SHANGHAI -- China will roll out new measures to deepen the reform of the Science and Technology Innovation Board market, China Securities Regulatory Commission Chairman Wu Qing said on Wednesday.

The measures aim to better serve the country's scientific and technological innovation and promote the development of new quality productive forces, Wu said at the Lujiazui forum held in Shanghai.

Furthermore, they will focus on improving the board's institutional mechanisms for issuance and underwriting, mergers and acquisitions, equity incentives, and trading.

Since its launch in 2019, the STAR market has become the preferred listing destination for "hard-tech" companies, as its magnet effect continues 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 ($726.5 billion). The total amount raised through initial public offerings (IPOs) has reached 909.1 billion yuan.

The commission will work with relevant parties to create favorable conditions to attract more medium- and long-term funds into the capital market, Wu said, adding that efforts will be made to optimize support policies throughout the entire investment and financing cycle.

He also said the commission will crack down hard on market misbehaviors and strengthen regulation of high-frequency trading and over-the-counter derivatives.

This year's Lujiazui forum, themed "promoting world economic growth with high-quality financial development," runs from Wednesday to Thursday.