Shang Qingjun, first-level inspector of the China Securities Regulatory Commission's Public Company Supervision Department, said on October 21 at the 2026 Financial Street Forum's “Jointly Building a New Ecosystem to Serve the Capital Market” parallel forum of the 2026 Financial Street Forum that the CSRC will thoroughly implement the decisions and arrangements of the Party Central Committee and the State Council, adhere to the general tone of seeking progress, prevent risk, strengthen supervision, and promote development as the main line, continuously improve the regulatory system, promote the high-quality integrated development of the Beijing Stock Exchange and the New Third Board to better serve the implementation of the “15th Five-Year Plan” plan and the construction of a strong financial country. Shang Qingjun explained that the next step will focus on advancing the work from three aspects: the first is to cultivate a foundation for innovation and development of high-quality enterprises. Based on the positioning of innovative small and medium-sized enterprises in service, the Beijing Stock Exchange's innovative evaluation standards are issued, various innovative elements are accurately identified, expectations are clearly declared, and innovative SMEs at the cutting edge of the industry with innovative ability, continuous growth potential and specialized development advantages are provided, and the listed company structure is continuously optimized. At the same time, strengthen the standardized cultivation function of the New Third Board, improve entry and exit mechanisms, optimize hierarchical management, enhance the innovative layer brand effect and financing allocation function, improve differentiated information disclosure arrangements, consolidate the development pattern of “hierarchical progression, vertical linkage, head leadership, and bottom level promotion” between the Beijing Stock Exchange and the New Third Board, and provide continuous relay and accurate identification capital market services for specialized and innovative enterprises to better promote the development of new quality productivity. The second is to optimize the investment ecosystem and enhance the internal resilience of the market. Long-term capital is the “ballast stone” and “stabilizer” of the market. The next step is to step up investment-side construction efforts, promote balanced development of the primary and secondary markets in an integrated manner, and improve capital market functions that coordinate investment and financing. On the one hand, improve the Beijing Stock Exchange issuance and underwriting system, steadily implement the market value placement of new shares, enhance the sense of acquisition among investors in the secondary market, promote reasonable pricing of IPOs, continue to promote the implementation of inquiry and issuance cases, and further enhance pricing flexibility; on the other hand, accelerate the construction of a market product system, increase the supply of public funds, and steadily launch the Beijing Stock Exchange 50 ETF to promote balanced development of both sides of investment and financing. At the same time, improve risk monitoring, early warning and emergency response mechanisms to effectively maintain market order and protect the legitimate rights and interests of investors. Third, adhere to strict supervision and control to improve the quality of listed companies. Relying on the special governance actions of listed companies, we urge listed small and medium-sized enterprises to raise the level of corporate governance; support independent directors and audit committees to take the initiative and effectively carry out their duties, motivate institutional investors and small and medium-sized shareholders to participate in corporate governance, and strengthen the company's internal supervision and checks and balances. Strengthen regulations and restrictions on major shareholders and actual controllers, keep an eye on the “key minority” of listed companies, take timely action against acts that seriously infringe on the legitimate rights and interests of investors, such as fraudulent issuance, financial fraud, and appropriation of funds, strictly crack down on major illegal acts, and resolutely clean up the chaos of illegal violations.

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