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China News Service, July 31. According to the Shanghai Municipal People's Government website, the "Implementation Opinions of the General Office of the Shanghai Municipal People's Government on Further Playing the Role of the Capital Market to Promote the High-Quality Development of the City's Science and Technology Enterprises" (hereinafter referred to as the "Opinions") was released on the 31st. It mentioned that listed companies are encouraged to acquire high-quality overseas assets, and convenient support will be provided in terms of capital outflow and cross-border stock swaps.

The Opinion points out that enterprises that meet the national strategic orientation and break through key core technologies should be the main body, and a group of high-quality listed companies with science and technology as the core should be cultivated around the construction of Shanghai's modern industrial system. With the construction of the "Pujiang Light" digital service platform as the core, a full life cycle service chain for listed companies should be created around multi-level service mechanisms, multi-product service content, and multi-subject service objects. With the goal of basically improving the investor protection system and more efficient resource allocation, several leading investment banks and investment institutions with core competitiveness and market influence should be formed around promoting the investment value of listed companies, the initial scale of patient capital, and the practice of intermediary institutions, so as to build a healthy and standardized capital market ecosystem. We strive to build Shanghai into an investment and financing cluster leading new productivity, a demonstration zone for high-quality development of listed companies, and a pilot zone for healthy and standardized capital market ecology in five years, so as to better serve the overall situation of Chinese-style modernization.

The Opinions put forward 24 major tasks in six areas, as follows:

　1. Incubate and cultivate high-quality enterprises

　　1.Optimizing the incubation system for scientific and technological innovation enterprises. Support the implementation and operation of Shanghai Science and Technology Innovation Financial Research Institute and other institutions, and build a professional investment and financing service platform that gathers angel investors, scientific and technological achievement transformation projects, and seed-stage and start-up technology companies. Optimize the credit risk compensation policy for technology-based small and medium-sized enterprises, and continue to promote the "pre-compensation" pilot for intellectual property pledge loans. Encourage insurance institutions to develop standardized service solutions for small and medium-sized technology companies, and launch special technology insurance to provide guarantees for major national scientific research tasks. Optimize the supply of various types of science and technology innovation credit products, make good use of the Shanghai Small and Medium-sized Enterprise Policy Financing Guarantee Fund, and give full play to the role of enterprises as the main body of scientific and technological innovation.

2. Gather equity investment factor resources. Build equity investment clusters with high quality, identify one-stop service departments, and establish a fast-track mechanism for the establishment of equity investment funds. Make good use of the city’s three leading industry investment mother funds, future industry funds andAngel InvestmentGuidance funds, venture capital guidance funds and other government guidance funds will strengthen the linkage between city and district government guidance funds, and drive social capital to invest early, in small companies, and in hard technology.

　　3.Cultivate and reserve companies that are planning to go publicRelying on Shanghai's "(2+2)+(3+6)+(4+5)" modern industrial system, we will cultivate high-quality potential listed companies and guide enterprises to continuously standardize their business operations, management and supervision mechanisms.Focus on key industries such as integrated circuits, artificial intelligence, biomedicine, as well as new tracks and future industries, and strengthen financial support and guarantee services for enterprises.Promote the regional equity market around advantageous industrial clusters, explore financing tools that combine preferred shares (rights) and intellectual property rights with stock warrants, convertible bonds, etc., and support qualified enterprises to be listed on the "special, precise and innovative" special board.

　　(II) Promoting restructuring and listing

4. Guide enterprises to standardize shareholding reform. Encourage district governments to provide financial support to small and medium-sized enterprises according to the different stages of restructuring and listing, and the municipal finance will provide support through special transfer payments. Encourage districts to establish a system of special managers for listed companies and improve the regular visit mechanism for companies planning to go public and listed companies within their jurisdiction. Support districts to build capital market service bases to provide "one-stop" services for enterprises within their jurisdiction to connect with the capital market.

5. Make good arrangements for financing incentives. Encourage districts, parks and relevant industry associations to hold investment and financing matchmaking meetings, assist enterprises in introducing strategic investment institutions, and make good arrangements for equity incentives.commercial BankWe will enrich products such as listed loans, employee stock ownership plans for technology companies, and equity incentive loans. We will establish incentive and constraint mechanisms for independent innovation and transformation of scientific and technological achievements in state-owned technology companies. We will implement measures such as preferential income tax for high-tech enterprises, additional deductions for R&D expenses, deferred taxation for equity incentives, and selective tax incentives for investment in technology achievements.

6. Improve the quality and efficiency of listing guidance. Improve the city's corporate listing guidance acceptance and supervision coordination mechanism. Guide companies to choose the appropriate listing board.Priority support will be given to "hard technology" enterprises that have made breakthroughs in key core technologies in new industries, new business formats and new technologies.Science and Technology Innovation BoardGo public and support enterprises in need to go public overseas.The municipal industry regulatory department shall cooperate in the evaluation of the scientific and technological innovation attributes of the companies to be listed on the Science and Technology Innovation Board. It shall cooperate with the securities regulatory department to conduct on-site inspections of the companies to be listed and intermediary institutions, and effectively improve the quality of listed companies.

7. Strengthen local government precision services. Improve the mechanism for business entities to use special credit reports instead of proof of illegal records, and increase the number of listings, listings, refinancing, mergers and acquisitions, and issuances.BondsThe municipal and district departments provide convenient services for listed companies to handle land nature changes, real estate ownership changes, asset transfers, tax and fee concessions, and state-owned shareholder identification management in accordance with the law during restructuring and listing, standardize business such as license processing and equity transfer, and provide patent priority review recommendations and rapid pre-examination services for listed companies and listed companies.

　(III) Supporting the high-quality development of listed companies

8. Promote the sustainable development of listed companies. Implement the special action of "improving quality, increasing efficiency and emphasizing returns". Encourage listed companies to carry out market value management in compliance with regulations, strengthen cash dividend management, improve information disclosure, improve corporate governance and internal control, and strictly prevent illegal and irregular behaviors such as financial fraud and capital occupation. Take the financial authenticity of listed companies as an important basis for supporting the best and limiting the worst. Include the market value management performance level of state-controlled listed companies in the term assessment index system, and give positive guidance to cash dividends.

9. Encourage industrial mergers and acquisitions. Leading listed companies are encouraged to focus on their main businesses and increase resource integration efforts with related enterprises in the industrial chain through absorption, merger, holding or equity participation. Financial institutions are encouraged to provide financial products such as merger loans, merger insurance, and merger bonds for mergers and acquisitions and subsequent operations. Promote innovative pilot projects for non-resident merger and acquisition loans, and study innovative pilot projects for equity participation in merger and acquisition loans for technology-based enterprises.We encourage listed companies to acquire high-quality overseas assets, and provide convenient support for capital outflow and cross-border stock swaps.

10. Create a highland for gathering M&A resources. Support the establishment of a series of M&A funds covering key areas and assuming key functions, and include those that meet the conditions in the fast track for establishment.Support the "chain leader" enterprises in the industrial chain to develop enterprisesVenture Capital(CVC) and carry out mergers and acquisitions and restructuring around the key links of this industry chain.Support the national social security fund, insurance funds, bank wealth management and other long-term funds to deepen their investment layout in key industries in Shanghai. Support districts or parks with strong professional management capabilities, strong policy support and high concentration of factors to build M&A clusters and build a "one-stop" M&A public service platform.

11. Support the green and low-carbon development of listed companies. Support the listing of qualified new energy, energy conservation and environmental protection enterprises, and guide the raised funds to energy conservation and emission reduction projects and green and low-carbon transformation projects. Promote the inclusion of green projects of qualified listed companies into the Shanghai Green Financial Service Platform, and support carbon-intensive listed companies to accelerate green and low-carbon transformation. Support the development of ESG-related indexes, and develop index tracking, index-linked products and index derivatives.

12. Support listed companies to expand their business globally. Encourage listed companies to make good use of the "Bank-Enterprise Foreign Exchange Trading Service Platform" to improve their foreign exchange risk management. Encourage banks to expand the "first-time account" for foreign exchange hedging of listed companies and provide relevant fee discounts. Support banks to optimize cross-border RMB and foreign exchange business processes and implement differentiated services for qualified listed companies. Encourage listed companies with global business to set up capital pools in Shanghai. Promote insurance companies to strengthen insurance support for listed companies' overseas projects and implement differentiated rates.

13. Strengthen the risk management of listed companies. Explore the establishment of a central-local regulatory cooperation mechanism, strengthen information sharing with securities regulatory authorities, and form a regulatory cooperation pattern of joint governance and organic connection. Study the strengthening of the city's financial risk monitoring and early warning platform, include listed companies in the monitoring scope, and improve the risk warning mechanism. Encourage the comprehensive use of mergers and reorganizations, judicial reorganization, bankruptcy liquidation and other measures to properly handle the risks of listed companies. Improve the city's delisting risk management mechanism and do a good job in the clearing of problematic listed companies.

(IV) Building a public service platform for the capital market

14. Improve the special coordination mechanism. The municipal financial management department will work with the municipal development and reform, economic informationization, science and technology, finance, state-owned assets and securities regulatory departments in Shanghai to improve the special coordination mechanism. Regularly track and analyze the city's capital market policy orientation and market dynamics. Establish a special service package system for listed companies, and promptly assign the problems collected during the visit to listed companies to relevant departments for research and resolution.

15. Build a capital market service platform. Launch the "Pujiang Light" digital service platform to provide an "integrated" information sharing system for the city's industry authorities and districts, and a "one-stop" digital service toolbox for enterprises and intermediaries. Support the city's industry authorities and districts to include high-quality enterprises that are in line with the city's industrial development orientation, have great development potential, and are highly recognized by the market into the "Pujiang Light" digital service platform, forming a reserve of listed resources by industry, level, and echelon.

16. Strengthen the Yangtze River Delta Capital Market Service Base. Improve the Yangtze River Delta Capital Market Service Base (hereinafter referred to as the “Base”) and supportStock Exchange, equity investment institutions, commercial banks, securities companies, intermediary institutions, etc. set up service points or provide special services in the base to build a financial service center for science and technology innovation in the Yangtze River Delta. Give full play to the role of the base in the Yangtze River Delta integrated work network to provide guidance and training, roadshow promotion, financing matching and other services for science and technology innovation enterprises in the Yangtze River Delta.

　　(V) Create a healthy capital market ecosystem

17. Deepen institutional reform of the capital market.Cooperate with the deepening of the reform of the Science and Technology Innovation Board system, promote the deepening and implementation of the registration system for stock issuance, and actively play the role of the Science and Technology Innovation Board as a "test field".To adapt to the development characteristics of new quality productivity, support high-quality non-profit technology-based enterprises with key core technologies, great market potential and outstanding scientific and technological attributes to be listed on the Science and Technology Innovation Board.Appropriately increase the inclusiveness of mergers and acquisitions and restructuring valuations of Science and Technology Innovation Board listed companies.Cooperate with Shanghai Stock ExchangeMotherboard"Large-cap blue chip" characteristics and perfect listing conditions.

18. Give full play to the resource allocation function of the over-the-counter market. Build a high-quality "specialized, refined, special and innovative" special board for the regional equity market, deepen the pilot program for private equity and venture capital share transfer and the pilot program for comprehensive services for stock warrants, and promote the pilot program for application system and business innovation. Support the connection of regional equity market custody registration, transfer transactions, information disclosure, etc. with local government data, improve corporate digital archives, and do a good job in connecting with stock exchanges and the National Equities Exchange and Quotations in terms of standardized guidance.

19. Support intermediary institutions to become better and stronger. Urge the city's securities companies, law firms, accounting firms and other intermediary institutions to improve their professional service capabilities and industry research capabilities, give full play to the role of "gatekeepers", and perform their duties in accordance with laws and regulations. Encourage securities companies to consolidate the foundation of compliance and risk control, improve project identification, valuation and pricing, underwriting and other capabilities, and strengthen the construction of professional teams in subdivided fields. Support intermediary institutions to make full use of artificial intelligence, blockchain, big data, privacy computing and other technologies to strengthen scientific and technological empowerment and improve operational efficiency and risk management level.

20. Cultivate a long-term investment ecosystem. Give full play to the role of the Shanghai Asset Management Association and establish a synergistic mechanism for the healthy development of the asset management industry and the capital market. Encourage asset management institutions to adhere to the investor return orientation, enrich the types of fixed income products,Increase equity products, exchange-traded open-end index funds (ETF) issuance strength.Provide supporting services for national funds, insurance, bank wealth management, enterprise annuities and pension capital market investments. Support asset management institutions to develop smart investment research and smart investment consulting technologies. Support qualified asset management institutions, securities companies, etc. to participate in the application for pilot projects on financial technology innovation in the capital market.

　(VI) Continuously optimize the capital market environment

21. Gather and cultivate a team of talents. Encourage financial institutions, industry associations and professional training organizations to establish regular training mechanisms. Improve talent evaluation and incentive mechanisms, and support talents with outstanding performance in capital market construction to apply for talent programs such as the Oriental Talent Program in the city. Strengthen international exchanges and cooperation, and provide convenient and secure services for certificate holders of projects on the list of recognized overseas professional qualification certificates.

22. Create a favorable public opinion environment. Establish a joint cooperation mechanism among departments to assist securities regulatory authorities in conducting positive publicity and public opinion guidance. Increase communication with the media to guide the media to report responsibly, professionally, objectively and realistically. Build consensus and give full play to the role of the industry and academia in making suggestions and offering advice. Strengthen public opinion monitoring and crack down on malicious public opinion interference in auditing in accordance with the law.

23. Build a demonstration zone for a law-based and honest capital market. Improve the diversified dispute resolution mechanism for securities and futures in the city and strengthen the rule of law in the capital market. Give full play to the role of the Shanghai Financial Court, improve the professional trial mechanism for financial disputes, and strengthen the construction of the case testing mechanism in the financial market. Encourage arbitration institutions in the city to provide high-quality, efficient and convenient commercial dispute resolution services, and support the pilot arbitration on the Science and Technology Innovation Board. Establish a relief mechanism for malicious intellectual property litigation.

24. Protect the legitimate rights and interests of investors. Continue to strengthen investor education and services, support relevant institutions and industry associations to carry out professional publicity and training, and improve investors' information screening and risk identification capabilities. Give full play to the role of the China Securities Small and Medium Investors Service Center in shareholding exercise, rights protection litigation, dispute mediation, etc., and perform representative duties in special representative litigation in accordance with the law. Explore the establishment of an investor interest relief and compensation mechanism. (China News Service APP)