China's top securities regulator rolled out new measures on Wednesday to further reform its Nasdaq-style Science and Technology Innovation Board (STAR) market to better serve sci-tech innovation and promote the development of new quality productive forces.

The measures include giving priority to the listing of enterprises making breakthroughs in new industries, new business patterns and new technologies, according to the China Securities Regulatory Commission (CSRC).

Considering that enterprises with new quality productive forces often demand high investment and long growth cycles, and come with development uncertainties, the CSRC pledged to improve institutional inclusiveness and encourage high-quality tech firms that are yet to make profits to list on the STAR market.

Speaking about the new measures at the Lujiazui Forum in Shanghai on Wednesday, CSRC Chairman Wu Qing, said, "Only by creating a favorable atmosphere that encourages innovation and tolerates failure can we promote the development of new quality productive forces."

Efforts will also be made to reform the pricing mechanisms for initial public offerings (IPOs), improve the financing of listed companies on the STAR board, optimize the trading mechanisms, strengthen monitoring, forestall market risks, as well as encourage merger, acquisition and restructuring, according to the CSRC.

In the next stage, the commission will work to introduce more instruments, products and services of the capital market to meet the demand of enterprises with new quality productive forces, Wu told the forum.

He said the CSRC will work with relevant parties to create favorable conditions to attract more medium and long-term funds into the capital market and optimize support policies throughout the entire investment and financing cycle.

Since its launch in 2019, the STAR market has become the preferred listing destination for "hard-tech" companies, with its magnetic appeal continuing to grow.

As of May 31, a total of 572 companies have been listed on the STAR market, with a combined market capitalization of 5.17 trillion yuan (about 726.5 billion U.S. dollars). The total amount raised through IPOs has reached 909.1 billion yuan.

The STAR board was also the first market to pilot the registration-based IPO system, a key part of China's capital market reform, which was later adopted across the domestic stock markets.

The CSRC said it will advance the implementation of the STAR market reform measures and apply these reform achievements to other markets to continue improving the capital market's service for achieving self-reliance and strength in science and technology and developing new quality productive forces.