As of May 13th, there have been 38 new listed companies in the A-share market this year, of which 33 are private enterprises, accounting for 86.84%; Private enterprises issued 312 bonds in the exchange bond market, with a total issuance of 104.336 billion yuan, a year-on-year increase of 23.46%... The latest data from the stock and bond markets shows that the multi-level capital market continues to increase its support for the development and growth of the private economy. Several experts interviewed stated that regulatory authorities continue to deepen capital market reforms and further improve the multi-level market service system throughout the entire chain and lifecycle, which will provide stronger support for private enterprises to become stronger, better, and bigger. The capital market is an important platform for promoting the development and growth of the private economy through precise drip irrigation of capital "active water". As of now, nearly two-thirds of A-share listed companies are private enterprises, of which about 80% of companies on the Science and Technology Innovation Board, ChiNext Board, and Beijing Stock Exchange are private enterprises, and about 90% on the New Third Board are private enterprises. Private enterprises account for about 70% of the total market in terms of refinancing, mergers and acquisitions. Since the beginning of this year, there have been 38 newly listed companies on the A-share market, of which 33 are private enterprises, accounting for 86.84%. The Science and Technology Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange provide diversified financing channels for private enterprises of different scales and development stages. ”Tian Xuan, Dean of the National Institute of Finance at Tsinghua University, said that from increasing direct financing support, reducing financing costs for private enterprises, to promoting technological innovation and industrial upgrading, multi-level capital markets are constantly strengthening efforts to solve difficulties, unblock bottlenecks, and improve the quality and efficiency of serving the private economy. After the introduction of the "Six Measures for Mergers and Acquisitions", private enterprises timely grasped the favorable policies for mergers and acquisitions, and "big orders" for industrial integration and transformation and upgrading frequently appeared. In February of this year, the issuance of shares by Serys to purchase assets was approved for registration by the China Securities Regulatory Commission, becoming the first A-share registered new energy vehicle industry merger and acquisition project after the release of the "Six Measures for Mergers and Acquisitions". It is also the largest private enterprise merger and acquisition project since the full implementation of the stock issuance registration system. Supported by the capital market, private listed companies have demonstrated strong resilience and vitality in their production and operation, becoming an important force in promoting national economic development and advancing technological innovation. On May 8th, the China Association of Listed Companies announced that private listed companies will have strong innovation vitality in 2024, with an overall R&D intensity of 4.19%, significantly higher than the market average. Zheng Peimin, Chairman of Rongzheng Group, believes that considering that most technology-based private enterprises are light asset enterprises, in the future, increasing support for mergers and acquisitions of private enterprises with high "hard technology" content can not only improve the inclusiveness of valuation in mergers and acquisitions, but also further enrich the payment tools for mergers and acquisitions, encourage the comprehensive use of shares, cash, targeted convertible bonds and other methods to implement mergers and acquisitions, and increase transaction flexibility. Simultaneous efforts in bond financing have shifted from enriching the product system of technology innovation bonds to improving the supporting mechanism for technology innovation bonds; From expanding the issuing entities to expanding the scope of use of raised funds; Accelerating the construction of a multi-level bond market, from the innovative launch of the "Technology Board" in the bond market to the creation of risk sharing tools for technology innovation bonds, can further broaden the direct financing channels for private enterprises and support the development and growth of more outstanding private enterprises. According to Wind data, as of May 13th, private enterprises have issued 312 bonds in the exchange bond market this year, with a total issuance of 104.336 billion yuan, a year-on-year increase of 23.46%. In the view of Liu Chen, a researcher at the Bank of China Research Institute, it is not by chance that private enterprises' enthusiasm for issuing bonds for financing in the exchange bond market has further increased. On the one hand, the downward trend in bond market interest rates has driven down the cost of corporate bond financing; On the other hand, relevant parties have continuously increased their support for private enterprises to issue bonds for financing through a series of measures such as further expanding the scope of repurchase of credit protected bonds, upgrading credit protection tools, and reducing related bond issuance fees. Enterprises are the main body of technological innovation, and private enterprises are an important force in cultivating new quality productivity. On May 7th, the People's Bank of China and the China Securities Regulatory Commission jointly issued a notice on supporting the issuance of technology innovation bonds, which received a positive response from private enterprises. On May 9th, Bao Xiangming, Deputy Secretary General of the Traders Association, introduced at the launch and centralized roadshow of technology innovation bonds that the first batch of 36 technology innovation bonds have announced an issuance scale of 21 billion yuan, including 9 private enterprises with an issuance scale of 6.3 billion yuan. Institutional recommendations include continuously expanding bond financing channels, innovating bond varieties, optimizing issuance and registration processes, and improving institutional arrangements for serving small and medium-sized enterprises to help private enterprises obtain more financing opportunities and financial support. In the eyes of industry insiders, there is still significant room for multi-level capital markets to support the development of private enterprises by continuously strengthening institutional mechanisms. It is expected that more incremental policy measures will be introduced. New progress has been made in supporting financing for the private economy at the legislative level. The Law of the People's Republic of China on the Promotion of Private Economy will come into effect on May 20th. In response to the financing difficulties faced by private enterprises, the law has made systematic institutional arrangements in the "Investment and Financing Promotion" chapter, clarifying the need to "improve the multi-level capital market system and support eligible private economic organizations to equally obtain direct financing through issuing stocks, bonds, and other means. The Law on the Promotion of Private Economy not only guarantees the rights of relevant entities, but also solves the contradiction between the financial supply and financing demand of private enterprises, which rely heavily on indirect financing and have relatively less direct financing, through policy guidance and resource allocation. This will inject new momentum into the high-quality development of the private economy. ”Associate Professor Lv Chenglong from the Law School of Shenzhen University said. The institutional guarantee to support private enterprises in "raising funds" and "raising good funds" is also expected to be further strengthened. The China Securities Regulatory Commission recently held a symposium on deepening the comprehensive reform of investment and financing in the capital market for private technology enterprises, pointing out that respecting market rules, effectively improving the inclusiveness and adaptability of the capital market, continuously enhancing the transparency and predictability of rules, further improving the multi-level market service system throughout the entire chain and life cycle, and strengthening support for high-quality private enterprises to become stronger, better, and bigger. In the future, we should further optimize the listing conditions, simplify the review process, and encourage more high-quality private enterprises to go public. More innovative bond varieties should be introduced to meet the diversified financing needs of private enterprises. Encourage private enterprises to enhance their core competitiveness by integrating resources through measures such as activating the M&A and restructuring market. ”Tian Lihui, Dean of the Institute of Financial Development at Nankai University, said. In addition, relevant departments are expected to further boost the confidence and motivation of private enterprises by visiting private listed companies and asking private entrepreneurs about their needs and strategies. Recently, the Shanghai Securities Regulatory Bureau visited some private listed companies in its jurisdiction, focusing on optimizing and strengthening the private economy, cultivating and developing new quality productive forces, and conducting in-depth exchanges. The Shanghai Securities Regulatory Bureau stated that it will make good use of the mechanism of regular visits to listed companies, focus on solving the bottlenecks and difficulties in the operation and development of companies, including private listed companies, improve the accuracy of policy implementation, and provide stronger capital market support for private enterprises to become better and stronger. (New Society)