Since the issuance of the "M&A Six Articles," there has been a succession of significant reorganization cases among listed companies, with the vitality of "hard technology" M&A surging; among the newly listed companies within the country this year, the combined fundraising of companies on the STAR Market, ChiNext, and the Beijing Stock Exchange (BSE) accounts for more than 60%... A set of data reflects the new trend of the capital market supporting the accelerated development of new quality productive forces.

Market insiders anticipate that under the guidance of the new "Nine National Articles" and the "1+N" policy framework of the capital market, the capital market will fully and three-dimensionally leverage functions such as initial public offerings (IPOs), mergers and acquisitions (M&A), bond issuance, and private equity investments. It will further upgrade its "toolbox," guide capital towards fields with new quality productive forces, enhance the coverage and precision of services, increase systemic inclusiveness, strengthen patient capital, and inject new impetus into the development of new quality productive forces.

Guiding Resource Elements to Gather Towards New Quality Productive Forces

The capital market plays an irreplaceable and crucial role in guiding various resource elements to gather around scientific and technological innovation, and in facilitating a virtuous cycle between technology, industry, and capital. It is also playing a greater role in fostering the development of new quality productive forces.

The STAR Market, ChiNext, and BSE are important segments that support the development of new quality productive forces. As of October 13th, this year, the IPO fundraising amounts for the STAR Market, ChiNext, and BSE are 11.004 billion yuan, 15.181 billion yuan, and 2.967 billion yuan, respectively, with the combined fundraising amount accounting for more than 60%. Looking at the industry segments, as of October 13th, among the A-share IPO companies this year, those in the electronics, electric power equipment, and computer sectors lead in fundraising amounts, reaching 11.031 billion yuan, 7.809 billion yuan, and 7.213 billion yuan, respectively. These figures indicate that the capital market is guiding resource elements to further gather in the field of new quality productive forces.

"Scientific and technological innovation drives industrial innovation, and the capital market is becoming an important engine for accelerating the cultivation of new quality productive forces," said Gao Ruidong, Chief Economist at Everbright Securities. Supporting high-quality enterprises in financing and going public is one of the important tasks of the capital market and also an important way for the capital market to support the development of new quality productive forces. Although the capital market's financing pace has slowed down this year, its characteristic of serving scientific and technological innovation has become more prominent.

The bond market and the futures market are also important components of the multi-level capital market, playing significant roles in supporting scientific and technological innovation and serving the development of new quality productive forces.

The issuance of sci-tech innovation bonds has noticeably accelerated. As of October 13th, this year, the number of sci-tech innovation corporate bond issuances has reached 391, with a total issuance scale of 451.471 billion yuan, showing a significant increase in both the number and scale compared to the same period last year.

"Strengthen the bond market's precise support for scientific and technological innovation," suggested Luo Zhiheng, Chief Economist at粤开 Securities. He recommends supporting sci-tech innovation enterprises in issuing sci-tech innovation notes and sci-tech innovation corporate bonds, guiding non-listed sci-tech innovation enterprises to issue sci-tech innovation notes with rights (stock conversion conditions), etc.; promoting sci-tech innovation enterprises to directly finance through intellectual property securitization products; and encouraging policy institutions and market institutions to provide credit support for private sci-tech enterprises issuing sci-tech innovation bonds.

In the futures market, more reform measures that serve the development of new quality productive forces are also worth looking forward to. Jing Chuan, Chief Economist at East Asia Futures, stated that the "Opinions on Strengthening Regulation, Preventing Risks, and Promoting High-Quality Development of the Futures Market" clearly focus on agricultural strength, manufacturing strength, and green and low-carbon development, improving the layout of commodity futures market varieties. These measures, while enhancing the quality and efficiency of serving the real economy, will also help the development of new quality productive forces.On the investment front, efforts should be made to guide capital towards early-stage, small-scale, and hard-tech investments. Li Jiaqing, President of Legend Capital, stated that market-oriented institutions should play the role of patient capital well, not only investing early, small, and in hard-tech but also investing large, challenging, and long-term; accompanying the growth of technology companies for a longer period and providing more specialized post-investment services and empowerment.

A well-established exit mechanism and smooth exit channels are crucial for the virtuous cycle of "raising, investing, managing, and exiting" and are also a key link in empowering the development of new productive forces. Yongda Shares plans to acquire Jiangsu Jinyuan, and Tongwei Shares plans to acquire Runyang Shares... According to incomplete statistics, nearly 10 A-share companies have announced this year the acquisition of controlling rights of companies that previously intended to go public or failed in their IPO attempts. Mergers and acquisitions (M&A) exits are expected to become an important way for venture capital to exit.

Guoli Bo, founder of LP Think Tank, believes that regulatory authorities optimizing the merger and reorganization policies for listed companies will have a positive impact on the exit of high-quality venture capital projects. It is expected that more and more institutions will exit through corporate M&A in the future.