重启亏损科技企业上市意义重大

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced the resumption of the listing of loss-making technology companies, which is a significant move aimed at supporting the development of the capital market and high-tech industries [1][2]. Group 1: Market Context - Historically, the Chinese securities market required companies to be profitable for three consecutive years before listing, a rule that was in place until 2019 when the Sci-Tech Innovation Board (STAR Market) was established [1]. - The STAR Market allows unprofitable companies to list under certain conditions, leading to 54 loss-making companies successfully going public, with 22 of them achieving profitability afterward [1][2]. Group 2: Regulatory Adjustments - The resumption of listings for loss-making companies comes after a period of regulatory tightening due to market volatility and investor concerns over high IPO rates, particularly for unprofitable firms [2][3]. - New policies will include specific industries such as artificial intelligence, commercial aerospace, and low-altitude economy as eligible for listing under the unprofitable criteria, expanding the selection of "hard tech" companies [3]. Group 3: Support and Oversight - The introduction of a "growth layer" for the STAR Market will include loss-making companies, with tailored policies to enhance support and regulation, ensuring investor protection [3][4]. - Companies will now be encouraged to conduct financing through share issuance to existing shareholders during the IPO review process, which serves as a confidence indicator for potential investors [3]. Group 4: Future Outlook - The policy aims to allow loss-making companies that meet basic public company criteria and show potential for future profitability to list, aligning with national strategic goals and providing necessary funding support [4].