Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released eight measures to deepen the reform of the Sci-Tech Innovation Board (STAR Market), aiming to enhance support for "hard technology" enterprises and promote the development of new productive forces [1][2]. Group 1: Implementation of Policies - The implementation of the "Eight Measures" has led to a noticeable increase in the prominence of "hard technology" companies, with a surge in mergers and acquisitions (M&A) activity and continuous product innovation [1][2]. - The CSRC is committed to advancing the implementation of these measures, focusing on reforms in issuance and underwriting, equity and debt financing, M&A, and trading mechanisms to enhance the inclusiveness and adaptability of the system [1][7]. Group 2: Support for Unprofitable Companies - The acceptance of unprofitable companies for listing on the STAR Market is a significant indicator of the capital market's support for "hard technology" firms, with 54 unprofitable companies currently listed [2]. - Among these, 22 companies have achieved their first profit post-listing, demonstrating the effectiveness of the STAR Market in nurturing tech enterprises [2]. Group 3: Mergers and Acquisitions Activity - The "Eight Measures" have stimulated M&A activity, with several "hard technology" companies announcing acquisition plans, primarily focusing on vertical integration within their supply chains [4][5]. - Notable examples include the acquisition of unprofitable firms and significant asset restructuring among leading companies in the computing sector, indicating a trend towards resource consolidation in "hard technology" [4]. Group 4: Product Innovation and Market Development - The STAR Market has seen the introduction of a diverse range of products, including new indices and ETFs, which enhance support for technology innovation throughout the lifecycle of enterprises [6]. - The expansion of the ETF product system is seen as a crucial mechanism for guiding resources towards "new" sectors, providing stable funding channels for technology companies [6]. Group 5: Future Directions - The CSRC plans to further enhance the STAR Market's role as a "testbed" for reforms, aiming to attract more capital into "hard technology" enterprises and improve the overall effectiveness of services for technological innovation and new productive forces [7].
“硬科技”成色更突出 并购重组活力迸发 产品持续“上新” 三大趋势折射科创板改革新气象
Zhong Guo Zheng Quan Bao·2025-06-16 20:20