Core Viewpoint - The China Securities Regulatory Commission (CSRC) has officially launched a third set of standards for the ChiNext board to support high-quality, unprofitable innovative companies in going public [1][3]. Group 1: ChiNext Board Developments - Shenzhen Dapu Microelectronics Co., Ltd. has become the first unprofitable company to have its IPO application accepted by the Shenzhen Stock Exchange [2]. - The Shenzhen Stock Exchange emphasizes the implementation of various listing standards to provide more inclusivity for both profitable and unprofitable enterprises, thereby supporting high-quality innovative companies in expanding their financing channels [3][4]. Group 2: Market Context and Trends - The increasing complexity of international geopolitics and the rise of innovative enterprises with key technologies in China highlight the importance of the capital market in driving industrial upgrades and technological innovation [5]. - As of now, the ChiNext board has 1,382 listed companies with a total market capitalization exceeding 13 trillion yuan, with nearly 90% being high-tech enterprises and about 70% being strategic emerging enterprises [5]. - The ChiNext board has seen a significant increase in revenue and market capitalization for many companies post-listing, with nearly half of them doubling their revenue and market value [5]. Group 3: Dapu Microelectronics Case Study - Dapu Microelectronics focuses on the research and sales of enterprise-level solid-state drives (SSDs) and has a self-developed main control chip with over 70% of its shipments using this technology [11][12]. - The company has invested 736 million yuan in R&D over the past three years, accounting for 36.15% of its total revenue, and holds 156 invention patents [14]. - Dapu Microelectronics aims to raise 1.878 billion yuan through its IPO to fund the development of next-generation main control chips and SSD production testing bases [14]. Group 4: Regulatory and Market Implications - The introduction of listing standards for unprofitable innovative companies is seen as a timely response to market demands and aims to enhance the capital market's support for technological innovation [8][15]. - The Shenzhen Stock Exchange is also working on further reforms to support the issuance of technology innovation bonds and to attract long-term capital into the market [9]. - The regulatory framework will ensure strict adherence to listing standards to prevent "pseudo-innovation" and maintain market integrity [17][18].
创业板解锁未盈利企业上市 更大力度支持优质创新企业
证券时报·2025-06-27 07:46