BEIJING, April 10 (Xinhua) -- China's securities regulator on Friday unveiled a sweeping reform package for the ChiNext board, China's Nasdaq-style board of growth enterprises, including a fourth listing standard, as part of broader efforts to boost financial support for innovation.

The reform package seeks to further leverage ChiNext's role in serving growth-oriented innovative enterprises. Among the major moves, the China Securities Regulatory Commission (CSRC) will support the IPOs of high-quality innovative firms that have not yet turned a profit, it said in a statement.

A fourth listing standard will be added for the ChiNext board to provide better financial services for high-quality innovative and entrepreneurial companies in emerging and future industries, it said.

The new standard introduces two sets of financial metrics combining market capitalization, revenue, revenue growth and R&D investment, tailored respectively to enterprises in emerging industries and those in future industries.

According to a CSRC spokesperson, the addition of the fourth listing standard is a timely response to the fast-changing global innovation landscape.

"In recent years, a growing number of innovative and entrepreneurial companies have emerged in China's emerging and future industries. These enterprises generally share the characteristics of high initial investment, low starting revenue and rapid value appreciation, creating an urgent need for more efficient and better-tailored financial support from the capital market," the spokesperson said.

The reform aims to better adapt to the development patterns and features of these enterprises, and to enhance the inclusiveness of the ChiNext board toward diverse forms of innovation, the spokesperson added.

The spokesperson also noted that the new standard is distinct from the sci-tech-focused STAR Market's requirements, ensuring that the two boards complement each other and together expand capital market support for the real economy.

The reform package also includes a pilot scheme allowing local governments to submit information on ChiNext-bound companies to the CSRC and the Shenzhen Stock Exchange.

The move will help the review departments gain a more timely and comprehensive understanding of IPO applicants, thereby improving the efficiency and quality of the review and registration process, the spokesperson said.

The measures are seen as a key step to deepen the comprehensive investment and financing reforms in the capital market, and to further align the market's functions with the needs of high-quality economic development.

"Deepening ChiNext reform will bring more quality companies to the market, help create an environment where long-term and patient capital can thrive, and draw in more long-term, strategic investors," the spokesperson said. "That's key to building a more stable market that can better withstand risks." ■