制度包容性提升 科创投资发展预期进一步增强丨“科创板八条”一周年

Core Viewpoint - The article discusses the positive impact of the "Eight Measures for Deepening the Reform of the Sci-Tech Innovation Board" on venture capital institutions, emphasizing the support for unprofitable tech companies to go public, which aligns with the development of new productive forces [1][2]. Group 1: Support for Unprofitable Companies - The "Eight Measures" explicitly support unprofitable companies with key technologies and market potential to list on the Sci-Tech Innovation Board, recognizing that unprofitability is common in high-investment, long-cycle tech firms [1][3]. - The measures aim to enhance the exit channels for venture capital institutions, facilitating a "investment-exit-reinvestment" cycle [1]. Group 2: Mergers and Acquisitions - The measures encourage listed companies on the Sci-Tech Innovation Board to engage in mergers and acquisitions, particularly targeting high-quality unprofitable "hard tech" firms, which could serve as a potential exit channel for venture capital [2]. - There are concerns regarding the complexity and uncertainty of mergers and acquisitions, suggesting that regulatory bodies should adopt a more comprehensive perspective [2]. Group 3: Market Environment and Policy Support - The article highlights the increasing penetration rate of venture capital institutions in listed companies, reaching 100% in the first half of 2024, indicating a robust integration of venture capital with the Sci-Tech Innovation Board [2]. - The article stresses the importance of a supportive policy environment for the long-term development of tech innovation companies, advocating for improved assessment systems for unprofitable firms [3].