沪深交易所年内首单“登场”

Core Viewpoint - The article highlights the recent developments in China's capital market regarding the support for technology innovation and the listing of unprofitable companies, particularly focusing on the approval of the IPO application by Aotuo Technology, which marks a significant step in the reactivation of the fifth listing standard on the Sci-Tech Innovation Board [1][3]. Group 1: Recent Developments - The China Securities Regulatory Commission (CSRC) has emphasized the need to enhance the inclusiveness and adaptability of the listing system to support high-potential unprofitable technology companies [1]. - Aotuo Technology's IPO application is the first to be accepted by the Shanghai and Shenzhen stock exchanges since 2025, indicating a positive signal for the resumption of the fifth listing standard [2][3]. - The capital market's direct financing function is deemed crucial in promoting the integration of technological and industrial innovation, with companies like DeepSeek and Yushu Technology leading the charge [1]. Group 2: Aotuo Technology Overview - Aotuo Technology specializes in the research, production, and sales of programmable logic controllers (PLCs), which are essential for modern industrial automation [2]. - The company aims to raise approximately 779 million yuan through its IPO, with funds allocated to various projects including the establishment of an integrated R&D center [2]. - Aotuo's revenue from 2021 to September 2024 shows a growth trajectory, with figures of 114 million yuan, 142 million yuan, 197 million yuan, and 156 million yuan respectively [2]. Group 3: Market Trends and Standards - The IPO acceptance rate has slowed significantly, with only 11 IPOs accepted in 2024, highlighting a cautious approach towards unprofitable companies [3]. - The fifth listing standard, which allows unprofitable companies to go public, has been under scrutiny, with no new applications since June 2023 until Aotuo's recent approval [3][4]. - The CSRC's recent statements indicate a renewed focus on supporting high-tech companies with significant market potential, suggesting a potential revival of the fifth listing standard [8].