科创板“1+6”改革落地有多重意义

Core Viewpoint - The successful listing of three companies on the Sci-Tech Innovation Board marks the substantial implementation of the "1+6" reform, aimed at supporting unprofitable but technologically advanced enterprises [1][2]. Group 1: Reform Significance - The establishment of the Sci-Tech Growth Layer demonstrates the inclusiveness of the system and its alignment with the development of "hard tech" enterprises, providing institutional support for unprofitable companies with significant technological breakthroughs [2][3]. - The reform facilitates financing channels for "hard tech" companies, accelerating the gathering of new enterprises in the Sci-Tech Growth Layer, with 26 new companies accepted post-reform, including 8 unprofitable ones [3][4]. Group 2: Valuation Logic and Market Dynamics - The reform reshapes the valuation logic for "hard tech" companies, encouraging the market to focus on long-term value and technological barriers rather than short-term profits, which fosters a patient capital environment [4][5]. - The introduction of 21 new Sci-Tech Board ETFs since the reform, with a total scale of 300 billion yuan, directs funds towards key development areas in new productivity [4]. Group 3: Company Performance Post-Listing - Companies must maintain a focus on technological breakthroughs and commercialization after going public, as demonstrated by successful cases like ChipLink and Suzhou Zejing Biopharmaceutical, which have achieved significant market penetration and product approvals [5][6].