科创板不拘一格支持“硬科技”企业发展

Core Insights - The China Securities Regulatory Commission (CSRC) Chairman Wu Qing announced the listing of the first batch of newly registered companies in the Sci-Tech Innovation Board (STAR Market) during the 2025 Financial Street Forum, with three companies listed on October 28, 2023 [1] - The STAR Market has attracted 592 technology companies with a total market capitalization exceeding 9 trillion yuan, establishing itself as the preferred venue for "hard tech" companies in China [1] - In 2023, the STAR Market added 11 new listed companies, raising a total of 16.952 billion yuan through IPOs, representing a 54% increase compared to the same period last year [1] Company Summaries - The three newly listed companies are Wuhan Heyuan Biotechnology Co., Ltd., Guangzhou Bibete Pharmaceutical Co., Ltd., and Xi'an Yisiwei Material Technology Co., Ltd. Their first-day stock price increases were 213.49%, 74.41%, and 198.72%, respectively [1] - Xi'an Yisiwei is a leading company in the 12-inch silicon wafer sector, ranking first in monthly shipment volume and production capacity in mainland China and sixth globally [2] - Heyuan Biotechnology focuses on the research, production, and sales of plant-derived recombinant protein drugs, with eight drugs in its pipeline, including a recombinant human albumin injection that has received regulatory approval [2] - Bibete Pharmaceutical specializes in innovative drugs for major diseases such as tumors, autoimmune diseases, and metabolic diseases [2] Policy and Market Environment - The implementation of various reform measures, including the "National Nine Articles" and "Science and Technology Eight Articles," has opened doors for companies in different sectors to access capital markets, enhancing their ability to convert technological achievements into industrial capabilities [2] - The establishment of the Sci-Tech Growth Layer aims to support high-quality technology companies with significant breakthroughs and commercial prospects, while also enhancing information disclosure and risk management [3] - The Shanghai Stock Exchange has completed preparations for the STAR Market reforms and aims to better serve high-quality development by focusing on "hard tech" companies and enhancing regulatory effectiveness [4] - The exchange will promote reforms in issuance, underwriting, refinancing, and mergers and acquisitions to attract resources to the technology sector, while also prioritizing investor protection and fostering a favorable market ecosystem [4]