2 1 Shi Ji Jing Ji Bao Dao·2025-07-22 02:12Core Insights - The Sci-Tech Innovation Board (STAR Market) has become a significant platform for technology innovation and capital market reform in China, celebrating its sixth anniversary with 589 listed companies as of July 22, 2025 [1] Group 1: STAR Market Development - The STAR Market has continuously promoted institutional innovation and industrial upgrading, attracting global attention as a hub for "hard technology" enterprises [1] - Since its launch on July 22, 2019, the STAR Market has supported the listing of 25 initial companies, marking the beginning of its journey [1] Group 2: Company Perspectives - Haiguang Information has made significant progress in governance, innovation, competition, and operations, focusing on high-end processor business and increasing R&D investment [2] - The company has independently developed multiple generations of general-purpose CPUs and AI accelerators, achieving a leading market share in domestic high-end computing and intelligent computing sectors [2] - Baili Tianheng has benefited from the STAR Market's support for high-quality development of unprofitable enterprises, focusing on innovative drug development in oncology [4] - The company has initiated a fundraising plan for innovative drug R&D, aiming to expand its product pipeline and commercialize more products [4] - Tuojing Technology has experienced accelerated growth post-listing, achieving profitability in its first year and expanding its production scale in semiconductor equipment [6] - Zhongkong Technology has leveraged capital market support for R&D in AI and robotics, enhancing its governance structure and operational efficiency [7] - Zexin Pharmaceutical has successfully launched three new drug products and established a competitive product pipeline, benefiting from STAR Market policies [9] - Hehui Optoelectronics has recognized the STAR Market's reforms as a significant boost to its innovation capabilities and market adaptability [10] Group 3: Policy Impact - The introduction of the "1+6" policy measures aims to enhance the STAR Market's support for technology innovation enterprises, addressing core pain points and growth patterns [10][12] - The establishment of the Sci-Tech Growth Layer provides a dedicated capital channel for high-potential, non-profitable enterprises, facilitating their transition through the "valley of death" [11] - The reforms emphasize long-term value assessment based on technological advancement and market potential, rather than short-term profitability [12] - The STAR Market is expected to cultivate globally competitive technology leaders, contributing to high-quality economic development in China [12][14]