Core Insights - The listing of three unprofitable "hard technology" companies on the Sci-Tech Innovation Board marks a significant step in enhancing the capital market's support for technological innovation and new productivity development [1][3][5] - The establishment of the Sci-Tech Growth Layer aims to improve the inclusiveness and adaptability of the capital market, allowing unprofitable tech companies to access funding [4][6] Group 1: New Listings and Market Development - Three unprofitable companies, He Yuan Bio-U, Xi'an Yicai-U, and Bibet-U, have collectively listed on the Sci-Tech Growth Layer, increasing the total number of companies in this layer to 35 and the total number of listed companies on the Sci-Tech Innovation Board to 592 [1][5] - The introduction of the Sci-Tech Growth Layer is part of the broader "1+6" policy initiative aimed at enhancing the capital market's inclusiveness and adaptability [4][6] Group 2: Regulatory and Institutional Changes - The China Securities Regulatory Commission (CSRC) emphasizes the need for a strategic focus on risk prevention, strong regulation, and promoting high-quality development in the capital market [3][10] - The shift in listing standards from historical financial performance to future value creation reflects a new regulatory approach that supports the growth of "hard technology" companies [8][9] Group 3: Future Outlook and Strategic Goals - Companies listed in the Sci-Tech Growth Layer plan to leverage capital market platforms for business expansion, focusing on increasing R&D investment and delivering returns to investors [9][10] - The establishment of the Sci-Tech Growth Layer is expected to inject new vitality into the index system, providing a solid foundation for developing targeted indices focused on unprofitable, high-R&D enterprises [7][9]
科创板科创成长层首次“纳新”，A股包容度未来将进一步提升