Zheng Quan Shi Bao·2025-07-03 01:55Group 1 - The "Eight Measures for Deepening the Reform of the Sci-Tech Innovation Board" have been effectively implemented over the past year, with over 30 reform measures launched, covering areas such as issuance underwriting, refinancing, and mergers and acquisitions [1][2] - The introduction of a 3% maximum quotation exclusion ratio for offline subscriptions has led to a more prudent pricing environment, reducing extreme high-price behaviors among investors [1][2] - The "light asset, high R&D" recognition standard has been officially implemented, encouraging companies to increase R&D investment, with 9 companies already disclosing refinancing plans totaling nearly 25 billion [2][3] Group 2 - The merger and acquisition market on the Sci-Tech Innovation Board has seen significant activity, with 110 new transactions announced in the past year, totaling over 140 billion [3][4] - Notable cases include the first stock swap merger following the revised regulations, showcasing the board's increasing marketization and diversification in transaction pricing and valuation mechanisms [3][4] - Companies are increasingly utilizing various financing methods for mergers, including convertible bonds and private placements, with 12 companies introducing state or industrial capital as controlling shareholders [4][5] Group 3 - Suggestions for further reform include attracting more long-term capital, enhancing the financing environment for unprofitable "hard tech" companies, and improving the valuation guidance for long-term R&D firms [4][5] - The Shanghai Stock Exchange aims to strengthen the Sci-Tech Innovation Board's role as a "testbed" for reforms, enhancing the adaptability and inclusiveness of the system to better support technological innovation and new productivity development [5]