Core Viewpoint - The China Securities Regulatory Commission (CSRC) is enhancing the demonstration effect of the Sci-Tech Innovation Board (STAR Market) by introducing the "1+6" policy measures to deepen reforms, including the establishment of a growth tier and the resumption of the fifth listing standard for unprofitable companies [2][3] Group 1: Policy Measures - The "1+6" policy includes six specific reform measures aimed at supporting innovative companies, such as introducing a pre-review mechanism for IPOs and expanding the fifth standard to cover more advanced technology sectors like artificial intelligence and commercial aerospace [3] - The new policies are expected to provide significant benefits to early-stage investment firms focusing on technology, enhancing market confidence and aligning with previous investment strategies [2][3] Group 2: Market Impact - The introduction of a pre-review mechanism allows companies to communicate uncertainties with the exchange, potentially increasing the success rate of IPOs for tech-oriented firms [3] - The support for unprofitable tech companies to conduct capital increases for existing shareholders grants these firms greater flexibility in financing and strategic opportunities [3] - The regulatory emphasis on building a multi-layered capital market is expected to accelerate the development of the private equity secondary market in China, creating a more flexible exit ecosystem [4]
盛世投资田辰：科创板“1+6”新政助力一级市场退出 为“投早投小投科技”注入“强心针”
Sou Hu Cai Jing·2025-06-21 03:41