未盈利企业加速赶考IPO，一级市场投资格局或将生变

Group 1 - The core viewpoint is that the reintroduction of the fifth listing standard for the Sci-Tech Innovation Board (STAR Market) is expected to repair the gaps in the primary market investment ecosystem, particularly benefiting unprofitable companies seeking IPOs [1][2][3] - The recent policy changes have led to an increase in IPO applications from unprofitable companies, with four such applications accepted since June 18, accounting for over half of the total unprofitable companies accepted this year [1][2] - The introduction of the fifth standard and the support for unprofitable companies is anticipated to significantly enhance the confidence and expectations of investment institutions in the primary market [1][3] Group 2 - The "1+6" policy measures aim to deepen reforms in the STAR Market, including the reintroduction of the fifth listing standard for unprofitable companies and the establishment of a pre-review mechanism for IPOs [2] - The STAR Market and the ChiNext Board are now allowing unprofitable companies to list, which may lead to a shift in focus for investment institutions towards these companies [4][5] - The introduction of a system for professional institutional investors is expected to improve the identification of quality tech companies and enhance the competitive landscape for investment institutions [6][7] Group 3 - There is a call for regulatory bodies to establish clear standards and management measures for selecting professional institutional investors, emphasizing a multi-dimensional approach [7] - The expectation is for a consistent number of IPOs (at least 200 annually) for unprofitable companies on the STAR Market and ChiNext Board to maintain market confidence [7][8] - Concerns have been raised regarding the risks associated with unprofitable companies, particularly in the biopharmaceutical sector, and the need for stricter regulations on the use of raised funds [8]