第五套上市标准激发创新药企活力 19家生物医药企业科创板“落地生金”

Group 1 - The China Securities Regulatory Commission (CSRC) has issued opinions on establishing a growth tier in the Sci-Tech Innovation Board (STAR Market) to enhance the inclusiveness and adaptability of the system, allowing unprofitable or loss-making companies to list [1][5] - Since the launch of the STAR Market, 54 unprofitable companies have successfully listed, with 22 of them achieving profitability post-listing, indicating a positive trend in the commercialization of innovative companies [2][3] - The STAR Market has facilitated significant fundraising for innovative biopharmaceutical companies, with 23 unprofitable firms raising nearly 700 billion yuan, which is crucial for their drug development [2][3] Group 2 - In 2024, 19 out of 20 biopharmaceutical companies that adopted the fifth listing standard achieved core product approvals, with several new drugs receiving regulatory approval [3][4] - The revenue of innovative biopharmaceutical companies is showing growth, with BeiGene reporting 272.14 billion yuan in revenue for 2024, a 56.19% increase year-on-year [3][4] - The "H+A" dual-platform operation model is becoming the preferred choice for innovative pharmaceutical companies, as the capital market plays a vital role in funding their research and development [5][6] Group 3 - The CSRC plans to deepen reforms in the STAR Market and support unprofitable innovative companies through new policies, while the Hong Kong Stock Exchange has also introduced measures to facilitate listings for biotech firms [5][6] - As of May 2025, China has become the largest country in the world for innovative drug research and development, with 3,258 projects in the pipeline, accounting for 39.1% of the global total [6]