The Shenzhen Stock Exchange released its New Year’s message for 2026. In 2025, the Shenzhen Stock Exchange officially implemented the third set of listing criteria for the ChiNext board, explored ways to deepen ChiNext reforms, promoted high-quality expansion of the bond market, and enhanced the inclusiveness and adaptability of its systems. A total of 48 companies went public during the year, 87.5% of which were in strategic emerging industries. Since the release of the “Six M&A Guidelines,” 154 new major asset restructuring plans have been initiated, representing a 77% year-on-year increase, with nearly 70% of acquisitions targeting new-quality productive forces. For the year, equity financing totaled 148.5 billion yuan, bond financing reached 2.98 trillion yuan, and six new REITs were listed, demonstrating greater support for the innovative development of real economy enterprises.