时报观察丨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 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, following the China Securities Regulatory Commission's announcement in June to establish a growth tier focused on tech firms with significant breakthroughs and commercial potential [1]. Group 2: Valuation System Restructuring - The growth tier provides a new valuation dimension for hard tech companies, replacing short-term profit indicators with metrics like "degree of technological breakthrough" and "commercialization prospects," allowing for the quantification and recognition of technological value in capital markets [1]. - The introduction of professional institutional investors aims to enhance market evaluation of the technological attributes and commercial prospects of these tech firms [1]. Group 3: Resource Allocation Efficiency - Institutional innovations not only reconstruct valuation logic but also enhance resource allocation efficiency, addressing challenges faced by hard tech companies during critical R&D phases and in industry consolidation [2]. - Measures such as allowing unprofitable companies to raise funds from existing shareholders and supporting mergers of listed companies aim to alleviate funding shortages and obstacles in resource integration [2]. Group 4: Risk Management - The growth tier includes a "U" label for risk warning and strengthens investor suitability management, striving to balance support for innovation with risk prevention [2].