对话交大高金李楠：科创企业应“宽进严出”，期待加大市场化改革力度｜科创资本论

Core Viewpoint - The launch of the '1+N' policy system signals improvement in the A-share market, with hopes for effective implementation to support the development of high-tech enterprises and sustainable economic growth [1][8]. Group 1: Development of the Sci-Tech Innovation Board - The Sci-Tech Innovation Board has provided a direct financing channel for high-tech enterprises, establishing a multi-dimensional and inclusive listing system that aligns with the characteristics of these companies [1][4]. - Over six years, the Sci-Tech Innovation Board has supported 589 companies, with a total market capitalization exceeding 7 trillion yuan and IPO fundraising of 925.7 billion yuan [4]. - The board has allowed for the listing of 54 unprofitable companies, with 22 of them achieving profitability post-listing [4][6]. Group 2: Regulatory Framework and Market Ecology - The regulatory framework needs to ensure inclusivity, consistency, and predictability while encouraging the development of high-tech enterprises and strictly combating illegal activities [2][3]. - A focus on a "wide entry, strict exit" approach is recommended, similar to the Nasdaq, where listing conditions are lenient but delisting rules are strictly enforced [4][5]. - The introduction of a pre-review mechanism for IPOs aims to shorten the exposure time of sensitive information during the listing process [6]. Group 3: Market Dynamics and Investment Environment - The capital market is undergoing deep reforms, with the goal of creating a virtuous cycle between technology, industry, and capital [7][8]. - The government is encouraged to improve the business environment and infrastructure rather than directly participating in investments to ensure effective capital allocation [8]. - A fair and transparent market environment is essential to attract long-term capital and restore investor confidence [9].