Core Viewpoint - The article discusses the recent developments in the Chinese capital market, particularly the reopening of the Sci-Tech Innovation Board (STAR Market) for unprofitable companies under the fifth listing standard and the launch of the third standard for the Growth Enterprise Market (GEM), which is expected to lead to more typical cases in the industry [1][2]. Group 1: Company Developments - Blue Arrow Aerospace has initiated its IPO counseling for the STAR Market, planning to apply under the fifth standard, potentially becoming the first commercial aerospace IPO following the expansion of this standard [2][4]. - As of July 29, three companies, including Blue Arrow Aerospace, have registered for counseling, indicating a growing interest in the STAR Market [3]. - The company has not yet disclosed financial data, but it is noted for its strong capabilities in rocket engine R&D and production, which aligns with the STAR Market's focus on advanced technology [4]. Group 2: Market Trends - The regulatory body has emphasized enhancing the inclusivity and adaptability of the capital market to promote the integration of technological and industrial innovation [5]. - In July alone, 27 new IPO counseling registrations were recorded, marking a monthly high for the year, with several projects focusing on new productivity sectors [5]. - The STAR Market and GEM are both now open to unprofitable companies, but they have different focuses and listing standards, which are crucial for companies to consider when choosing where to list [6]. Group 3: Listing Standards - The fifth listing standard for the STAR Market requires a minimum expected market value of 4 billion yuan, with specific criteria regarding business approval and market potential [6]. - The third listing standard for the GEM requires a minimum expected market value of 5 billion yuan and at least 300 million yuan in revenue for the most recent year [6]. - The STAR Market's approach is more comprehensive regarding unprofitable companies, emphasizing core technology and market potential, while the GEM focuses more on revenue and commercial viability [7][8]. Group 4: Investment Considerations - The key priority for unprofitable technology companies seeking to list is having critical core technologies that align with national strategic development directions [9]. - Companies must also demonstrate significant market potential and a clear commercialization path, alongside compliance and sustainability in operations [10]. - It is advised that unprofitable companies assess their alignment with national industry policies and their core technology levels before planning their listing strategies [10].
科创板或迎首单商业航天IPO项目!未盈利企业如何选择上市地?投行支招
券商中国·2025-07-30 23:33