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. As of 30 December, 2011, there were 281 companies listed on the ChiNext, of which 93% are hi-tech firms. The total market capitalization of ChiNext listed companies reached RMB 743.4 billion (USD 118 billion). IPO proceeds hit RMB 196.1 billion (USD 31.1 billion). Total trading value of ChiNext was RMB 1.9 trillion (USD 301.6 billion) in 2011.
In the past two 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.