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 new stocks—He Yuan Bio, Xi'an Yicai, and Bibet—are set to launch online subscriptions, becoming the first 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: Support for Hard Tech Enterprises - The growth tier aims to support tech companies with significant breakthroughs and promising commercial prospects that are currently unprofitable, providing a pathway for their listing [1] - The establishment of the growth tier reassures hard tech companies in the R&D phase, facilitating their access to capital markets [1] Group 3: Restructuring Valuation System - The growth tier introduces a new valuation dimension for hard tech companies, focusing on "technological breakthrough" and "commercialization prospects" instead of short-term profitability [1] - This shift allows for a more accurate quantification and recognition of technological value in the capital market [1] Group 4: 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 5: Risk Management - The growth tier includes a "U" label for risk warning and strengthens investor suitability management, balancing support for innovation with risk prevention [2]