为科技型企业提供更加包容的市场环境

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has unveiled a "1+6" policy framework aimed at deepening the reform of the Sci-Tech Innovation Board (STAR Market), focusing on addressing the financing challenges faced by technology innovation enterprises [1][2]. Group 1: Policy Framework - The "1" in the framework represents the establishment of a dedicated tier called the "Sci-Tech Growth Tier" on the STAR Market, which will allow unprofitable companies to apply under the fifth set of listing standards [1][3]. - The "6" refers to six innovative reform measures introduced on the STAR Market, creating a comprehensive support chain from listing access to ongoing financing [1][4]. Group 2: Market Environment - Global capital markets are optimizing listing conditions and creating new market segments to provide a more inclusive environment for technology companies, aiming to attract high-quality tech enterprises [2]. - The reform is strategically significant as it aims to activate talent and technology factors through institutional innovation, addressing the challenges posed by external uncertainties and fluctuations in key technology supply [2]. Group 3: Valuation Logic - The reform marks a shift in valuation logic, allowing unprofitable companies to list if they meet the requirements of the "Sci-Tech Growth Tier," thus breaking the traditional focus on profitability [3][4]. - The establishment of the Sci-Tech Growth Tier is a critical adaptation of China's capital market to the laws of technological innovation, providing a dedicated pathway for unprofitable tech firms [3]. Group 4: Systematic Upgrades - The six new measures include introducing pilot professional institutional investors, pre-IPO reviews, expanding the applicable standards, supporting capital increases for unprofitable companies, and enhancing refinancing and strategic investor identification systems [4]. - As of May 2025, the STAR Market has listed 587 companies with a total market capitalization of approximately 6.6 trillion yuan, with a significant concentration in new-generation information technology, biomedicine, and high-end equipment manufacturing [4]. Group 5: Investor Protection - The reform enhances investor protection by imposing higher disclosure and risk warning requirements for companies in the Sci-Tech Growth Tier, ensuring that investors are well-informed about the risks associated with unprofitable enterprises [5]. - The establishment of the Sci-Tech Growth Tier and pre-review mechanisms will facilitate more companies in critical technology development phases to access capital [5][6].