【西街观察】科创板六周年，喜见硬科技上市潮

Core Insights - The Sci-Tech Innovation Board (STAR Market) has evolved into the largest capital support platform for China's hard technology enterprises, growing from 25 initial listings to 585 [1] - The STAR Market serves as a testing ground for the registration-based reform in China's capital market, which has now expanded broadly [1] - A trend of dual listings (A+H shares) is emerging among STAR Market companies, providing new growth momentum through capital market synergy [1] Group 1 - The influx of funding significantly supports R&D efforts, increasing the success rate of technological breakthroughs [2] - Listing in Hong Kong serves as a new international platform for technology companies, enhancing their profitability and attracting long-term international investors [2] - The implementation of the "1+6" policy on the STAR Market addresses financing difficulties and high information disclosure risks for technology enterprises [2] Group 2 - The pre-review system alleviates the listing anxiety of high-tech companies, allowing unprofitable yet high-quality firms to access the capital market [3] - Hard technology enterprises in fields like biomedicine, artificial intelligence, and commercial aerospace can leverage the STAR Market for financing [3] - The STAR Market's positive impact is evident as companies like Cambricon return profits to investors, enhancing the valuation recognition of tech firms [3] Group 3 - New hard technology companies are listing for the first time while established firms are pursuing secondary listings in Hong Kong, fostering a competitive environment [4] - The diversity of industries represented on the STAR Market, including electronics, biomedicine, semiconductors, and artificial intelligence, highlights its appeal to innovative SMEs [4] - The STAR Market has become the main arena for financing technological innovation, with hard technology serving as its hallmark [4]