ChiNext market provides an important platform for implementing the national strategy of independent innovation. It helps accelerate the transformation of economic development mode and galvanizes growth in emerging industries of strategic importance.
In August 1999, the CPC Central Committee and the State Council proposed the establishment of a hi-tech board. In August 2000, with the approval of the State Council, the CSRC decided that SZSE took on the task of preparing for second board. After ten years of exploration, China's second board market---ChiNext was inaugurated in Shenzhen on 23 October, 2009.
In the past ten years, ChiNext market has seen smooth operation and exhibited distinctive sectoral features. A group of innovative enterprises successfully raised funds through the capital market. Their exemplary and spillover effects have led to creation of a national SME support system. ChiNext Market promoted allocation of social funds to innovative businesses and emerging industries. As of end of April, 2020, 807 companies were listed on the ChiNext Market, with a total market capitalization of over 6.78 trillion yuan.
On April 27, 2020, the 13th Meeting of the Central Committee for Comprehensive Deepening Reform reviewed and approved the Overall Implementation Plan for SZSE ChiNext Market Reform and Pilot Registration-based IPO System and pointed out that implementing ChiNext Market reform and pilot registration system is important for deepening the capital market reform, improving the fundamental rules of the capital market, and enhancing the function of the capital market. On August 24, first batch of enterprises listed on SZSE ChiNext Market under registration-based IPO System.