ISSUING AUTHORITIES:

Office of the Financial Committee of the Shanghai Municipal Committee of the Communist Party of China‌

Shanghai Municipal Development and Reform Commission

Shanghai Municipal Commission of Economy and Informatization‌

Shanghai Municipal Science and Technology Commission‌

Shanghai Municipal Finance Bureau

Shanghai Municipal State-owned Assets Supervision and Administration Commission‌

People’s Bank of China, Shanghai Branch

Shanghai Bureau of National Financial Regulatory Administration‌

China Securities Regulatory Commission Shanghai Regulatory Bureau‌

DATE OF ISSUANCE:

June 30, 2026

EFFECTIVE DATE:

June 30, 2026

On June 30, 2026, nine Shanghai municipal authorities jointly issued the Measures on Fully Leveraging Direct Financing Functions to Further Strengthen Technology Financial Services (the “Measures”), introducing 20 measures to build a direct financing policy framework covering the entire lifecycle of technology enterprises, signaling an accelerated paradigm shift from "indirect financing dominance" to "direct financing leadership."

● Core Breakthroughs

- Pioneering the "Qualified Angel Investor" accreditation standard; broadening early-stage funding via charitable donations and other innovative channels.

- Building an "S Fund-of-Funds + national share transfer platform" continuation mechanism; exploring S-fund nesting-level exemptions.

- Expanding the STAR Market Fifth Listing Standard; permitting refinancing by unprofitable and sub-IPO-price issuers.

- Creating a tripartite long-term capital supply system; deepening the QFLP "foreign capital, domestic management" model.

- Planning Direct Financing Pilot Zones; establishing cross-cycle assessment and due-diligence exemption mechanisms to cultivate patient capital.

● Market Impact

Through "primary market financing combined with secondary market inclusiveness," the  Measures construct a complete direct financing closed-loop from seed stage to post-IPO financing, effectively resolving three bottlenecks: "no early investors, mid-stage relay gaps, and listing threshold barriers."

REFERENCE：

关于印发《上海市充分发挥直接融资功能 进一步加强科技金融服务的若干措施》的通知