Financing Efficiency

The financing efficiency of companies listed on stock exchanges is reflected in their IPO valuations, secondary market valuations, and follow-on offering valuations. As the primary listing venue for China’s emerging enterprises, SZSE generally features higher IPO and secondary market price-to-earnings (P/E) multiples, enabling companies to demonstrate their intrinsic value during IPOs and follow-on offerings while safeguarding shareholders' interests.

Market Liquidity

Stock liquidity serves as a core indicator of capital market vitality. A common metric for measuring liquidity is the turnover rate. A higher turnover rate reflects more active market trading and facilitates follow-on equity financing for listed companies. Stocks listed on SZSE generally exhibit higher turnover rates.

Listing Costs

Listing and Offering Costs: Offering costs include underwriting fees, sponsorship fees, accounting fees, legal fees, roadshow promotion fees, and initial listing fees. As a proportion of total funds raised, aggregate listing and offering costs on SZSE are relatively lower.

Post-Listing Maintenance Costs: Ongoing listing maintenance costs encompass annual listing fees, fees paid to intermediary institutions (including auditors, legal counsel, and securities firms), information disclosure expenses, and investor relations promotion fees. Companies listed on SZSE incur relatively lower expenses in this regard.

Institutional Arrangements

SZSE has established a well-defined, distinct market architecture centered on the Main Board and ChiNext Market. Across regulatory frameworks, trading mechanisms, and market services, we effectively cater to the diverse needs of enterprises across various growth stages and sectors, establish prominent strengths in follow-on offerings, mergers and acquisitions, and equity incentive plans to help listed companies scale up and enhance competitiveness.

Market Services

SZSE provides a comprehensive suite of premium services to local governments, listed and pre-IPO companies:

First, we establish long-term cooperation mechanisms to incubate and prepare companies for IPOs. Key measures include setting up the SME Cultivation and Development Committee; convening joint underwriter working sessions, and local government experience-sharing seminars on corporate restructuring and IPO readiness; entering into cooperation agreements with local governments to build a pipeline of listing candidates; establishing incubation centers for pre-IPO SMEs; and rolling out the "Growth Roadmap Initiative 2.0 for Technology-Based SMEs."

Second, we organize professional training programs, seminars, forums, and summits. SZSE established its Training Centre for Venture Enterprises in 2001 and has since delivered capital market-related training to tens of thousands of enterprises. These initiatives include training courses on corporate restructuring and IPO preparation, practical coaching for companies under regulatory review, qualification training for board secretaries of prospective IPO issuers, training for CFOs of listed and pre-IPO companies, training for independent directors, orientation for newly listed companies, seminar series on M&A and restructuring, thematic seminars on equity incentive schemes, tailored training programs, as well as industry forums and summits.

Third, we conduct on-site visits to key enterprises and offer tailored services. This includes conducting targeted on-site visits to IPO candidates, troubleshooting specialized issues encountered during corporate restructuring and listing preparation, connecting companies with securities intermediaries and venture capital firms, and conducting in-depth research on common bottlenecks.

Fourth, we foster the development of a comprehensive financial service ecosystem for SMEs. This encompasses establishing an SME financial services alliance integrating stock exchanges, commercial banks, sponsors, venture capital firms, and credit guarantee institutions; assisting in developing innovative market-linked financing products such as the "One-Stop Listing Service", the "SME Growth Fast Track", and IPO financial advisory services; and supporting local initiatives to develop angel investment, venture capital, government guidance funds, and industrial investment funds.

Fifth, we provide post-listing value-added services. SZSE places strong emphasis on the specialized needs of emerging enterprises. It has deployed a "One-stop Disclosure" channel for corporate filings to boost disclosure efficiency and reduce compliance costs; launched the EasyIR platform to equip listed companies with a complimentary, efficient channel for investor relations management; and expanded continuing education programs—particularly across dedicated topics such as M&A, restructuring, and equity incentives—to empower listed companies to leverage the capital market to grow bigger and stronger.

Innovation Advantages

SZSE attaches great importance to innovation and, through continuous innovation, constantly enhances the capacity of the capital market to serve the real economy.

Product Innovation: SZSE continues to enrich its supply of innovative products, providing innovative capital services to the real economy and guiding capital flows toward innovative and entrepreneurial enterprises. Based on the needs of the real economy and aligned with residents' asset allocation and risk management requirements, products are developed in an orderly and coordinated manner, providing diverse investment and financing tools for enterprises, institutions, and individuals, thereby enhancing the innovation capital service chain.

Technological Innovation: SZSE has consistently adhered to a technological development philosophy centered on "technology-first, independent control, resource integration, and continuous optimization". Guided by the principles of being "scientific, secure, efficient, and practical", we have built a technical system supporting multi-asset, and cross-market operations, with fully independent intellectual property rights and complete source code ownership. SZSE’s IT infrastructure is the largest in scale, the most advanced in specification, and the most extensively connected in the industry, providing comprehensive support for frontline supervision of and innovative development in the capital market, with 24 consecutive years of safe and stable operations.

International Innovation: Aligned with the two-way opening-up of the capital market, RMB internationalization, and the Belt and Road Initiative, SZSE promotes connectivity and strengthens two-way and multilateral cooperation. It innovates cross-border services to make every effort to build an integrated platform for entrepreneurship and innovation resources based in Shenzhen and Hong Kong and oriented toward the global market. It aligns with the trend of globalized allocation of innovation resources to build an international community of entrepreneurship and innovation capital.