提升制度包容性 拥抱硬科技

Core Points - The China Securities Regulatory Commission (CSRC) emphasizes the rapid growth of the Sci-Tech Innovation Board (STAR Market) and its role in supporting technological innovation, with the introduction of the "1+6" policy measures aimed at further reform [1][2] - The establishment of a Sci-Tech Growth Layer on the STAR Market is designed to better serve high-quality tech companies that are currently unprofitable but have significant technological breakthroughs and commercial potential [2][3] - The reforms aim to enhance the inclusivity and adaptability of the capital market for hard-tech enterprises, particularly in emerging fields such as artificial intelligence, commercial aerospace, and low-altitude economy [4][5] Group 1: Policy Measures - The "1" in the "1+6" policy measures refers to the creation of the Sci-Tech Growth Layer, which will include all existing and newly registered unprofitable tech companies [2][3] - The "6" includes six specific reform measures, such as introducing a pre-IPO review mechanism for quality tech companies and expanding the application scope of the fifth listing standard to more frontier technology sectors [4][5] - The reforms are expected to attract various innovative resources to key technology areas, thereby accelerating China's transition from a major tech power to a strong tech power [4][5] Group 2: Market Impact - The STAR Market has consistently supported the development of strategic emerging industries, with a significant portion of companies in new-generation information technology, biomedicine, and high-end equipment manufacturing [5][6] - In 2024, the total R&D investment of STAR Market companies reached 168.1 billion yuan, which is more than 2.5 times their net profit, indicating a strong focus on innovation [5][6] - The introduction of the Sci-Tech Growth Layer is seen as a breakthrough in differentiated management, guiding resources towards core technology and high-growth enterprises [3][4] Group 3: Investor Protection - The reforms include measures to enhance risk disclosure and investor protection, particularly for small and medium investors, who are crucial participants in the capital market [7][8] - Specific arrangements include a special identifier for stocks of companies in the Sci-Tech Growth Layer and requirements for regular disclosure of reasons for unprofitability [7][8] - The CSRC aims to maintain strict entry standards for listings to ensure the quality of companies on the STAR Market, focusing on supporting high-quality tech firms rather than merely increasing the number of listings [8]