ChiNext IPO "Fourth Set of Standards" About to Land, Two Paths Emerge, New Consumer Reflux to A-Share Suspense Peaks

Cailian Press, March 14 — (Reporter Zhao Xinrui) The proposal to add a “Fourth Set of Standards” supporting the listing of new consumption and modern service industries on the ChiNext Board has sparked many market speculations. Among the most watched questions is whether the future return of new consumer companies that previously listed in Hong Kong will significantly increase the flow back to the ChiNext.

On March 6, CSRC Chairman Wu Qing proposed establishing a more precise and inclusive set of listing standards for the ChiNext Board, aimed at supporting the development of new industries, new business models, and new technology enterprises. The goal is to support high-quality innovative and entrepreneurial companies in new consumption and modern service sectors to list on the ChiNext. This statement reflects a shift in the board’s service focus from incubating mature companies to covering broader new economic tracks such as new consumption and modern services.

Institutional analysis indicates that the current listing standards for the ChiNext Board still favor growth-oriented companies with certain profitability or revenue scales, primarily revenue or profit-based standards. Compared to the second, third, and fifth standards of the STAR Market, which focus on R&D investment, cash flow, and phased technological achievements, the system’s inclusiveness is somewhat limited. Although its positioning rules already cover fields like modern services and digital economy, and allow traditional industries to apply after deep integration with new technologies, the existing financial standards are generally more suitable for advanced manufacturing, hard tech, or profit-strong growth companies. They are less well-suited for typical new consumption formats such as new tea drinks, trendy toys, pet economy, community retail, beauty and personal care, or national trend apparel.

Tian Lihui, Dean of the Nankai University Financial Development Research Institute, interprets that the core of this new standard is shifting from a “price-to-earnings ratio mindset” to a “value discovery mindset,” by introducing mechanisms such as third-party expert assessments and market verification data to achieve more accurate evaluations of a company’s true value.

What are the key points of the “Fourth Set of Standards” for the ChiNext Board?

So far, three differentiated listing standards have been established for the ChiNext Board, mainly differing in profit requirements, market cap thresholds, and revenue thresholds, forming a tiered system covering different stages of company development.

Standard One is profit-oriented, requiring net profits for the past two years to be positive and totaling no less than 100 million yuan, with the most recent year’s net profit no less than 60 million yuan. Standard Two adopts a “market cap + profit + revenue” combination, with an expected market cap of at least 1.5 billion yuan, positive net profit in the most recent year, and revenue of at least 400 million yuan in the most recent year. Standard Three further relaxes profit requirements, only stipulating an estimated market cap of at least 5 billion yuan and revenue of at least 300 million yuan in the last year, mainly targeting hard tech companies with core technological barriers that are not yet profitable.

It is evident that the existing three standards mainly serve hard tech fields or companies with mature profitability. The introduction of the fourth standard aims to break this limitation, focusing on filling the listing gap for new consumption and modern service industries. Its core positioning may involve “precise indicators + non-financial assessments + systemic inclusiveness,” enabling the capital market to better serve new productive forces.

Based on current market opinions, there are three promising directions for the design of the “Fourth Set of Standards.” First, it may set a combination of “estimated market cap + revenue + cash flow,” emphasizing operating cash flow net rather than relying solely on net profit. Second, it is more likely to highlight attributes like “new” and “modern,” incorporating non-financial indicators such as digital capabilities, innovative business models, data assets, brand barriers, and industry compliance—differentiating from traditional consumption and service industries characterized by heavy assets and low innovation. Third, the market cap and revenue thresholds of the fourth standard may also be moderately optimized.

What are the speculations about the “Fourth Set of Standards”? Two versions offer ideas

As a disruptive upgrade since the registration-based reform, the proposal to add a “Fourth Set of Standards” for the ChiNext Board has triggered many market guesses. Industry experts believe that the new standards could promote further expansion of the A-share secondary board support framework to encompass “diversified new quality productivity,” bringing systemic benefits to the new consumption and modern service sectors.

CICC Research points out that this is not simply about lowering thresholds but about expanding the scope of the ChiNext Board from focusing on “advanced manufacturing + tech growth” to “diversified new quality productivity.” The main reform paths for the “Fourth Set” of standards are mainly two versions:

Version One: Introducing a “market cap + revenue + cash flow” stable standard. This mainly targets chain consumer and brand service companies with established revenue scales and mature business models but possibly short-term profit fluctuations due to marketing investments or offline expansion. By examining operating cash flow, it can eliminate risks associated with reliance on financing expansion and identify industry leaders with genuine self-sustaining capabilities.

Version Two: Building a “market cap + financial growth + non-financial innovation” growth-oriented standard. This aims to accommodate rapidly expanding new consumption companies, referencing the detailed logic of the fifth standard of the STAR Market, with four screening criteria: industry attributes limited to digital consumption, smart supply chains, and other “Three Innovations and Four New” fields; phased achievements such as platform companies with annual GMV of no less than 5 billion yuan, and core product sales of at least 1 billion yuan for brand companies; core indicators requiring a compound annual revenue growth rate of at least 30% over the past three years, with platform user repurchase rates exceeding 40% or significantly better inventory turnover than industry averages; industry position requiring a market share of at least 5% in the segment and recent financing valuation exceeding 3 billion yuan; international influence with overseas revenue accounting for at least 30%, exemplified by leading new consumption companies like Pop Mart with global presence.

Industry forecasts suggest that if the fourth standard ultimately adopts the “market cap + revenue + cash flow” or “market cap + revenue + growth quality” approach, the feasibility for many new consumption companies that previously listed in Hong Kong to return to the ChiNext could significantly increase. Companies in new tea drinks, smart trendy toys, pet economy, brand retail, community retail, digital content consumption, healthcare services, national trend brands, and digital supply chain-enabled consumer platforms—characterized by “consumption attributes + technological empowerment + scale replication”—are likely to benefit greatly.

It is also noteworthy that this reform is expected to further boost liquidity and valuation recovery in the consumer sector, attracting more capital attention. Industry opinions suggest that service consumption and new consumption will experience a new demand resonance, becoming a core focus in the consumer field by 2026.

On one hand, policy support and emerging industry demands in the service consumption sector are aligning. As the ChiNext reform deepens and listing channels broaden, high-quality companies will gain more capital support, potentially leading to a breakthrough in industry development, aligning with the current market trend of precise service to modern services. On the other hand, the long-term demand logic of new consumption sectors suggests sustained industry prosperity. Notably, leading companies in trendy toys, tea drinks, fashion jewelry, and health products are currently valued relatively low, with substantial growth potential through 2026.

Multiple consumer companies are rushing to list in Hong Kong within this year. Will more return to the ChiNext in the future?

Reviewing the listing process of consumer companies in A-shares, since the issuance of the “827” new policy in 2023, many high-quality consumer companies such as Mixue Bingcheng, Mao Geping, and Laoxiangji have chosen to set up red-chip or VIE structures to list in Hong Kong. In 2026, the Hong Kong market has also seen a wave of consumer sector IPOs, including Yuanji Yun Jiao, Qian Dama, Laoxiangji, and Mingming Hen Mang, all rushing to Hong Kong for breakthroughs.

Industry insiders point out that amid this IPO boom in Hong Kong, tech innovation and consumer companies are particularly strong. Some new consumer projects have set records for funds raised at listing, and post-listing market reception has been enthusiastic. “The ability of some new consumer companies to list in Hong Kong also reflects changing consumer psychology of the times,” analysts say, noting that factors like emotional value and the “loneliness economy” are driving forces.

Currently, the Hong Kong market has more listed options in sectors like automobiles, home appliances, textiles and apparel, and durable consumer goods than in food and beverage or household products. Wind data shows that since the “827” policy in 2023, 20 optional consumption companies and 13 daily consumption companies have listed in Hong Kong.

The 2026 Hong Kong IPO wave is expected to be led by the consumer sector. On January 28, Mingming Hen Mang successfully listed; including Dongpeng Beverage and Muyuan Foods, which also listed in early February, with Dongpeng Beverage raising nearly HKD 10 billion, becoming one of the largest recent Asian beverage IPOs.

Wind data indicates that currently, 21 consumer companies are rushing to list in Hong Kong. After the formal implementation of the fourth standard on the ChiNext Board, will more consumer companies planning to go to Hong Kong consider returning to the ChiNext?

Relevant intermediaries suggest that, drawing from the experience of the STAR Market, not all consumer companies will qualify for A-shares; they must also meet the “high-quality innovation and entrepreneurship” positioning and possess “modern” and “new” characteristics. The overall reform plan is still taking shape, and the specific definitions and boundaries of “new consumption” and “modern services” remain to be clarified. While the A-share market is reopening, it will no longer favor purely “scale stories.”

Industry insiders believe that whether in new consumption or modern services, listing is not the end goal; companies must return to their business fundamentals.