科创板并购潮起：134单！超400亿元！

Core Viewpoint - The Shanghai Stock Exchange (SSE) emphasizes its commitment to supporting technological innovation and enhancing the development of new productivity through the Science and Technology Innovation Board (STAR Market), aiming to facilitate a virtuous cycle among technology, capital, and industry for high-quality development [1] Group 1: STAR Market Development - The STAR Market has evolved from a testing ground for capital market services to a demonstration platform for technological innovation, currently hosting 589 listed companies with a total market capitalization exceeding 9 trillion yuan [1] - In the first half of 2025, the STAR Market's overall R&D investment surpassed 84.1 billion yuan, which is 2.8 times its net profit, with a median R&D investment ratio of 12.61%, establishing it as the highest R&D density cluster in the capital market [1] Group 2: Inclusive Reform and Support - The STAR Market has broken traditional barriers by allowing unprofitable hard-tech companies to access capital, with the introduction of a multi-tiered listing standard that includes unprofitable enterprises and special equity structures [2] - Since the implementation of the "1+6" policy, 15 new IPO applications have been accepted, including 4 unprofitable companies, demonstrating the effectiveness of the new reforms [2] Group 3: Tailored Growth Tools - The STAR Market has introduced adaptive reforms to support technology companies, focusing on their unique needs at different stages, including measures for mergers and acquisitions, refinancing, and equity incentives [3] - In 2025, the STAR Market disclosed 134 merger transactions with a total value exceeding 40 billion yuan, surpassing the total of the previous five years [3] Group 4: Comprehensive Service and Ecosystem - The SSE aims to provide full-chain services to support the growth of STAR Market companies, including on-site supervision, tailored training, and proactive problem-solving [4] - The SSE has initiated a "quality improvement, efficiency enhancement, and return focus" campaign, resulting in 408 companies announcing dividend plans totaling over 550 billion yuan in 2025 [5] - The STAR Market has developed a coordinated investment and financing ecosystem, ensuring that funds are directed towards tangible projects while allowing investors to share in the returns [4][5]