Core Viewpoint - The article highlights the significant achievements of the Sci-Tech Innovation Board (STAR Market) in its six years of operation, emphasizing its role as a "testbed" for capital market reforms and its support for hard technology enterprises [1][4][11]. Group 1: Achievements of the STAR Market - Since its launch on July 22, 2019, the STAR Market has made notable progress in nurturing new productive forces and promoting high-quality economic development [7][11]. - The STAR Market has become a key platform for hard technology companies, with over 80% of listed companies in emerging industries such as new-generation information technology and biomedicine [11][12]. - The recent implementation of the "1+6" reform measures, including the establishment of a growth tier and the reintroduction of the fifth listing standard, enhances the STAR Market's inclusivity for unprofitable tech companies [4][8][12]. Group 2: Future Outlook - The STAR Market is expected to continue evolving with a more open approach and innovative mechanisms, aiming to attract and cultivate more outstanding tech enterprises [4][15]. - The introduction of the growth tier will specifically support high-quality, unprofitable tech companies, reflecting the increasing inclusivity and adaptability of China's capital market [16][18]. - The STAR Market is anticipated to play a crucial role in fostering technological innovation and supporting the transformation of the economy towards higher quality [11][25][32]. Group 3: Institutional Innovations - The STAR Market has implemented various institutional innovations, such as the strategic investor co-investment system and the recent introduction of professional institutional investors, which enhance the market's value discovery capabilities [8][18][29]. - The flexible listing standards and reduced barriers for entry have attracted more quality tech companies to the market, facilitating better resource allocation [8][12][29]. - The STAR Market's reforms are designed to better accommodate the long profit cycles and high R&D investments typical of tech enterprises, ensuring they receive precise capital support [35][36].
科创板,真6!上市公司、券商高管齐齐“点赞”
证券时报·2025-07-21 13:53