Policy Guides "Supporting Excellence and Science," A-Share Re-financing Reshapes "Hard Tech" Foundation

[Global Times Finance and Economics Comprehensive Report] The 2026 Government Work Report proposes to deepen the comprehensive reform of capital market investment and financing, further improve the mechanism for long-term funds to enter the market, enhance investor protection systems, expand exit channels for private equity and venture capital funds, and increase the proportion of direct and equity financing. At the Fourth Session of the 14th National People’s Congress, during the economic-themed press conference, Wu Qing, Chairperson of the China Securities Regulatory Commission, stated that further optimization of refinancing review and registration mechanisms at the institutional rule level will be pursued to enhance the inclusiveness and adaptability of the system, emphasizing a “supporting excellence and innovation” orientation. This series of top-level designs not only clarifies the direction for deep reform of the capital market but also marks the official entry of the A-share refinancing market into a new stage of structural optimization and functional enhancement. With targeted policy benefits being released, the refinancing market has significantly rebounded since 2025, with capital support accelerating toward the field of new quality productivity.

Deepening Optimization of Financing Structure, Resources Accelerating Toward the “New”

As an important component of direct financing, refinancing is a key support for listed companies to consolidate their main businesses and optimize resource allocation. Following the regulatory adjustments in August 2023, in February this year, the Shanghai, Shenzhen, and Beijing stock exchanges introduced a package of measures to adhere to the principles of “supporting excellence and limiting the inferior, supporting innovation and technology,” precisely addressing financing difficulties faced by tech innovation enterprises. Tian Lihui, Dean of the Financial Development Research Institute at Nankai University, pointed out that this move aims to embed the capital market deeply into the national innovation system and promote the development of new quality productivity.

Data fluctuations directly reflect structural optimization. After emerging from a phased low in 2024, the total amount of A-share refinancing in Shanghai and Shenzhen reached 1.13 trillion yuan in 2025, a new high since 2022. More meaningful than the total volume is the structural breakthrough: in 2025, the proportion of refinancing in the “Dual Innovation” (mass entrepreneurship and innovation) sector rose significantly; excluding large-scale financing by state-owned banks, its share approached 28%, a ten-year high. Industry distribution shows that sectors such as electronics, national defense and military industry, and computing saw substantial increases in refinancing share, with electronics exceeding 20%, and defense and military industry over 10%, both hitting five-year highs. This trend clearly indicates that resources in the capital market are accelerating toward key core technological fields urgently needed by national strategies, and the refinancing market is now characterized by a strong “hard technology” foundation.

Oriental IC

Presenting Three Major New Trends, Capital “Shifting from Virtual to Real”

Since 2025, the refinancing market has shown positive evolution in three dimensions: industry orientation, pricing mechanisms, and fundraising targets, outlining a trajectory from “scale expansion” to “quality improvement.”

First, industry orientation has become more precise, with funds acting as a “drip irrigation” for new quality productivity. In 2025, the total refinancing amount for strategic emerging industries approached 88 billion yuan, a year-on-year increase of about 160%. Companies related to new quality productivity saw a significant surge in financing activity, establishing a trend of capital concentration at the forefront of innovation. Second, market-based pricing mechanisms reflect a recovery of investor confidence. In 2025, the average issuance price relative to the benchmark price was close to 86%, further rising to nearly 88% in 2026. The narrowing of issuance discounts indicates that investors are willing to pay premiums for high-quality assets, reflecting trust in the fundamentals and future growth potential of listed companies. Lastly, the focus of fundraising has shifted toward实体化, with a clear “shifting from虚拟 to real” characteristic. In 2025, the scale of financing aimed at “supplementing liquidity” declined sharply, replaced by a substantial increase in project financing and asset acquisitions. Notably, funds allocated to “R&D” rose to 6.09%, and in 2026, further increased to about 11%. Tian Lihui believes this breaks the inertia of previous “financing arbitrage,” prompting企业 valuation to return to the core of R&D strength and growth potential. Capital is increasingly focused on实体 operations and value creation, injecting long-term动力 for high-quality development.

Significantly Improved Review Efficiency, Strong Capital Attraction in Tech Sectors

The policy benefits of “supporting excellence and innovation” are not only reflected in the guidance of capital flow but also deeply in the inclusiveness and efficiency of制度 supply. Wu Qing emphasized that the review efficiency for high-quality listed companies will be greatly improved, and the standards for “light assets and high R&D investment” will be expanded to the main board. Data shows that support for new quality productivity enterprises has reached an unprecedented level: in 2025, the average time for new quality productivity-related companies to complete private placements was shortened by nearly four months, and issuance costs dropped to the lowest in the past five years. Meanwhile, the performance tolerance has significantly increased; among companies implementing refinancing in 2025, over 57% were loss-making, a five-year high, fully demonstrating regulatory respect and support for the unique growth cycles of科技创新企业.

Looking ahead, ongoing refinancing projects continue to strengthen the “technology” mainline. Since the beginning of the year, companies related to new quality productivity have planned fundraising in both private placements and convertible bonds, accounting for half of the total. Leading enterprises in AI, semiconductors, and energy storage such as Sugon, Unigroup, and Gotion High-tech have announced large-scale financing plans, each aiming to raise no less than 5 billion yuan. The strong fundraising ability of these core sectors indicates that the capital market will continue to provide a steady stream of动力 for technological innovation and industrial upgrading. Analysts believe that the current changes in the A-share refinancing market are centered on reshaping制度 to build a high-level "capital—technology—industry"循环闭环. Policy measures, through optimizing review processes and enhancing inclusiveness, have smoothed financing channels for科技创新企业, strongly supporting their innovative potential. Market-wise, structural optimization of capital allocation and improved pricing mechanisms demonstrate increasingly rational investor behavior, with greater emphasis on企业’s intrinsic growth value and long-term returns. (Wen Xin)