Shenzhen's ChiNext to implement registration-based reform

Shenzhen's ChiNext will become the second submarket of China's A-share market to implement registration-based reform, the country's top securities regulator said on Sunday.

The China Securities Regulatory Commission (CSRC) will accelerate reforms on the ChiNext and pilot the registration-based initial public offering system on the ten-year-old innovative enterprise-heavy submarket of the Shenzhen Stock Exchange, said Li Chao, vice-chairman of the CSRC.

The CSRC will reform fundamentals rules regarding stock issuance, mergers and acquisitions, restructuring and re-financing on the ChiNext, enhancing the board's inclusiveness to innovative enterprises and startups, Li said at the ongoing sixth World Internet Conference in Wuzhen, Zhejiang province on Sunday.

The sci-tech innovation board, or the STAR Market, on the Shanghai Stock Exchange, debuted in late July and kicked off registration-based reform of the A-share market.