壹快评丨“募资即理财”现象蔓延，科技企业为何偏离研发初心

Group 1 - The core intention of policies supporting technology companies' IPOs is to provide capital support for breakthroughs in critical technologies and to inject fresh resources for national technological self-reliance [1][2] - The establishment of the Sci-Tech Innovation Board and other listing platforms is a strategic arrangement aimed at promoting technological innovation and achieving industrial autonomy [1][2] - There is a growing concern in the market regarding technology companies focusing more on financing rather than research and development, as evidenced by the trend of companies using IPO funds for financial management instead of investing in production and R&D [2][3] Group 2 - The phenomenon of using IPO funds for financial management has evolved from isolated cases to a systemic behavior among technology companies, particularly in the semiconductor sector [1][2] - The lack of accurate assessment of R&D cycles and funding consumption speed at the enterprise level has led some companies to adopt a cautious approach, opting for a "slow and steady" strategy [3][4] - The high valuations in the primary market have inflated financing expectations, prompting some companies to rationalize their use of funds to maintain these valuations [4] Group 3 - The responsibility of intermediary institutions has been lacking, as they fail to effectively supervise the use of raised funds, which should be directed towards actual projects rather than financial products [4] - The successful design of the Sci-Tech Innovation Board has led to the growth of several companies in sectors such as semiconductors and biomedicine, demonstrating the potential for technology breakthroughs and market value growth through proper funding [4][5] Group 4 - Recommendations for improving the mechanism include strengthening the responsibilities of intermediary institutions, optimizing information disclosure, and establishing positive incentives for companies with significant R&D investments [5][6] - A clear connection between funding usage and technological breakthroughs should be established to enhance transparency for investors [5] - The development of the capital market requires both professional oversight from "gatekeepers" and a commitment from technology companies to their original mission of driving technological advancement [6]