The China Securities Regulatory Commission will issue eight measures to deepen the reform of the science and technology innovation board

The China Securities Regulatory Commission will issue eight measures to deepen the reform of the science and technology innovation board to attract more medium - and long-term capital into the market.

The disclosure was made by Wu Qing, chairman of the China Securities Regulatory Commission (CSRC), during a keynote speech at the Lujiazui Forum in Shanghai on Wednesday. Wu Qing is also the co-rotating chairman of the Forum.

Wu Qing pointed out in his speech that science and technology enterprises usually have the characteristics of high investment, long cycle, and large uncertainty in operation, which is highly compatible with the patient capital that adheres to "long-term doctrine" in essence. The CSRC will work with relevant parties to actively create conditions to attract more medium - and long-term funds into the capital market.

This year marks the fifth anniversary of the establishment of the Science and Technology Board. Wu Qing said that in the past five years, the reform effect of the science and technology innovation board and the registration system has been amplified. The "eight measures" will further highlight the "hard science and technology" characteristics of the science and technology innovation board, improve the systems and mechanisms of issuance underwriting, mergers and acquisitions, equity incentives, and transactions, and better serve scientific and technological innovation and the development of new quality productivity. But he did not disclose details of the measures.

In addition, the CSRC will also focus on improving the quality of listed companies and strengthen investor protection. Wu Qing stressed that the cases of financial fraud of listed companies are in progress, and it is not just "three cups of fine wine".

However, the comments did little to boost market sentiment. The A-share Shanghai Composite Index was lower in morning trade, down 0.36 per cent as of 11:25 am. The Kechuang 50 component index, which tracks the trend of the Kechuang Board, fell more than 0.9%.