科创板制度包容性显著提升加速拥抱“硬科技”

Core Viewpoint - The recent "1+6" policy measures for the Science and Technology Innovation Board (STAR Market) aim to enhance the capital market's support for technological innovation through innovative and inclusive reform mechanisms [1][5]. Group 1: Reform Measures - The new reforms include the introduction of a professional institutional investor system for companies meeting the fifth set of listing standards, and a pilot IPO pre-review mechanism for high-quality technology enterprises [1][3]. - The reforms are designed to provide clear policy guidance and support the continuous optimization of the institutional supply for technological innovation [1][3]. - The STAR Market is positioned as a "testing ground" for these reforms, allowing for incremental and exploratory changes [3][4]. Group 2: Professional Investor System - The introduction of a professional institutional investor system is aimed at accurately identifying and assessing the technological attributes and commercial prospects of tech companies, particularly those in early-stage development with high R&D costs and long commercialization cycles [1][2]. - Successful experiences from mature markets, such as the Hong Kong Stock Exchange's implementation of a similar system, provide a reference for the STAR Market [2]. Group 3: IPO Pre-Review Mechanism - The IPO pre-review mechanism is intended to enhance the adaptability and inclusiveness of the capital market while ensuring that the quality of the review process remains uncompromised [4]. - The review standards will not be lowered, and companies must still fulfill all information disclosure obligations, including those from the pre-review phase [4]. Group 4: Broader Implications - The ongoing policy support for high-quality technology enterprises reflects the rapidly changing external environment and aligns with the goal of high-quality development in the capital market [5]. - The restructuring of valuation logic for Chinese tech companies emphasizes the importance of innovation over immediate profitability, necessitating a more adaptable capital market system [5].