科创板成长层揭开面纱 资本市场梯队建设进一步完善

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has introduced the "Opinions on Setting Up a Growth Tier in the Sci-Tech Innovation Board," aimed at enhancing the inclusivity and adaptability of the system for technology-driven companies, allowing them to access capital without waiting for profitability [1] Group 1: Policy and Market Impact - The introduction of the growth tier is seen as a timely support for technology breakthrough companies that are in the R&D phase and not yet profitable, facilitating the connection between hard technology and capital markets [1] - The first batch of 32 unprofitable companies has been directly admitted to the growth tier, showing a significant revenue growth of 37.79% year-on-year in the first half of 2025, despite a substantial reduction in net losses by 71.23 billion yuan [1] - Since the launch of the "1+6" policy, 15 new IPO applications have been accepted on the Sci-Tech Innovation Board, including four from unprofitable companies [1] Group 2: Listing Standards - The second to fourth listing standards on the Sci-Tech Innovation Board do not set a profitability threshold but instead require a combination of revenue scale and other metrics such as R&D intensity, cash flow, or market capitalization [2] - The fifth listing standard, which has been reactivated, does not impose performance requirements but focuses on "hard power," assessing companies based on market capitalization and developmental achievements [2] - The first company to apply under the fifth standard, Wuhan Heyuan Biotechnology Co., has successfully passed the review, indicating the formal restoration of the listing channel for unprofitable tech companies [2] Group 3: Market Activity - The activity level of the Sci-Tech Innovation Board has significantly increased over the past three months, with trading volume rising by 339.56% year-on-year and an average turnover rate of 216.73%, up by 116.73 percentage points compared to the same period in 2024 [3] - The establishment of the growth tier is expected to enhance the structure of the capital market in China, leading to breakthroughs in areas such as refined tiered mechanisms, diversified listing standards, optimized investor structure, and the development of a technology finance ecosystem [3]