未盈利企业科创板IPO有序推进制度持续优化赋能企业发展

Core Viewpoint - The implementation of the "Eight Measures for Deepening the Reform of the Sci-Tech Innovation Board" has significantly enhanced the support for unprofitable technology companies, facilitating their listing and financing opportunities on the Sci-Tech Innovation Board [1][2][3]. Group 1: Unprofitable Companies and IPOs - Since the release of the "Eight Measures," four unprofitable companies have successfully submitted their IPO applications to the Shanghai Stock Exchange [3][6]. - The recent acceptance of the IPO application from Zhaoxin Integrated, a leading domestic CPU manufacturer, marks another step forward in the orderly progress of unprofitable companies' IPOs on the Sci-Tech Innovation Board [2][3]. Group 2: Policy Enhancements and Standards - The China Securities Regulatory Commission (CSRC) has emphasized the importance of focusing on sectors with active technological innovation and has improved the evaluation standards for the Sci-Tech attributes of companies [3][4]. - In 2024, the R&D investment threshold for companies will be raised from 60 million to 80 million yuan, and the requirement for invention patents will increase to seven, emphasizing the need for industrialization capabilities [3][4]. Group 3: Support for R&D and Financing - The Shanghai Stock Exchange has introduced a "light asset, high R&D investment" standard to enhance transparency and predictability in refinancing for technology companies, with nine companies already disclosing refinancing plans totaling nearly 25 billion yuan [4][6]. - Dize Pharmaceutical became the first company to successfully complete refinancing under the new standard, highlighting the importance of this policy for sustaining R&D investments [4]. Group 4: Performance of Unprofitable Companies - As of May 2025, the Sci-Tech Innovation Board has supported 54 unprofitable companies, with a total revenue exceeding 170 billion yuan, reflecting a 24% year-on-year growth [6]. - Among these companies, 22 have achieved their first profit post-IPO, indicating a significant improvement in operational efficiency [6]. Group 5: Future Outlook - The continued implementation of the "Eight Measures" is expected to enable more unprofitable companies with core technologies to overcome capital constraints, thereby enhancing China's strategic position in the new technological revolution [7].