时报观察丨畅通科技企业上市路径 重塑科创估值体系

Core Viewpoint - The establishment of the Sci-Tech Innovation Board's growth tier marks a significant opportunity for unprofitable tech companies to access capital markets, indicating a shift in the valuation framework for these firms [1][2]. Group 1: Introduction of the Growth Tier - Three unprofitable new stocks—He Yuan Bio, Xi'an Yicai, and Bibet—are set to launch online subscriptions, becoming the first new registered companies in the growth tier of the Sci-Tech Innovation Board [1]. - This is the first time in over two years that unprofitable companies will be welcomed on the Sci-Tech Innovation Board, following the China Securities Regulatory Commission's announcement in June to establish the growth tier [1]. Group 2: Valuation System Restructuring - The growth tier not only opens doors for unprofitable hard tech companies but also reshapes the valuation system for these firms, which have historically struggled to achieve reasonable pricing under traditional profit-oriented valuation frameworks [2]. - The new valuation approach emphasizes "technological breakthroughs" and "commercialization prospects" over short-term profit metrics, allowing for a quantifiable recognition of technological value in the capital market [2]. Group 3: Institutional Support and Resource Allocation - The introduction of seasoned institutional investors aims to enhance market evaluation of tech companies' innovation attributes and commercial potential [2]. - Innovative measures, such as allowing unprofitable companies to raise funds from existing shareholders and supporting mergers of companies listed on the Sci-Tech Innovation Board for less than three years, address funding challenges during critical R&D phases [2]. Group 4: Risk Management and Investor Protection - The growth tier includes a "U" label for risk indication and strengthens investor suitability management, striving to balance innovation support with risk prevention [2].