市场点评报告：未盈利公司IPO通道正式重启

Core Insights - The report highlights the re-opening of the IPO channel for unprofitable companies, driven by the "1+6" policy measures introduced by the CSRC, aimed at enhancing the inclusiveness and adaptability of the regulatory framework [2][3] - The introduction of the "Science and Technology Innovation Board Growth Layer" will specifically cater to unprofitable companies, allowing them to list under the fifth set of standards, which does not impose profit or revenue thresholds but requires a high expected market value [3] - The report notes that the IPO financing scale in Hong Kong has surpassed that of A-shares for both 2024 and year-to-date 2025, indicating a significant shift in market dynamics [3] Market Commentary - The CSRC's new measures include the introduction of a pre-review mechanism for high-quality tech companies and the expansion of the fifth set of standards to cover more frontier technology sectors such as AI and commercial aerospace [3] - As of June 18, 2025, there are 18 companies in the review process for the Science and Technology Innovation Board, and the re-opening of the IPO channel for unprofitable companies is expected to shorten the review cycle and accelerate financing for these firms [3] - The report emphasizes that the regulatory environment is becoming more supportive of high-quality unprofitable innovative companies, reflecting a shift in the CSRC's stance since the March 11 meeting [3]