On April 10th, the ChiNext welcomed a key institutional &#34;upgrade&#34;: the China Securities Regulatory Commission issued the &#34;Opinions on Deepening the Reform of ChiNext to Better Serve the Development of New Quality Productive Forces,&#34; introducing a series of new measures including the fourth set of listing standards, IPO pre-review, and shelf issuance. What impact will these changes have on investments in ChiNext? In simple terms, the future &#34;asset pool&#34; of ChiNext will be richer, the growth logic clearer, and it will better represent the development direction of new quality productive forces.
1. Why change? Keeping pace with the times to serve new quality productive enterprises
The original system of ChiNext focused on mature enterprises that meet profit standards, which was insufficiently compatible with new quality productive enterprises that have high R&amp;D investment and rapid growth but are not yet profitable. A number of high-growth, high-R&amp;D technology companies find it difficult to meet the original listing threshold of ChiNext in their early development stages.
The original listing standards of ChiNext mainly looked at &#34;market value + profit&#34; or &#34;market value + revenue,&#34; which were not friendly enough to new quality productive enterprises that are technically advanced but not yet profitable. As new quality productive forces continue to grow, the listing standards of ChiNext also need to keep pace with the times to attract more high-growth enterprises. Currently, the average review cycle of ChiNext is also relatively long (an average of 917 days from acceptance to listing in 2025), longer than the average level of the Sci-Tech Innovation Board (634 days), and quality enterprises cannot wait. The core purpose of the reform is to make ChiNext the main battlefield for the listing of new quality productive enterprises again.
Table: IPO Project Reserve Situation in Shanghai and Shenzhen Markets (Billion Yuan, Number of Companies)
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OsMSZJJA_Md3pUpckZyy8gU8gAksXQLb90398qOZsLJrUAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OsMSZJJA_Md3pUpckZyy8gU8gAksXQLb90398qOZsLJrUAA/641"/>
Data source: Wind, as of March 31, 2026
2. What has changed? Four core measures to make ChiNext &#34;come alive&#34;
This round of reform upgrades the entire chain from listing, review, financing, to trading, with each measure expected to bring substantial benefits to the market and investors:
1. More inclusive listing standards
The introduction of a fourth set of listing standards aimed at emerging industries (high revenue growth) and future industries (high R&amp;D investment), allowing eligible unprofitable enterprises to list, significantly broadening the supply of quality enterprises in cutting-edge fields such as AI computing power and new energy storage.
Emerging industry listing standards: Expected market value of no less than 3 billion yuan, recent year's operating revenue of no less than 200 million yuan, and a compound annual growth rate of operating revenue of no less than 30% over the past three years.
Future industry listing standards: Expected market value of no less than 4 billion yuan, recent year's operating revenue of no less than 200 million yuan, and cumulative R&amp;D investment of no less than 100 million yuan over the past three years, accounting for no less than 15% of revenue.
Table: Comparison of the Four Listing Standards of ChiNext
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/O_o-oCjnAUOZuMPofzLrYWZG17CSMad1e3hlkTkgEStRUAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/O_o-oCjnAUOZuMPofzLrYWZG17CSMad1e3hlkTkgEStRUAA/641"/>
Source: Shenzhen Stock Exchange, as of April 10, 2026
2. Review Efficiency Significantly Improved
The introduction of IPO pre-review and pilot programs for local government information push has greatly shortened the review cycle for high-quality enterprises and reduced application costs, allowing good companies to access the ChiNext more quickly.
IPO Pre-Review Mechanism: Drawing on the experience of the Sci-Tech Innovation Board, companies can submit materials before formally applying for issuance and listing, allowing review agencies to intervene and review in advance. Once the review is completed, the information can be publicly disclosed. The benefits are twofold: first, it avoids the premature disclosure of core technologies (especially for sensitive industries such as semiconductors and artificial intelligence); second, it shortens the review cycle, giving companies more control over their listing pace.
Local Government Push Mechanism: Local governments can push relevant information to the Shenzhen Stock Exchange for enterprises that have completed counseling filing and are still in the queue, and copy the China Securities Regulatory Commission.
3. More Flexible Financing and Mergers
Refinancing shelf issuance, optimizing simplified procedures, supporting sci-tech bonds/green bonds, improving the financing capabilities of constituent stocks; allowing the absorption and merger of companies listed for less than three years, enhancing leading enterprises' ability to integrate the industrial chain.
Table: ChiNext Financing and Mergers Reform Measures
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OKvC0x54dslHpkSYy6iBUl06UzbPA9FbwZUFX7FzfX_agAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OKvC0x54dslHpkSYy6iBUl06UzbPA9FbwZUFX7FzfX_agAA/641"/>
4. Optimizing Investment and Trading
Introducing market makers, optimizing block trading, and allowing fixed-price trading of ChiNext ETFs after hours, while permitting fund advisors to allocate ChiNext ETFs, enhancing market liquidity and attracting long-term capital, making market operations smoother and investment experiences more user-friendly.
Table: ChiNext Investment and Trading Reform Measures
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OSYPQ3MNe0B1OC541C34PNJqsQs-vfXIBz1gwJ8hz5p34AA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OSYPQ3MNe0B1OC541C34PNJqsQs-vfXIBz1gwJ8hz5p34AA/641"/>
III. After the Reform, How to Share the ChiNext Dividends?
After the reform, the constituent stocks of ChiNext will be of higher quality and in more cutting-edge sectors. In the short term, the reform information boosts market sentiment, benefiting the valuation recovery of the ChiNext index; in the medium term, the addition of more high-quality innovative enterprises will improve constituent quality; in the long term, the sector will further anchor the main line of new productive forces, consolidating its core position in the growth style.
In fact, the ChiNext has recently reached a new phase high since the end of 2021, driven not only by the catalytic effects of reform dividends but also fundamentally supported by the dual drivers of the high-boom sectors of new energy + optical communication. The performance of the energy security, energy storage, lithium battery driven by &#34;computing power synergy,&#34; and the optical communication sector driven by AI computing power expansion is relatively solid, collectively forming the core main line of the ChiNext recently.
For ordinary investors who are not skilled at picking individual stocks, the ChiNext series of indices is a good choice for laying out the dividends of ChiNext reform, with four major indices each focusing on different aspects to cover various investment needs:
ChiNext ETF E Fund (159915): Gathers leading companies in the ChiNext market, with over 40% of its allocation in the two high-growth sectors of energy storage and optical modules. It is the largest ETF product tracking the ChiNext Index in the market (CNY 51.5 billion as of April 10, 2026) and has a low management fee rate (0.15% per year), making it a quality choice for participating in ChiNext Index investments.
ChiNext 50 ETF E Fund (159369): Focuses on leading companies in new productive forces within the ChiNext market, covering industry leaders in new energy, optical modules, fintech, and PCB. It has a low management fee rate (0.15% per year) among all ETF products tracking the ChiNext 50 Index in the market.
ChiNext 200 ETF E Fund (159572): Represents mid-cap stocks in the ChiNext market, aimed at uncovering mid-cap potential stocks, and is the largest ETF product tracking the ChiNext 200 Index in the market.
ChiNext Growth ETF E Fund (159597): Hardcore growth, innovation hub, focusing on listed companies with outstanding growth styles in the ChiNext market. Since its establishment on May 8, 2024, it has achieved a cumulative increase of 105% by December 31, 2025, demonstrating significant elasticity

399006

159952

159908

159291

03147

159808

159009

159949

159915

83147

On April 10th, the ChiNext implemented key system upgrades, with the China Securities Regulatory Commission (CSRC) issuing new opinions and introducing the fourth set of listing standards, IPO pre-review, shelf issuance, and other new measures. These reforms aim to better serve enterprises with new productive forces, enhance the attractiveness of the ChiNext, allow high-growth companies that have not yet turned a profit to go public, shorten the review cycle, and promote market vitality. The new standards will be more inclusive, supporting high R&D investment and emerging industries, and are expected to significantly enrich the asset pool of the ChiNext

As an ordinary investor, how to obtain the "reform dividend" from the ChiNext?