聚焦科创成长层丨立足管用好用 科创板创新制度“工具箱”支持公司加速成长

Core Viewpoint - The article emphasizes the innovative reforms in the Sci-Tech Innovation Board (STAR Market) that support unprofitable technology companies to go public, highlighting the establishment of a management loop for these companies to enter, cultivate, and exit the market, thereby promoting technological innovation and market risk control [1]. Group 1: Support for Unprofitable Companies - The STAR Market has seen 54 unprofitable companies go public, with 22 of them achieving profitability post-listing [1]. - The "1+6" reform framework aims to create a closed-loop management system for unprofitable enterprises, enhancing support for technological innovation while safeguarding investor interests [1]. Group 2: Fundraising through Re-financing - By the end of September, 16 companies in the STAR Market's growth layer had announced refinancing plans, aiming to raise a total of 29.5 billion yuan, with 8 companies successfully raising 13.2 billion yuan [3]. - The introduction of standards for light assets and high R&D investments has improved financing flexibility, allowing companies to increase R&D spending significantly [3]. Group 3: Successful Fundraising Examples - Cambrian Technologies raised 3.985 billion yuan through a targeted stock issuance, primarily for its chip and software platforms, with over 30% of the funds allocated to R&D [4]. - The issuance attracted a diverse range of institutional investors, with public funds being the main participants, reflecting strong confidence in Cambrian's long-term growth [4]. Group 4: Mergers and Acquisitions - The "Eight Articles of the STAR Market" and "Six Articles of M&A" have invigorated M&A activities among growth layer companies, with 6 disclosed transactions primarily focused on industrial acquisitions [6]. - The acquisition of a 72.33% stake in Xilinx by ChipLink is noted as the first asset purchase transaction using stock issuance in the STAR Market, showcasing innovative valuation methods for unprofitable assets [6]. Group 5: Equity Incentives - Equity incentives are crucial for attracting and retaining talent in tech companies, with 33 instances of incentive plans launched by growth layer companies, covering over 12,000 individuals [8]. - For example, Junshi Biosciences has implemented multiple equity incentive plans, demonstrating strong confidence in future performance with specific profit recovery targets set for the coming years [8].