CSRC: Promote the implementation of the refinancing reserve issuance system on the Growth Enterprise Market, allowing "one registration, multiple issuances."

MarsBitNews · 2026-04-10T08:35:21+00:00

The China Securities Regulatory Commission has proposed optimization arrangements for deepening the GEM (Growth Enterprise Market) reform, supporting listed companies in refinancing, mergers and acquisitions, restructuring, and equity incentives. Reform measures include promoting the issuance of refinancing reserve shares, simplifying decision-making procedures, and supporting mergers and acquisitions to promote industrial integration, while flexibly setting performance evaluation indicators for equity incentives to attract and motivate innovative talent.

MarsBitNews

2026-04-10 08:35:21

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Mars Finance News April 10 – The spokesperson for the China Securities Regulatory Commission answered questions from reporters regarding the “Opinions on Deepening the Reform of the Growth Enterprise Market and Better Serving the Development of New Quality Productivity.”
Q: Focusing on supporting listed companies to improve and strengthen, what optimization arrangements are there in refinancing, mergers and acquisitions, restructuring, and the equity incentive system?
A: Refinancing, mergers and acquisitions, and equity incentives are important tools for the capital market to support the high-quality development of listed companies. This reform focuses on these areas, optimizing relevant institutional arrangements.
In terms of refinancing, to meet the needs of growth-oriented innovative and entrepreneurial companies for long research and development cycles and flexible, timely fundraising, efforts are being made to promote the implementation of the refinancing registration system on the Growth Enterprise Market, allowing “one registration, multiple issuances.”
At the same time, a simplified refinancing procedure system is being improved, decision-making processes are being streamlined, and refinancing efficiency is being enhanced.
Regarding mergers and acquisitions, the positive role of M&A in promoting industrial integration and transformation and upgrading is fully leveraged, and the implementation of the “Six M&A Measures” on the Growth Enterprise Market continues to be promoted.
Support listed companies on the Growth Enterprise Market to focus on their main businesses, and to absorb and merge domestic listed companies that have been listed for less than three years, improving the quality and efficiency of industrial chain integration.
In terms of equity incentives, to enhance the attractiveness and cohesion of listed companies on the Growth Enterprise Market to high-quality innovative talents, and to stimulate talent innovation and creativity, support is provided for the implementation of equity incentives in listed companies with standardized operations and strong innovation capabilities, allowing flexible setting of assessment indicators.
(China Securities Regulatory Commission website)

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