index before and after the listing of related financial derivatives.
(This article is from Yicai)

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The ChiNext Index reached a new high on April 14, breaking through the peaks of November and December 2021, drawing attention to market expectations for stock index futures. The China Securities Regulatory Commission released the "ChiNext Opinions," aimed at deepening reforms, enhancing the attractiveness of the ChiNext, and building a complete capital tool chain. Analysts pointed out that the reforms will promote the evolution of the ChiNext into a comprehensive capital market platform. The A-share market rebounded due to a recovery in risk appetite, with the SSE Index rising back to 4,000 points and the ChiNext Index increasing by more than 12%

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ChiNext

SSE Index

Guotai SSE Composite ETF

E Fund GEM ETF

E Fund SZSE ChiNext Growth ETF

Fullgoal SSE Composite ETF

The ChiNext Index hits a new high, with derivatives expectations fueling the market