中国资本市场正通过制度性创新，重新为符合国家战略方向的 优质未盈利科技企业拓宽融资渠道，对企业和一二级市场投资 者均具有重要影响。 作者： 蔡越坤 封图：图虫创意 9月26日，"国产GPU"第一股摩尔线程智能科技（北京）股份有限公司（下称"摩尔线程"）首发申 请成功通过上海证券交易所（下称"上交所"）上市审核委员会会议审议。 从6月30日科创板首发申请获上交所受理，到9月5日披露了首轮审核问询函回复、9月18日更新了 第二轮审核问询函回复，再到9月19日公告上会日，摩尔线程作为未盈利企业，不到3个月即行至 IPO（首次公开发行）冲关"临门一脚"，可谓跑出"火箭速度"。 这让周挺感到久违的振奋。作为一家科技类公司的CEO，周挺正全力推进公司的IPO进程。他所在 的公司在过去三年净利润持续为负，但在2025年上半年已出现减亏迹象。两年前，该公司曾启动 上市筹备工作，却逢"8·27"新政（2023年8月27日，证监会明确"根据近期市场情况，阶段性收紧 IPO节奏，促进投融资两端的动态平衡"）出台，IPO计划被迫搁置。 科创板自2019年设立以来，其第五套上市标准一直被视为未盈利硬科技企业登陆资本市场的重要 通道。有 ...

经济观察报 记者 蔡越坤 9月26日，"国产GPU"第一股摩尔线程智能科技（北京）股份有限公司（下称"摩尔线程"）首发申请成功通过上海证券交易所（下称"上交所"）上市审核委 员会会议审议。 从6月30日科创板首发申请获上交所受理，到9月5日披露了首轮审核问询函回复、9月18日更新了第二轮审核问询函回复，再到9月19日公告上会日，摩尔线 程作为未盈利企业，不到3个月即行至IPO（首次公开发行）冲关"临门一脚"，可谓跑出"火箭速度"。 这让周挺感到久违的振奋。作为一家科技类公司的CEO，周挺正全力推进公司的IPO进程。他所在的公司在过去三年净利润持续为负，但在2025年上半年已 出现减亏迹象。两年前，该公司曾启动上市筹备工作，却逢"8·27"新政（2023年8月27日，证监会明确"根据近期市场情况，阶段性收紧IPO节奏，促进投融 资两端的动态平衡"）出台，IPO计划被迫搁置。 科创板自2019年设立以来，其第五套上市标准一直被视为未盈利硬科技企业登陆资本市场的重要通道。有着十多年从业经历的投行人士李波告诉经济观察报 记者，"8·27新政"发布之后，未盈利企业上市陷入停滞。 2025年6月，转机出现。6月18日，中 ...

Group 1 - The "1+6" reform measures for the Sci-Tech Innovation Board (STAR Market) have led to the approval of IPO registration for three unprofitable companies: Wuhan Heyuan Biotechnology Co., Ltd., Guangzhou Bibet Pharmaceutical Co., Ltd., and Xi'an Yiswei Material Technology Co., Ltd. [1][2] - Heyuan Biotechnology became the first company to pass the review under the new "1+6" policy after two years of waiting, with its IPO application submitted on July 4 and registered on July 18 [1][2] - Bibet Pharmaceutical's IPO application, submitted on June 1, 2023, received registration approval on August 7, 2023, after a prolonged wait of over two years [1][2] Group 2 - Xi'an Yiswei received its registration approval on August 29, 2023, and is the first unprofitable company to be accepted under the new measures, opting for the fourth listing standard [2] - The "1+6" policy, introduced on June 18, 2023, aims to support high-quality unprofitable tech companies by reintroducing the fifth listing standard and expanding its applicability [2][3] - Shenzhen Beixin Life Technology Co., Ltd. passed the review on July 18, 2023, after being in the queue for over two years, with its IPO application submitted on March 30, 2023 [2][3] Group 3 - Zhuhai Tainuo Maibo Pharmaceutical Co., Ltd. became the first company to have its IPO application accepted under the reactivated fifth listing standard on July 31, 2023 [3] - Two other companies, Harbin Sizherui Intelligent Medical Equipment Co., Ltd. and Shanghai Hengrun Da Biological Technology Co., Ltd., are still in the review process for the fifth listing standard [3] - The ChiNext board has also begun supporting high-quality unprofitable innovative companies, with the first unprofitable company, Shenzhen Dapu Microelectronics Co., Ltd., receiving acceptance on June 27, 2023 [3]

通过此次活动，区内企业更加精准的明确上市条件的重要性，促进与监管机构的直接互动。下一步，我 们将继续开展此类活动，深化金融服务工作，帮助更多优质企业把握自身上市节奏，加快推动我区上市 工作开展。 会上，浙江证监局谢甜甜老师通过监管机构视角的专业解读，围绕企业高质量辅导与申报进行专题分 享，强调企业在筹备上市过程中需注重的核心问题。随后，上交所李达睿老师和深交所黄积严老师分别 围绕科创板和创业板未盈利企业上市政策进行深入解读。最后，杭州市委金融办李宝军强调，企业应抓 住政策窗口期，完善内控问题，结合自身，做到适时判断。 互动交流环节，企业代表与交易所、监管机构展开面对面的深入对话，就企业关心的上市路径、审核标 准等问题展开深入探讨，企业代表纷纷表示受益匪浅。 为助力区内未盈利企业把握国内资本市场上市机遇，搭建沟通桥梁。8月13日，由杭州高新区(滨江)发 改局指导科技金融服务中心于滨江会展中心成功举办杭州高新区(滨江)未盈利企业上市座谈交流会。 本次交流会邀请来自上交所、深交所、浙江证监局、杭州市委金融办的专家老师，以及区内8家拟上市 企业的代表参与。旨在助力更多优质企业把握改革机遇，实现高质量发展。 ...

Core Viewpoint - The implementation of the third set of listing standards on the ChiNext board allows unprofitable companies to go public, enhancing the inclusiveness and coverage of the ChiNext market, and providing more opportunities for companies to list on the A-share market [1][3]. Group 1: New Listing Standards - The third set of listing standards requires a minimum market value of 5 billion yuan and a minimum revenue of 300 million yuan in the most recent year for unprofitable companies to list on the ChiNext board [1][4]. - Since the introduction of the registration system, the majority of companies have opted for the first set of standards, with 97% of the 418 newly listed companies using this standard [2][7]. - The new standards are designed to support high-tech and strategic emerging industries, aligning with national industrial policies [4][6]. Group 2: Market Conditions and Implications - The timing for implementing the third set of standards is deemed mature due to the stable operation of the market and the optimization of its structure over the past two years [3][6]. - The new standards are not seen as a relaxation of requirements but rather as an optimization based on practical experience, aimed at broadening the listing pathways for quality market entities [3][5]. - The opening of the ChiNext board to unprofitable companies is expected to enhance the capacity and quality of the board, allowing more companies to access long-term financing and support the development of strategic emerging industries [7][8].

Group 1 - Xi'an Yiswei Material Technology Co., Ltd. has successfully passed the initial public offering (IPO) review on the Sci-Tech Innovation Board [1] - Xi'an Yiswei is the first unprofitable company accepted by the Shanghai Stock Exchange after the release of the "New National Nine Articles" and "Eight Measures for Sci-Tech Innovation" [1] - The company focuses on the research, production, and sales of 12-inch silicon wafers and has become an important supplier in the global 12-inch silicon wafer market [1] Group 2 - The IPO aims to raise 4.9 billion yuan [1] - In June 2024, the China Securities Regulatory Commission released measures to support unprofitable companies with key core technologies and significant market potential to go public [1] - The measures also aim to enhance the valuation inclusivity for mergers and acquisitions, supporting Sci-Tech Innovation Board companies in acquiring quality unprofitable "hard technology" firms [1]

Core Viewpoint - The IPO of Xi'an Yicai, the first unprofitable company accepted under the "Eight Articles of Science and Technology Innovation Board," reflects the latest regulatory trends for unprofitable enterprises in China [2][3]. Group 1: IPO Progress and Regulatory Trends - The Shanghai Stock Exchange has streamlined the second round of inquiries for Xi'an Yicai from 15 questions in the first round to 9, focusing on competition, operating performance, control rights, and R&D personnel [2]. - Xi'an Yicai's IPO application was accepted on November 29, 2024, with plans to raise 4.9 billion yuan for the second phase of its silicon industry base project [2]. Group 2: Financial Performance - The company's projected revenues for 2022, 2023, and 2024 are 1.055 billion yuan, 1.474 billion yuan, and 2.121 billion yuan, respectively, while net losses are expected to be 412 million yuan, 578 million yuan, and 738 million yuan [3]. - Despite rapid revenue growth and increasing capacity utilization rates of 78.15%, 81.71%, 72.92%, and 91.07% from 2021 to 2024, the company continues to experience significant losses [3][4]. Group 3: Industry Competition and Market Position - Xi'an Yicai's revenue from epitaxial wafers is only 9.03% in 2024, compared to 40% for its competitor, Hu Silicon Industry, which has a first-mover advantage and expansion plans [4]. - The semiconductor silicon wafer market is facing a recovery that is below expectations, with Hu Silicon Industry reporting a net profit of -1.243 billion yuan for 2024 [4]. Group 4: Control Rights and Shareholder Dynamics - The control rights of Xi'an Yicai are under scrutiny, particularly regarding the influence of Liu Yiqian, who previously held significant shares in the controlling entity, Yisiwei Group [5][6]. - The complexity of the control structure raises questions about the accurate identification of actual controllers and whether certain individuals should be recognized as joint controllers [6]. Group 5: R&D Personnel and Investment Concerns - Approximately 50% of Xi'an Yicai's R&D personnel are part-time, raising concerns about the adequacy of R&D investment and the distribution of responsibilities within the R&D team [7][8]. - The company plans to use the 4.9 billion yuan raised for the second phase of its silicon industry base project, which aims to achieve a production capacity of 1.2 million wafers per month by 2026 [8][9].

Core Points - The Science and Technology Innovation Board (STAR Market) has supported 54 unprofitable companies to go public in its six years of operation, with 22 of these companies achieving profitability post-listing [1] - In June, the China Securities Regulatory Commission (CSRC) announced the resumption of the fifth set of listing standards for unprofitable companies on the STAR Market, and established a growth tier for these companies [1] - Currently, 32 unprofitable companies have been officially included in the STAR Market's growth tier [1]

Core Viewpoint - The investment banking industry is undergoing a transformation from a "channel intermediary" to a "value partner," driven by the evolution of the Sci-Tech Innovation Board and the need for enhanced capabilities in value discovery, project selection, and comprehensive lifecycle services [1][7]. Group 1: Industry Changes and Reforms - The Sci-Tech Innovation Board has implemented a new round of reforms, including the introduction of a growth layer and the expansion of the fifth set of standards, which will reshape the investment banking ecosystem [1][4]. - The reforms allow more unprofitable but "hard technology" companies to go public, significantly broadening the business scope for investment banks and creating new business opportunities [1][4]. Group 2: Investment Banking Capabilities - Investment banks need to enhance three key capabilities: value discovery and project selection, comprehensive lifecycle service capabilities, and pricing and sales capabilities [2][7]. - There is a need for a new value assessment system that focuses on "hard technology" attributes and long-term development potential rather than solely on profitability metrics [1][5]. Group 3: Risk Assessment and Compliance - A risk assessment system tailored for unprofitable companies is essential, as these companies often face complex risk characteristics [5][6]. - Investment banks must ensure strict compliance and risk control throughout the project lifecycle to prevent "pseudo-technology" companies from entering the market [4][5]. Group 4: Market Dynamics and Opportunities - The capital market is increasingly supportive of unprofitable technology innovation companies, with policies encouraging their listing [6][9]. - Investment banks are advised to collaborate with experienced professional institutions to enhance project evaluation and market recognition [6][7]. Group 5: Future Outlook and Recommendations - The investment banking sector is encouraged to focus on industries aligned with national strategic priorities and to identify companies with a clear path to profitability despite current unprofitability [5][10]. - Recommendations include reinforcing substantive reviews of "hard technology" attributes and providing special support for essential but underfunded sectors like industrial software [10].

Core Viewpoint - State-owned venture capital must consider not only economic returns but also social benefits and contributions to local economic development [1][13] Group 1: Development of the Sci-Tech Innovation Board - The Sci-Tech Innovation Board has seen significant growth over six years, with over 580 companies listed and a total market capitalization exceeding 6 trillion yuan [2][5] - Recent reforms, including the introduction of the "1+6" measures by the CSRC, aim to enhance support for technology innovation and expand the listing criteria for unprofitable companies [4][6] - The board's unique feature of allowing unprofitable companies to list has been a significant advantage, attracting more investment in high-tech sectors [6][7] Group 2: Investment Landscape and Opportunities - The expansion of the fifth listing standard to include sectors like artificial intelligence and commercial aerospace has increased institutional confidence in investments [8] - The current market conditions indicate a potential window for unprofitable companies to pursue IPOs, with a growing number of companies considering the Sci-Tech Innovation Board as a viable option [9][10] - The investment landscape is evolving, with a focus on identifying high-quality unprofitable companies that meet IPO criteria, necessitating a careful evaluation of their fundamentals rather than solely financial metrics [8][9] Group 3: Role of State-Owned Venture Capital - State-owned venture capital plays a crucial role in supporting early-stage projects, with over 50 investments made last year, primarily in technology transformation projects [4][12] - The approach of state-owned capital differs from market-oriented institutions, emphasizing long-term value and social contributions alongside economic returns [1][13] - The establishment of a "tolerance mechanism" for state-owned venture capital is being explored to enhance investment patience and support for innovative projects [16]