给“硬科技”更多准入机会

Core Viewpoint - The introduction of the "1+6" policy measures by the China Securities Regulatory Commission aims to break the barriers for high-quality, unprofitable technology companies to access the capital market, reflecting a shift from focusing solely on profitability to recognizing potential growth [1][2]. Group 1: Policy Changes - The new measures include the establishment of a growth tier for the Sci-Tech Innovation Board and the reintroduction of the fifth listing standard for unprofitable companies [1]. - The third listing standard will also be officially implemented on the Growth Enterprise Market to support high-quality, unprofitable innovative companies [1]. Group 2: Market Evolution - The shift from "looking at profits" to "looking at potential" is a significant innovation in capital market system construction, aligning with the evolving industrial landscape and the need for diverse listing standards [2]. - Emerging industries such as artificial intelligence, commercial aerospace, and low-altitude economy are rapidly developing, necessitating patient capital support for technology companies that require long investment cycles [2]. Group 3: Implications for Companies - Breaking down the barriers for unprofitable companies to list is crucial for technology firms to leverage capital market resources, accelerate the transformation of technological achievements, and convert "technological fantasies" into real productivity [3]. - The growth of companies in fields like artificial intelligence and quantum communication will drive the upgrade of industries towards higher-end, intelligent, and green development [3]. Group 4: Investor Protection Measures - To mitigate risks associated with unprofitable technology companies, regulatory measures include the introduction of experienced institutional investors to help assess company value and the implementation of special identifiers for newly registered unprofitable tech companies [3]. - These measures aim to ensure that investors are aware of the risks associated with investing in early-stage companies and to promote rational decision-making [3]. Group 5: Early Results - Since the implementation of the fifth listing standard, over 20 unprofitable companies on the Sci-Tech Innovation Board have achieved profitability and successfully removed their special identifiers [4]. - The focus is on maintaining quality control while balancing market vitality and risk management, fostering a healthy ecosystem for startups, growth companies, and mature enterprises [4].