半月4家未盈利企业IPO获受理，释放哪些关键信号？

Core Viewpoint - The opening of the third set of standards for the ChiNext board and the fifth set for the Sci-Tech Innovation board has created a favorable environment for unprofitable companies to go public, but the actual number of such listings is expected to remain limited due to high standards and the preference for Hong Kong listings among many companies [1][4][9]. Group 1: Recent Developments - As of June 29, four unprofitable companies have had their IPO applications accepted in a short span, including DaPuWei on the ChiNext board and three others on the Sci-Tech Innovation board [2][4]. - Currently, there are 14 unprofitable companies in the queue for IPOs, with half of them having been accepted before the "827 new policy" in 2023 [2][5]. Group 2: Market Sentiment and Future Outlook - Despite the recent acceptance of unprofitable companies, industry insiders believe that a large influx of such listings is unrealistic in the short term due to stringent standards that require strong technological attributes [5][7]. - The four recently accepted companies are all in the semiconductor sector and are leaders in their respective niches, indicating a trend towards high-tech industries [6][7]. Group 3: Company Performance - DaPuWei, while unprofitable, has shown significant improvement in its financials, with net losses decreasing from 617 million yuan in 2023 to 191 million yuan in 2024, suggesting it may soon meet the profit requirements for the ChiNext board [6]. - Other companies like Zhaoxin Integrated and Shanghai Super Silicon have not shown similar financial improvements, but they are focused on breaking international monopolies in their fields [6][7]. Group 4: Hong Kong vs. A-Share Market - Many unprofitable companies that initially planned to list in Hong Kong are unlikely to switch back to the A-share market due to the perceived certainty of Hong Kong listings [8][9]. - Among the unprofitable companies that have applied for Hong Kong listings, several had previously failed in their A-share IPO attempts, indicating a trend of companies seeking more reliable listing options [8].