年内76只新股发行 “硬科技”成色足

Group 1 - The A-share market has seen a steady increase in new stock listings this year, with a total of 76 new IPOs as of September 29, 2023, which is 8 more than the same period last year, raising a total of 75 billion yuan, surpassing the total for the entire year of 2024 [1] - The majority of new listings are concentrated in sectors such as power equipment, automotive, electronics, and machinery, with power equipment leading with 16 new stocks [1] - The trend of "quantity and quality" improvement in A-share IPOs is attributed to the registration system reform, which has made the review process more transparent and efficient, facilitating the flow of capital towards technology innovation [1][2] Group 2 - Over 90% of newly listed companies this year are technology-related, with the technology sector now accounting for over 25% of the A-share market capitalization, significantly higher than the combined market cap of banking, non-bank financials, and real estate [2] - Regulatory bodies have introduced a series of policies to support technology innovation, including the reintroduction of the fifth set of listing standards for the Sci-Tech Innovation Board, expanding its scope to include more advanced technology fields [2] - As of September 29, 2023, 186 companies have had their IPO applications accepted, a significant increase compared to 98 for the entire year of 2024, with many coming from the semiconductor, healthcare, automotive, and electronics sectors [2] Group 3 - "Hard technology" companies are gaining traction in the capital market, while "pseudo-technology" companies are being kept out by regulatory measures [3] - Recommendations to prevent the listing of "pseudo-technology" companies include establishing quantitative standards for technology attributes, enhancing information disclosure regulations, and increasing penalties for fraudulent activities [3] Group 4 - The pace of A-share IPOs is expected to gradually accelerate while maintaining relative stability in the market [4]