Di Yi Cai Jing·2025-07-20 02:06Core Viewpoint - The establishment of the Sci-Tech Growth Layer on the STAR Market is both an opportunity and a challenge for unprofitable companies seeking to go public, aiming to enhance the inclusiveness and adaptability of the market for innovative tech firms [1][5]. Group 1: Policy and Market Changes - The China Securities Regulatory Commission (CSRC) has introduced the "Opinions on Setting the Sci-Tech Growth Layer," which focuses on supporting tech companies with significant breakthroughs and commercial potential, even if they are currently unprofitable [1]. - Six reform measures have been launched, including expanding the applicability of the fifth listing standard and introducing a pre-review mechanism for IPOs of quality tech firms [1][2]. - The "1+6" policy is seen as a significant step in deepening capital market reforms, providing broader development space for tech innovation companies and new investment opportunities for investors [1][2]. Group 2: Strategic Industry Focus - The company is focusing on strategic industries such as artificial intelligence, green energy, and life sciences, integrating platform resources to support key sectors like technology self-reliance and import substitution [2]. - A project pipeline has been established, including companies like HuanDong Technology and JianXin Superconducting, which are in various stages of the IPO process [2]. Group 3: Investment and Risk Management - Investment banks are encouraged to build an ecosystem of professional institutional investors and provide comprehensive services to early-stage and small tech firms, including training and resource recommendations [3]. - The focus on unprofitable companies necessitates a shift in valuation requirements, emphasizing the need for enhanced core professional capabilities in due diligence and asset pricing [6]. - The introduction of a pre-review mechanism aims to balance information disclosure and investor rights, reducing exposure time for tech firms during the IPO process while ensuring adequate information is available for investors [7].