Mei Ri Jing Ji Xin Wen·2025-06-18 14:36Core Viewpoint - The China Securities Regulatory Commission (CSRC) is set to deepen capital market reforms, focusing on the integration of technological and industrial innovation, with significant measures announced at the Lujiazui Forum [1][3]. Group 1: Capital Market Reforms - The CSRC will reintroduce the fifth set of listing standards for unprofitable companies on the Sci-Tech Innovation Board (STAR Market), which emphasizes core competitiveness rather than revenue or profit requirements [2][3]. - The STAR Market has successfully listed 20 companies under the fifth set of standards, raising a total of 42.871 billion yuan, with these companies achieving a 44.45% year-on-year revenue growth in 2024 [2]. Group 2: New Measures and Standards - The CSRC will establish a Sci-Tech Growth Layer on the STAR Market and officially implement a third set of standards on the ChiNext board to support high-quality unprofitable innovative enterprises [4]. - Six new reform measures will be introduced, including the trial introduction of professional institutional investors and pre-IPO review mechanisms for quality tech companies [3]. Group 3: Market Response - Following the announcements, the STAR Market saw a notable increase, with the STAR 50 Index rising by 0.53% on June 18, closing at 968.18 points [5]. - According to China International Capital Corporation (CICC), the tech sector is entering a new cycle, with significant structural opportunities emerging since the beginning of the year, particularly in AI, robotics, and semiconductors [5][6].