“募资即理财”现象蔓延，科技企业为何偏离研发初心

Core Viewpoint - The initial intention of supporting technology companies to go public is to provide capital support for China's technological breakthroughs in critical areas, injecting vital resources for national technological self-reliance [1][2] Group 1: Current Issues - The phenomenon of "IPO for financial management" has evolved from isolated cases to a systemic behavior among technology companies, raising concerns about their commitment to research and development [1][2] - Companies like Moer Thread and Huahong Semiconductor have been reported to allocate substantial IPO funds (e.g., 7.5 billion yuan and over 20 billion yuan respectively) into low-risk financial products instead of investing in production and R&D [1] - This trend of diverting funds from essential projects to financial products distorts market resource allocation efficiency and undermines the integrity of the capital market [1] Group 2: Underlying Reasons - At the enterprise level, some companies lack accurate assessments of R&D cycles and funding consumption rates, leading them to adopt a cautious approach to funding allocation [3] - The market environment has seen inflated valuations in the primary market, prompting companies to rationalize their financial management strategies to maintain high valuations [4] - 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 management [4] Group 3: Successful Examples - The design of the Sci-Tech Innovation Board has successfully supported the growth of several companies in sectors like semiconductors and biomedicine, with examples including SMIC and Zhongwei Technology, which have achieved technological breakthroughs and market value growth through effective fundraising [4] Group 4: Recommendations for Improvement - Strengthening the responsibility of intermediary institutions by incorporating continuous supervision into core assessment metrics and implementing thorough oversight of financial management behaviors [5] - Optimizing information disclosure requirements for companies to provide detailed funding usage plans and R&D progress, establishing a correlation assessment system between funding use and technological breakthroughs [5] - Creating positive incentives for companies with high R&D investment ratios and significant technological breakthroughs by offering green channels for refinancing, fostering a virtuous cycle between R&D investment, technological breakthroughs, and market value [5] Group 5: Conclusion - The development of the capital market requires professionalism and accountability from "gatekeepers," as well as a commitment from technology companies to their original intentions, ensuring that the Sci-Tech Innovation Board remains focused on strengthening China's technological capabilities rather than merely generating profits [6]