时报观察 畅通科技企业上市路径 重塑科创估值体系

Core Viewpoint - The establishment of the Sci-Tech Innovation Board's growth tier allows unprofitable tech companies to access capital markets, marking a significant shift in the valuation system for hard tech firms [1][2]. Group 1: Introduction of Unprofitable Companies - Three unprofitable companies, He Yuan Bio, Xi'an Yicai, and Bibet, have initiated online subscriptions, becoming the first batch of new registered companies in the growth tier of the Sci-Tech Innovation Board [1]. - This marks the return of unprofitable companies to the Sci-Tech Innovation Board after more than two years [1]. Group 2: Valuation System Restructuring - The growth tier aims to support tech companies with significant breakthroughs and promising commercial prospects, despite currently being unprofitable [1]. - The new valuation framework replaces short-term profit metrics with indicators like "degree of technological breakthrough" and "commercialization prospects," allowing for a more accurate assessment of tech value in the capital market [1]. Group 3: Resource Allocation Efficiency - Institutional innovations not only reconstruct valuation logic but also enhance resource allocation efficiency, addressing funding shortages during critical R&D phases for hard tech companies [2]. - Measures such as allowing unprofitable companies to raise funds from existing shareholders and supporting mergers with companies listed for less than three years aim to alleviate obstacles faced by hard tech firms [2]. Group 4: Risk Management - The growth tier includes a "U" label for risk indication and strengthens investor suitability management, striving to balance innovation support with risk prevention [2].