科创成长层跑出“加速度”

Core Viewpoint - The "1+6" reform policy announced by the CSRC aims to enhance the inclusiveness and adaptability of the Sci-Tech Innovation Board, particularly through the establishment of the Sci-Tech Growth Tier, which allows unprofitable companies to list on the A-share market [1][5][14]. Group 1: Policy Implementation - The Sci-Tech Growth Tier officially launched on October 28, 2023, with the first batch of unprofitable companies, including Xian Yicai, Heyuan Bio, and Bibet, successfully listed [1]. - The CSRC's guidelines and the Shanghai Stock Exchange's supporting rules have been established to facilitate the listing of unprofitable companies, allowing them to access public capital markets earlier [5][6]. - The reform does not impose additional listing thresholds for unprofitable companies, enabling existing unprofitable firms to transition into the Sci-Tech Growth Tier [6][14]. Group 2: Accelerated Review Process - Since the announcement of the reform, the review process for unprofitable companies has significantly accelerated, with five new unprofitable companies receiving IPO application acceptance [8][9]. - The review of unprofitable companies has been expedited, with some companies, like Moer Thread and Muxi Co., completing the process in under four months [9][10]. - The introduction of a pre-review mechanism for technology companies has further streamlined the process, allowing for proactive communication with regulators [2][7]. Group 3: Market Response and Growth - The existing 32 companies in the Sci-Tech Growth Tier have raised a total of 105.2 billion yuan through IPOs, facilitating their R&D and commercialization efforts [12]. - The total market capitalization of these growth-tier companies has reached 1.09 trillion yuan, with 19 companies valued over 10 billion yuan [12]. - Despite being generally unprofitable, these companies are showing signs of reduced losses, with 19 companies expected to narrow their losses year-on-year in 2024 [12][13]. Group 4: Future Outlook - The establishment of the Sci-Tech Growth Tier provides a unique opportunity for technology companies at various stages of development to access capital markets earlier [13]. - Industry experts anticipate that the market may see the first listings of unprofitable companies in the commercial aerospace sector within the next 12-18 months, as investor understanding of the sector matures [11][14]. - The reform aims to support high-quality technology companies rather than merely increasing the number of listings, ensuring that only firms with substantial technological attributes can qualify [14].