证券时报·2025-07-22 00:00Core Viewpoint - The article emphasizes the significant role of the Sci-Tech Innovation Board (STAR Market) in fostering "hard technology" companies, highlighting its achievements over the past six years, including the establishment of 589 listed companies with a total market capitalization exceeding 7 trillion yuan, and its ongoing reforms aimed at enhancing the capital market's support for technological innovation [1][11][15]. Group 1: Development and Achievements - The STAR Market has maintained its focus on "hard technology," serving as a "testbed" for reforms and facilitating the growth of companies in sectors like integrated circuits, biomedicine, and new energy [1][7]. - As of July 21, the STAR Market has 589 listed companies with a total market value of over 7 trillion yuan, and it has raised 1.1 trillion yuan through IPOs and refinancing [11][16]. - The board has successfully attracted a significant number of companies, with over 70% of IPO applications in the first half of the year targeting the STAR Market [6]. Group 2: Institutional Innovations - The STAR Market has implemented a series of groundbreaking institutional innovations across various aspects such as issuance, listing, trading, and mergers and acquisitions, enhancing its appeal to technology firms [23][24]. - Recent reforms include the introduction of a "growth layer" and the expansion of the fifth listing standard to cover industries like artificial intelligence and commercial aerospace, reflecting a commitment to supporting "hard technology" [24][26]. Group 3: Investment Trends - The STAR Market has shifted investment focus towards "hard technology," with nearly 90% of companies receiving venture capital support before going public [19][18]. - The market has seen a significant increase in institutional investor participation, with over 60% of holdings in the STAR Market attributed to institutional investors, indicating growing confidence in the sector [21]. Group 4: Future Outlook - The ongoing reforms are expected to further enhance the STAR Market's ability to support technological innovation and long-term value creation, positioning it as a key player in the capital market [26][28]. - The emphasis on long-term investment and the need for patient capital is highlighted, as the nature of technology innovation often involves high risks and long return cycles [28][29].