“科八条”发布一年 “试验田”绽放新质生产力之花

Core Viewpoint - The release of the "Eight Measures for the Sci-Tech Innovation Board" by the China Securities Regulatory Commission marks a new phase in the reform of the Sci-Tech Innovation Board, aimed at supporting hard technology enterprises and optimizing the capital market ecosystem [1] Group 1: Support for Unprofitable Enterprises - The "Eight Measures" explicitly support unprofitable enterprises with key technologies and market potential to go public, allowing for a smoother IPO process [2] - As of May 2024, 54 unprofitable companies have been listed on the Sci-Tech Innovation Board, with a total revenue exceeding 170 billion yuan, reflecting a 24% year-on-year growth [2] - The cumulative net profit of these companies has improved, with a 36% reduction in losses year-on-year [2] Group 2: New Listing and Fundraising - Since the release of the "Eight Measures," 15 new companies have been listed, raising a total of 12.4 billion yuan, focusing on strategic emerging industries [3] - The introduction of a 3% maximum price exclusion ratio has optimized the new stock issuance order, ensuring a more reasonable pricing mechanism [4] Group 3: Financing and Investment - The "Eight Measures" have led to the establishment of standards for "light assets and high R&D investment," encouraging companies to allocate more resources to R&D [6] - Nine companies have applied under this standard, seeking nearly 25 billion yuan in financing, primarily in the biopharmaceutical and semiconductor sectors [6] Group 4: Mergers and Acquisitions - The "Eight Measures" have significantly supported mergers and acquisitions, with over 110 new transactions reported since the measures were implemented, totaling over 140 billion yuan [7] - Innovative cases such as the first directed convertible bond restructuring and various acquisition types have emerged, enhancing market diversity [7] Group 5: Regulatory Framework - The regulatory framework for the Sci-Tech Innovation Board has been continuously optimized, with nearly 60 announcements made to improve the rules and guidelines [8] - The establishment of the Shanghai Arbitration Commission's Securities Arbitration Center aims to provide efficient dispute resolution mechanisms for financial cases [8]