Reform Reinvigorated, 'New-Quality' Momentum Surges | Three Months into ChiNext Reforms, What New Shifts Are Emerging in Market Dynamics?

On April 10, the China Securities Regulatory Commission (CSRC) released its 'Guiding Opinions on Deepening ChiNext Reforms to Better Serve the Development of New-Quality Productive Forces.' As of now, three months have passed since the policy’s implementation.

This round of reform, centered on empowering innovation and focusing on industrial upgrading, systematically upgrades institutional frameworks across multiple dimensions—including IPOs, refinancing, and trading mechanisms—to catalyze new-quality productive forces and drive a profound reshaping of ChiNext’s market ecosystem.

After three months of implementation, ChiNext has demonstrated“fundraising, investment, management, and exit”significant reform outcomes across the entire value chain:

1. Entry Point: Optimized Listing Criteria Accelerate Agglomeration of Frontier Tech Industries

– Listing standards have become more inclusive：The newly introduced 'fourth listing criterion' no longer treats profitability as the sole rigid requirement, instead prioritizing a company’s growth potential and the quality of its R&D and innovation capabilities.

– Representative frontier enterprises are actively applying：Within three months of the implementation of the ChiNext reform (as of July 11, 2026), companies in cutting-edge fields such as humanoid robots, drones, and artificial intelligence chips have already applied 8 companies have been accepted under the fourth set of listing criteria.

– Project pipeline structure continues to improve：Among the 66 new initial public offering applications accepted in the three months following the reform, a broad range of future pillar industries—including embodied intelligence, low-altitude economy, new materials, and new energy—have been well represented.

II. Existing Companies: Optimizing refinancing and restructuring channels to support organic growth

– Financing efficiency is gradually improving：The optimization of refinancing and merger & acquisition channels has further energized the growth momentum of existing listed companies. Within three months, 44 listed companies have announced refinancing plans.

– Supporting high-R&D enterprises in industrial consolidation：The smooth progress of related M&A and restructuring cases demonstrates the substantive institutional support provided by the new rules for high-R&D innovative enterprises pursuing industry consolidation.

III. Investor Side: Enhanced Trading Mechanisms and Strengthened Index Representativeness

– Trading convenience has been further upgraded.：With the implementation of new rules—such as real-time trade confirmation for block trades effective July 6 and the extension of after-hours fixed-price trading to ETFs—the overall market trading efficiency has been further optimized.

– Representativeness of innovative assets has strengthened.：As an important window for observing China's innovative assets, according to a report by Economic Information Daily on July 11, following the regular index constituent adjustment on June 15 this year, the weight of strategic emerging industries in core indices such as the ChiNext Index and ChiNext 50 has reached 92% and 96%, respectively.

IV. Regulatory Perspective: Upholding a Balanced Approach of Flexibility and Strictness to Safeguard High-Quality Market Development

– Ensuring Listed Company Quality at the Source: While enhancing market inclusiveness, regulators have introduced a large-scale financial fraud detection model and strengthened the常态化 delisting mechanism—applying firm measures on both fronts to genuinely uphold the foundational ecosystem for healthy market development.

With the gradual implementation of relevant institutional measures, the ChiNext market’s positioning has become clearer. Against this backdrop, how investors can leverage appropriate investment tools for asset allocation has emerged as a key focus for the market.

📌 Bosera China ChiNext Index Daily Leveraged (2x) Product $Bosera SZSE ChiNext Daily (2x) Leveraged Product (07234.HK)$

Currently, the only leveraged product listed on the Hong Kong Exchange that tracks the ChiNext Index* aims to provide investors with more efficient strategic tools and asset allocation options amid the wave of industrial transformation and new technology development.

* Source: Hong Kong Exchange Integrated Fund Platform, data as of July 27, 2026. Leveraged products are high-risk investment instruments and may not be suitable for all investors. This product is not intended to be held for more than one day; holding it beyond one day may result in performance significantly deviating from the leveraged return of the underlying index over the same period. Investors should carefully review the product’s official documents and fully understand all risk factors prior to investing.

Key updates:

1. Investment involves risks. Past performance is not indicative of future results. Fund prices may rise or fall, and repayment of principal is not guaranteed. Investors should not rely solely on the information contained herein to make investment decisions and should read carefully the offering documents and product summary (including product features and risk factors).

2. The Bosera ChiNext Index Daily Leveraged (2x) Product (“the Product”) is part of the Bosera Leveraged and Inverse Series. The Product is swap-based and seeks to deliver daily investment results that, before fees and expenses, correspond to approximately twice the daily performance of the ChiNext Index.

3. The Product is a high-risk investment instrument and is not suitable for all investors. There is no guarantee of principal repayment. Your investment may incur significant or total loss.

4. The product is not suitable for holding longer than one day. The product’s performance over periods longer than one day may differ significantly from the leveraged performance of the index over the same period, both in magnitude and direction (for example, losses could exceed twice the decline of the index). Compounding effects have a more pronounced impact on the product's performance when the index is volatile. Daily rebalancing allows the product to reflect the index’s performance over time, accounting for daily volatility and compounding effects. The product may even lose money over time if the index rises or remains flat.

5. The product seeks to achieve its desired exposure through swap transactions with various swap counterparties. The product is exposed to counterparty risk and settlement risk associated with these swaps. If a swap counterparty fails to meet its obligations, the product could suffer significant losses.

6. There can be no assurance that the product will be able to rebalance its portfolio daily to meet its investment objective. Market disruptions, regulatory constraints, or extreme market volatility may adversely affect the product’s ability to rebalance its portfolio.

7. The product may be subject to tracking error risk. This tracking error may arise from the investment strategy employed, costs associated with swaps, market liquidity, and fees and expenses.

8. Compared with traditional index exchange-traded funds, the product’s price may exhibit higher volatility due to the effects of daily rebalancing and leverage.

9. Please note that the above risk disclosures are not exhaustive. Investors should carefully review the relevant product documentation before making any investment decision.

Disclaimer:

This document is for general reference only and does not constitute investment advice or an offer or solicitation to buy or sell any fund product. Investment involves risks. Past performance is not indicative of future results. The price of fund products and their returns may go up or down, and future performance and capital value are not guaranteed. Investors should carefully read the offering documents of the relevant fund products, including the section on risk factors, to fully understand the risks involved in investing in such funds. This document is not intended for distribution or dissemination in any jurisdiction where such distribution or dissemination is prohibited. This document is issued by Bosera Asset Management (International) Company Limited and has not been reviewed by the Securities and Futures Commission of Hong Kong.

Index Provider Disclaimer:

The index is commissioned by the Shenzhen Stock Exchange and compiled, maintained, and managed by Shenzhen Securities Information Co., Ltd. ('SZSE Information'). The Index Department of SZSE Information periodically reviews the representativeness of the constituent stocks and determines whether replacements are warranted based on its findings. The index is an asset owned by the Shenzhen Stock Exchange. Both the Shenzhen Stock Exchange and SZSE Information operate independently of the fund manager.

The Bosera China ChiNext Index Daily Leveraged (2x) Product is not in any way endorsed, offered, guaranteed, or promoted by the Shenzhen Stock Exchange, SZSE Information Co., Ltd., or the Hong Kong Exchange. The Shenzhen Stock Exchange, SZSE Information Co., Ltd., or the Hong Kong Exchange make no express or implied warranties or representations regarding the performance of the China ChiNext Index. The China ChiNext Index is calculated by SZSE Information Co., Ltd. or its agent, which will take all necessary measures to ensure the accuracy of the China ChiNext Index. However, the Shenzhen Stock Exchange, SZSE Information Co., Ltd., and the Hong Kong Exchange shall not be liable (whether for negligence or otherwise) to any person for any errors in the China ChiNext Index, nor shall they have any obligation to provide advice to any person regarding any such errors. The China ChiNext Index is owned by the Shenzhen Stock Exchange.

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