跑出创新“加速度”——从科创板六年看资本市场助力“硬科技”进阶

Core Insights - The Sci-Tech Innovation Board (STAR Market) has achieved significant milestones in its six years, supporting technological innovation and fostering a vibrant ecosystem for "hard tech" companies [1][4][15] Group 1: Achievements and Innovations - STAR Market companies have consistently invested over 10% of their revenue in R&D, leading to a rapid pace of technological advancement [1] - Recent breakthroughs include the completion of Phase III clinical trials for a new cancer drug by Bai Li Tian Heng and FDA approval for a new drug by Di Zhe Pharmaceutical [2][3] - As of March 2024, STAR Market companies collectively applied for 29,41 patents, with over 80% being invention patents, showcasing their commitment to innovation [5] Group 2: Market Dynamics and Growth - The STAR Market has become a preferred platform for "hard tech" companies, with over 589 listed companies raising more than 1.1 trillion yuan through IPOs and refinancing [9] - Approximately 30% of STAR Market companies have products or projects that are industry-first, and over 80% focus on import substitution and self-sufficiency [6] - The market has seen a significant increase in the number of companies focusing on emerging industries such as AI, biotechnology, and high-end manufacturing, which now account for over 80% of listed firms [7] Group 3: Institutional Support and Reforms - The STAR Market serves as a "testbed" for capital market reforms, with various innovative mechanisms introduced to support the growth of tech companies [8][10] - Recent reforms include the establishment of a growth tier for unprofitable companies and the introduction of new standards to facilitate financing for innovative firms [14][15] - The market's structure encourages a healthy cycle of technology, industry, and capital, promoting collaboration among various stakeholders [11]