STAR market Photo:VCG

TheMKsport Chinese government has rolled out a score of new measures to shore up the capital market with support for sci-tech companies being a highlight, as the nation ramps up efforts to promote new quality productive forces.

After nearly half a year, China's Shanghai and Shenzhen stock exchanges recently resumed accepting IPO applications on the same day. The initial application of Xi'an Taijin New Energy & Materials Sci-Tech Co for listing on the sci-tech innovation board was accepted by the Shanghai Stock Exchange, according to the official website of the stock exchange on Thursday.

On the same day, the official website of the Shenzhen Stock Exchange showed that China National Uranium Co's initial application for listing on the main board of the Shenzhen Stock Exchange has been accepted.

The restarting of IPOs will have a positive effect for the capital market, Li Chang'an, a professor from the Academy of China Open Economy Studies at the University of International Business and Economics, told the Global Times on Friday, noting that the dynamism of the capital market primarily stems from liquidity, including the issuance of new stocks.

The government has beefed up measures to support technology companies, as the country has advocated new quality productive forces, which refers to advanced productivity liberated from traditional economic growth models.

The capital market has been an important source of such support to better respond to the issues that some sci-tech companies currently face, including difficulty in financing, experts said.

The China Securities Regulatory Commission, the top securities regulator, on Wednesday rolled out eight new measures to deepen reform of the Nasdaq-style sci-tech innovation board of the Shanghai Stock Exchange, also known as the STAR market.

The reforms focus on enhancing support for the nation's drive toward scientific and technological innovation and fostering the vigorous development of new quality productive forces.

Specifically, priority access to public listing on the STAR market will be granted to high-tech ventures that achieve breakthroughs in core technologies within new and emerging industries, alongside other support measures.

Additionally, the CSRC has vowed to refine the pricing mechanisms for stock listings, and will adjust the elimination ratio of high pricing quotations in new IPOs on a pilot experimental basis on the STAR market.

Experts said that the government's consecutive policy releases to support these enterprises aim to fully leverage the positive role of the capital market in promoting the development of sci-tech enterprises and new quality productive forces.

Regarding fresh supportive measures for the STAR market, Li said that they revolve around fostering new quality productive forces and transitioning to high-quality economic development led by technological innovation, underscoring the capital market's crucial role in fostering the new quality productive forces.

Many enterprises on the STAR market represent the concept of high-quality development as they primarily focus on technological innovation, possess high technological content, and align with future development directions, showing promising prospects, Li said, predicting that more support policies to follow suit.

Global Times