SMIC(SH:688981) IPO日报·2025-07-22 10:39Core Viewpoint - The establishment of the Sci-Tech Innovation Board (STAR Market) has significantly advanced the capital market's support for technological innovation in China, marking a major institutional innovation with the implementation of the registration system [1][2][3]. Group 1: Development and Achievements - Over the past six years, the STAR Market has raised over 1.1 trillion yuan through IPOs and refinancing, supporting 589 companies with a total market capitalization exceeding 7 trillion yuan [5][6]. - The board has seen the emergence of 8 companies with a market value exceeding 100 billion yuan, including SMIC and BeiGene, and 192 companies with a market value over 10 billion yuan [7]. - In 2024, more than 60% of companies on the board have introduced cash dividend plans totaling 38.8 billion yuan, with 290 companies having a dividend payout ratio exceeding 30% [9]. Group 2: Focus on Hard Technology - The STAR Market has become the preferred venue for "hard technology" companies, with over 80% of listed firms in strategic emerging industries such as information technology and biomedicine [11]. - The semiconductor sector has 120 companies along the industry chain, with SMIC as the leading player, while the biopharmaceutical sector has seen companies like Elysium and Zhenhua Cell grow significantly post-listing [11]. - The total R&D expenditure for the board in 2024 is projected to be 168 billion yuan, with a median R&D intensity of 12.6%, significantly higher than that of the main A-share market [11][12]. Group 3: Inclusivity and Policy Enhancements - The STAR Market has established a flexible listing standard that accommodates the unique development patterns of technology companies, allowing for 54 unprofitable companies and various special share structures [15][16]. - Recent reforms introduced by the CSRC aim to enhance inclusivity, including the establishment of a growth tier and the introduction of new measures to support unprofitable tech companies [18][19]. - Notable companies such as Changxin Storage and Yushu Technology are now seeking to initiate their listing processes, reflecting increased confidence among domestic tech firms [19].