Core Points - The first three companies have been registered in the Sci-Tech Innovation Board's growth layer, marking a significant step in the capital market's support for technological innovation and the development of new productive forces [1][4] - The establishment of the Sci-Tech Growth Layer aims to enhance the inclusiveness and adaptability of the capital market, allowing unprofitable technology companies to access funding [5][7] - The introduction of the "1+6" policy framework has successfully facilitated the inclusion of unprofitable companies, with a total of 35 companies now listed in the growth layer [5][6] Group 1: Market Developments - The three newly listed companies, He Yuan Bio-U, Xi'an Yicai-U, and Bibete-U, represent the first batch of new registrations in the Sci-Tech Growth Layer, which aims to support high-tech industries [1][6] - The total number of companies listed on the Sci-Tech Innovation Board has reached 592, indicating a growing market [5] - The Shanghai Stock Exchange has completed necessary preparations for the listing of these companies within four months, demonstrating efficient regulatory processes [6] Group 2: Regulatory Insights - The China Securities Regulatory Commission (CSRC) emphasizes the importance of risk prevention, strong regulation, and promoting high-quality development in the capital market [4][12] - Future plans include enhancing the regulatory framework to better identify quality tech companies and support emerging sectors such as artificial intelligence and aerospace [12] - The CSRC aims to improve corporate governance and increase investor returns while fostering a market environment conducive to long-term capital investment [12] Group 3: Company Perspectives - Company leaders express gratitude for the new policies that have opened doors to capital markets, enabling faster technology commercialization and industrial capacity enhancement [6][11] - The focus for these companies will be on increasing R&D investment and delivering performance to reward investors [11] - The transition from a profit-oriented to a future-oriented evaluation approach reflects a shift in how companies are assessed for their potential in the capital market [9]

Group 1 - The first batch of new registered companies, including Xian Yicai, Heyuan Bio, and Bibete, has been listed on the Sci-Tech Innovation Board, marking a significant step in capital market support for technological innovation and new productivity development [2][4] - On the first day of trading, the three companies experienced substantial gains, with Heyuan Bio and Xian Yicai both rising approximately 200%, and Bibete increasing by 74.41% [3][5] - The listing of these companies reflects a growing enthusiasm among institutional investors, indicating recognition of their long-term investment value, despite warnings about the risks associated with investing in unprofitable companies [5][4] Group 2 - As of October 28, the Sci-Tech Innovation Board has 592 listed companies with a total market capitalization exceeding 9 trillion yuan, showcasing the board's focus on "hard technology" enterprises [6] - Since the implementation of the "1+6" reform policy in June, the Sci-Tech Innovation Board has accepted 26 new companies, including 8 unprofitable ones, with a total IPO financing amount of 16.95 billion yuan, representing a 54% year-on-year increase [7] - The Shanghai Stock Exchange aims to enhance its support for high-quality development by identifying and supporting innovative companies in fields such as artificial intelligence and commercial aerospace, while also improving regulatory effectiveness [8][10]

Core Viewpoint - The establishment and development of the Sci-Tech Innovation Board (STAR Market) in China have shown significant progress, with a focus on supporting technological innovation and enhancing the quality of listed companies [2]. Group 1: Market Development - The STAR Market has evolved from inception to a robust platform, maintaining steady growth and effectively fulfilling its market functions [2]. - The introduction of policies such as the "Eight Measures for the STAR Market" and "Six Measures for Mergers and Acquisitions" by the China Securities Regulatory Commission (CSRC) has facilitated this development [2]. Group 2: Reform Initiatives - The implementation of the "1+6" reform in June has progressed smoothly, establishing a growth tier for the STAR Market and introducing experienced institutional investors and pre-review systems [2]. - The CSRC aims to deepen comprehensive reforms in investment and financing, enhancing the inclusiveness, adaptability, attractiveness, and competitiveness of the STAR Market [2]. Group 3: Future Directions - The CSRC plans to align with the spirit of the 20th National Congress of the Communist Party of China, focusing on strategic tasks and major initiatives for the capital market during the 14th Five-Year Plan period [2]. - There is a commitment to improving the quality of listed companies, strengthening regulation, and protecting investors, which will contribute to the high-quality development of the STAR Market [2].

Core Viewpoint - The article discusses the successful listing of the first batch of new registered companies in the Sci-Tech Innovation Board's growth layer, highlighting the significance of recent reforms and policies aimed at supporting high-quality development in the technology sector [2][4][7]. Group 1: Listing of New Companies - On October 28, three companies, He Yuan Bio, Xi'an Yicai, and Bibete, officially listed on the Sci-Tech Innovation Board, marking a historic moment for the growth layer [2][9]. - The market response was enthusiastic, with He Yuan Bio opening up 202%, Xi'an Yicai 361%, and Bibete 175% on their debut [9]. Group 2: Regulatory and Policy Framework - The China Securities Regulatory Commission (CSRC) has introduced significant policies such as the "Eight Articles for Sci-Tech Innovation Board" and the "Six Articles for Mergers and Acquisitions" to enhance the regulatory framework [2][4]. - The Sci-Tech Innovation Board aims to support "hard technology" companies by implementing a more inclusive and adaptable regulatory environment, focusing on sectors like artificial intelligence and commercial aerospace [6][7]. Group 3: Future Directions and Investor Engagement - The focus will be on enhancing corporate governance, improving development quality, and increasing investor returns, with a strong emphasis on investor protection [4][6]. - The establishment of the growth layer is intended to provide more inclusive capital market support for unprofitable technology companies, fostering a positive cycle between technology, industry, and finance [15][16]. Group 4: Market Participation and Investor Accounts - As of now, 758 million investor accounts have been opened for trading in the growth layer, representing 126% of the total active investor accounts [15]. - The recent reforms have led to the acceptance of 26 new companies, including 8 unprofitable firms, indicating a growing interest in supporting innovative enterprises [16].

Core Viewpoint - Shanghai is committed to leveraging the "1+6" policy opportunities of the Sci-Tech Innovation Board to enhance its international technology innovation center capabilities and create a world-class investment and financing ecosystem, promoting high-tech and innovative enterprises to enter the market and grow stronger [1] Group 1: Policy and Institutional Framework - The establishment of the Sci-Tech Innovation Board and the pilot registration system serves a dual mission of capital market reform and supporting technological self-reliance [1] - Over the past six years, the Sci-Tech Innovation Board has nurtured a number of high-growth technology companies and developed replicable and promotable reform experiences [1] - The "1+6" policy released at the Lujiazui Forum this year, following last year's "Eight Measures for the Sci-Tech Innovation Board," injects strong momentum into the new journey of the board as it turns six [1] Group 2: Strategic Initiatives - Shanghai aims to accelerate the establishment of a globally influential technology innovation hub, utilizing the collaboration mechanism with the China Securities Regulatory Commission to deepen the reform of the Sci-Tech Innovation Board [1] - The upgraded "Pudong Light" initiative and other measures will leverage Shanghai's advantages as a global innovation center and modern industrial system to connect "hard technology" enterprises with the capital market [1] - The city is committed to fulfilling its responsibility in serving national strategic needs through these initiatives [1]

Core Points - The first batch of new registered companies in the Sci-Tech Innovation Board's growth tier, including Xian Yicai, Heyuan Bio, and Bibet, officially listed on October 28, marking a significant milestone for the board [1][4][7] - The listing increased the total number of companies in the growth tier to 35 and the total number of listed companies on the Sci-Tech Innovation Board to 592 [1] - The initial offering prices for the three companies were 8.62 CNY, 29.06 CNY, and 17.78 CNY per share, with significant price increases observed by midday trading on the listing day [1] Company Summaries - Xian Yicai's stock price rose to 26.74 CNY, reflecting a 210.21% increase from its offering price [1] - Heyuan Bio's stock reached 88.04 CNY, marking a 202.96% increase [1] - Bibet's stock price climbed to 34.44 CNY, showing a 93.7% increase [1] Regulatory and Policy Insights - The Vice Chairman of the China Securities Regulatory Commission (CSRC), Li Chao, emphasized the importance of utilizing reform policies to enhance development quality and investor returns [5][7] - Li noted that the establishment of the growth tier represents a solid step forward in capital markets supporting technological innovation and new productive forces [7] - The CSRC has implemented several significant policy measures, including the "1+6" reform framework, to facilitate the growth of high-tech enterprises [8] Government Support and Future Directions - Shanghai's Vice Mayor, Wu Wei, highlighted the city's commitment to building a world-class investment and financing ecosystem for "hard tech" companies [9][11] - Wu stated that the Sci-Tech Innovation Board has successfully nurtured a number of high-growth technology companies and has created replicable reform experiences [11] - The government aims to enhance the international competitiveness of Shanghai as a technology innovation hub [12] Market Dynamics and Future Outlook - The Shanghai Stock Exchange's Chairman, Qiu Yong, indicated that the board will continue to support "hard tech" companies with a focus on high standards and effective regulation [13][15] - The market is expected to see a continued influx of innovative companies as the regulatory environment becomes more accommodating [15][19] - The integration of technology, finance, and industry is anticipated to foster a virtuous cycle that supports sustainable economic growth [18][22]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) aims to deepen comprehensive reforms in the capital market to enhance its inclusiveness, adaptability, attractiveness, and competitiveness, thereby better serving the "14th Five-Year Plan" development goals and the construction of a financial power [1][7]. Group 1: Market Developments - The first batch of new registered companies in the Sci-Tech Innovation Board's growth layer was listed on October 28, marking a significant advancement in the board's reform and development [1]. - Three unprofitable companies, He Yuan Biological-U (688765.SH), Xi'an Yicai-U (688783.SH), and Bibete-U (688759.SH), collectively went public [1]. - As of now, the number of companies in the Sci-Tech Innovation Board's growth layer has reached 35, with a total of 592 listed companies on the board [6]. Group 2: Regulatory and Institutional Support - The CSRC has successfully implemented the "1+6" reform policy since June, which includes the introduction of professional institutional investors and pre-review systems [5]. - The Shanghai Municipal Government is actively collaborating with the CSRC to enhance the operational stability and functionality of the Sci-Tech Innovation Board [5]. - The Shanghai Stock Exchange (SSE) has completed preparations for rules, technology, and market readiness within four months following the reform policy's release [6]. Group 3: Future Plans and Strategic Focus - The CSRC plans to research and formulate strategic tasks and major initiatives for the capital market during the "14th Five-Year Plan" period, focusing on risk prevention, strong regulation, and promoting high-quality development [7]. - The SSE will focus on four key areas: maintaining the "hard technology" positioning, promoting development through reform, enhancing regulatory effectiveness, and prioritizing investor protection [8].

Core Insights - The China Securities Regulatory Commission (CSRC) is accelerating the planning for the capital market development in the next five-year period, focusing on risk prevention, strong regulation, and promoting high-quality development [1] - The CSRC aims to deepen comprehensive reforms in capital market investment and financing, enhancing the inclusiveness, adaptability, attractiveness, and competitiveness of China's capital market [1] Group 1: CSRC's Strategic Focus - The CSRC is committed to implementing a new round of capital market reform and opening up, with a focus on improving the coordination between investment and financing functions [1] - The CSRC emphasizes the importance of a robust regulatory framework to support high-quality development in the capital market [1] Group 2: Role of the Sci-Tech Innovation Board - The Sci-Tech Innovation Board (STAR Market) is increasingly demonstrating its role as a "testing ground" for reforms, leading to continuous improvements in the foundational systems of the entire market [2] - The CSRC encourages companies listed on the STAR Market to fully utilize reform policies to enhance corporate governance and improve development quality and investor returns [2] Group 3: New Listings on the STAR Market - The first three newly registered companies in the Sci-Tech Growth Layer officially listed on the STAR Market, just over four months after the CSRC announced the establishment of this layer [3] - Among the first three companies, two are high-tech firms in the biopharmaceutical sector, and one is in the semiconductor materials sector, all of which are currently unprofitable [3] - In 2023, the STAR Market has seen 11 companies listed, raising a total of 16.95 billion yuan in IPO financing, representing a 54% year-on-year increase [3]

人民财讯10月28日电，10月28日，在科创板科创成长层首批新注册企业上市仪式上，证监会副主席李超 在致辞中表示，科创板改革"试验田"作用日益显现，引领带动全市场基础制度持续完善，有力支持了一 批集成电路、生物医药等领域高科技企业，服务科技创新的强劲势能正加快集聚。 ...

Group 1 - The core message emphasizes the importance of enhancing the inclusiveness, adaptability, attractiveness, and competitiveness of China's capital market as outlined by the Chairman of the China Securities Regulatory Commission (CSRC), Wu Qing [1][2] - The CSRC plans to support emerging industries by implementing reforms in the Growth Enterprise Market (GEM) and establishing listing standards that cater to innovative enterprises in new sectors [1][2] - The introduction of the "Qualified Foreign Institutional Investor (QFII) Optimization Work Plan" aims to facilitate foreign investment by improving access management, operational efficiency, and expanding investment scope [1][2] Group 2 - The reform of the Sci-Tech Innovation Board (STAR Market) is accelerating, with the first batch of newly registered companies set to list, supported by measures such as the introduction of professional institutional investors [2] - Institutional reforms will focus on streamlining refinancing processes, expanding merger and acquisition support channels, and encouraging listed companies to enhance governance and return value to shareholders through dividends and buybacks [2] - The development of the Beijing Stock Exchange (BSE) will be promoted, along with the implementation of pioneering policies [2]