The China Securities Regulatory Commission (CSRC) and the Shenzhen Stock Exchange on April 27 proposed reform measures of ChiNext, China's NASDAQ-style board of growth enterprises, outlining the pilot adoption of a registration-based initial public offering (IPO) system at ChiNext.

With information disclosure as its core, the registration system will improve the market's transparency and authenticity and allow investors to make their own value judgment, said the CSRC.

The reformed ChiNext will mainly serve growth-oriented innovative and start-up enterprises, support the innovation of mode, service and format, and promote the in-depth integration of traditional industries with new ones.

The move also included a series of specific rules in the areas of ongoing disclosure, corporate governance, equity-based incentives and reduction of holding stocks.

Meanwhile, it focused on intensifying the responsibilities of issuers and intermediary agencies as well as simplifying delisting procedures.