Group 1 - The core of Chinese modernization lies in technological modernization, with deepening the reform of the scientific and technological system being key [1] - Since the 18th National Congress, the Chinese government has made strategic plans for technological system reform, achieving historic breakthroughs in key areas [1] - China's global innovation index ranking has risen to 11th place, making it the only middle-income economy in the top 30 [1] Group 2 - Enhancing independent innovation capability is crucial, and breaking down institutional barriers is urgent to unleash the potential of technology as the primary productive force [2] - Deepening the reform of the scientific and technological system is essential for seizing opportunities in the new round of technological revolution and building a strong technological nation [2] - The integration of technology, industry, and finance is necessary to promote a virtuous cycle and foster emerging industries [2] Group 3 - Deepening the reform of the scientific and technological system is a necessary path to respond to significant global changes and build strategic competitive advantages [3] - The competition in frontier technology fields is intensifying, necessitating a focus on high-level technological self-reliance and integration of technological and industrial innovation [3] - Strengthening the role of enterprises in technological innovation and creating a supportive environment for exploration and tolerance of failure is essential [3]

6月18日上午，中国证监会主席吴清在2025陆家嘴论坛上宣布，将在科创板推出深化改革的"1+6"政策措 施，更加精准服务技术有较大突破、商业前景广阔、持续研发投入大的优质科技企业。 风险资本在我国过去数十年的科技产业发展中起到重要的作用。但在2023~2024年期间，由于美联储提 高利率以及全球经济衰退风险加剧，流入我国的美元风险资本减少。与此同时，国内IPO节奏阶段性收 紧，一些企业赴美上市定价过低，港股市场中小股票流动性不足，在一定程度上影响了部分创投机构通 过IPO退出与资金回流，国内风险投资活动有所减少。 但是，在我国当前经济发展阶段，以人工智能、生物科技、商业航天、低空经济等为代表的前沿技术与 新兴产业蓬勃发展，技术突破正向市场应用加快转化，这对加快构建与之相适配的金融服务体系提出了 新的更高要求。因此，及时重启第五套上市标准并扩大适用范围，积极吸引包括社保基金、保险资金、 产业资本等在内的各类社会资本参与私募股权投资，才能更好促进科技创新和产业创新融合发展，实现 科技、资本、产业良性循环。 我国诸多初创企业在互联网革命期间最终成长为巨头，比如高盛最近推出的中国十大民营上市公司中有 一半是互联网公司 ...

今天上午，陆家嘴论坛2天议程里，最重要的部分结束了，各大监管机构的负责人分别进行了发言，有些人会觉得略失望，因为没有听到自己想 听到的信息——那些 巨大的数字，性感的举措，积极的展望 。 不过，理性来看，这其实也可以理解，5月7日，刚刚召开了"一揽子金融政策"发布会，大家可以回顾下《 为什么我对今天的发布会很乐观 》， 卖方洋洋洒洒整理出来的具体政策，就有接近30条，而短短40天之后，要再憋出30条新的重磅来，这既不现实，也无必要。 实际上，这次陆家嘴论坛召开的背景和主题，听下来很明确，就两个。 一是加大对外开放，这主要是说给外资们听的，背景就是在贸易摩擦加剧、美元信用走弱的宏观背景下，怎么样，把朋友搞得多多的。 二是加大对上海金融中心的支持。 所以， 我个人依然对论坛传递的信息和信号，"很乐观" ，即使没有比较浅白的，那些巨大的数字、性感的举措、积极的展望，有几个点，也值得展开简 单聊聊。 一共9条。 ...... 1、股民最关心的，当然还是科创成长层的设立。 很多人一看到这条信息，就条件反射般地开始阴阳——又要加速圈钱了。 其实，我们在《 腾讯回A股上市？ 》里，明确说过观点： 不应该把IPO当做洪水猛兽 ...

Core Viewpoint - The article emphasizes the importance of capital markets in promoting the integration of technological innovation and industrial innovation, highlighting the need for a more adaptable financial service system to support emerging technologies and industries [4][5][6]. Group 1: Capital Market Functions - Capital markets play a crucial role in providing a full chain of services from venture capital to public financing and mergers, catering to the needs of companies at various stages of development [6]. - The integration of capital markets can stimulate entrepreneurial spirit and enhance productivity by effectively connecting talent, technology, and data [6][9]. - The article notes that the proportion of technology companies among A-share listed companies has increased from 12% to 27% over the past decade, indicating a significant shift towards technology-driven enterprises [9]. Group 2: Structural Changes in Capital Markets - Recent reforms in China's capital markets have effectively expanded the coverage of technology innovation, with a multi-tiered market system supporting various types of technology enterprises [7][8]. - In 2024, A-share listed companies are expected to invest 1.88 trillion yuan in R&D, accounting for over half of the total R&D investment in society [8]. - The role of patient capital in supporting technology innovation has become more prominent, with private equity and venture capital funds participating in 90% of companies listed on the Sci-Tech Innovation Board [8]. Group 3: Future Directions for Capital Market Reform - The article outlines plans to deepen capital market reforms, focusing on enhancing inclusivity and adaptability to better support comprehensive innovation [10][11]. - Specific measures include leveraging the Sci-Tech Innovation Board as a testing ground for reforms and introducing new standards to support high-quality technology enterprises [11][12]. - There is a commitment to fostering long-term capital and improving the investment environment for technology companies, including the establishment of specialized asset management platforms [13][14]. Group 4: Open and Inclusive Capital Market Ecosystem - The article stresses the importance of foreign investment in China's capital markets and outlines plans for further opening up, including optimizing the Qualified Foreign Institutional Investor (QFII) system [15][16]. - The goal is to enhance the participation of global investors in China's innovation-driven development, thereby facilitating efficient capital flow and resource allocation [15][17].

Group 1 - The 2025 Lujiazui Forum was held in Shanghai on June 18-19, focusing on financial openness and high-quality development amid global economic changes [1][3] - The Chairman of the China Securities Regulatory Commission (CSRC), Wu Qing, emphasized the need to enhance the role of the Sci-Tech Innovation Board as a "testing ground" for reforms [1][4] Group 2 - The integration of technological and industrial innovation requires better utilization of the capital market's hub function, as highlighted by the rapid development of frontier technologies [4][5] - The capital market can provide comprehensive services from venture capital to public offerings, catering to different stages of enterprise development [5][6] Group 3 - Significant structural changes in China's capital market have facilitated a virtuous cycle among technology, capital, and industry, with a multi-tiered market system effectively covering tech innovation [6][7] - A-share listed companies' R&D investment reached 1.88 trillion yuan in 2024, accounting for over half of the total R&D expenditure in society [6][7] Group 4 - The CSRC plans to deepen capital market reforms and enhance the ecosystem to support comprehensive innovation, focusing on the Sci-Tech Innovation Board and the Growth Enterprise Market [8][10] - New measures include the introduction of a growth layer on the Sci-Tech Innovation Board and the support for unprofitable tech companies to list under specific standards [8][9] Group 5 - The CSRC aims to strengthen the synergy between equity and debt financing to better serve tech innovation, including the development of innovative bond products [9][10] - There is a focus on nurturing patient capital and long-term investments, encouraging participation from social security funds and insurance capital in private equity [9][10] Group 6 - The capital market will support technology-driven listed companies in enhancing their core competitiveness and operational performance, ensuring better returns for investors [10][11] - The CSRC is committed to creating a more open and inclusive capital market, facilitating foreign investment and enhancing the participation of global investors [10][11]

历史的指针划过 2025 年的中轴，世界正以惊人的加速度重构底层逻辑。 当人工智能算法重写生产力方程，生物科技解码生命密码，这个被 " 新质生产力 " 重新定义 的时代，全球经济版图正经历一场静默而深刻的变革。 而那些历史的重大转折，往往始于少数人洞见未来的勇气。 鹏城七月，凤凰木开得正艳。深圳湾的海风依旧带着改革初年的锐意，如今这片热土仍充斥着 肆意昂扬。 2025 年 7 月 4 日 -5 日，格隆汇 2025 中期策略峰会将再度于深圳启幕。 这是一场波澜壮阔的文明跃迁。 历史的经验告诉我们，任何一次真正的转型都伴随着阵痛与淬炼。 地缘政治 "黑天鹅"、货币政策"温差"、特朗普反复"整活"……世界格局变得暗潮汹涌。 在东西方文明的张力场里，中国经济正惊心动魄的进行着 "量子跃迁"。 顺着时空长河望去，我们比任何时候都更需要清醒认知：这不是简单寻常的商业周期轮动。 这场全球波谲云诡的压力测试中，唯有破局而立、向新而生。 普通席位 388/ 人（早鸟价，原价 688/ 人） 名额 200 人 ，先到先得！ 请联系专属客服购买票！ 星火汇聚，终成燎原之势！ 破浪前行，共赴投资沧海！ 我们深圳不见不散！ 更多会议 ...

Group 1 - The core viewpoint of the article highlights the significant growth in IPO activities in A-shares, particularly in the industrial, technology, and materials sectors, which are leading in both quantity and fundraising amounts [4][5] - In the first half of 2025, A-shares saw 50 companies go public, raising over 37.1 billion RMB, marking a 14% year-on-year increase in both IPO numbers and fundraising [4] - The Hong Kong IPO market has shown a remarkable recovery, with approximately 40 companies expected to go public, raising around 1,087 million HKD, representing a 33% increase in quantity and a 711% increase in fundraising compared to the previous year [7] Group 2 - The report indicates that the North Exchange has seen a significant increase in average fundraising amounts, reflecting its growing appeal to high-quality innovative SMEs, transitioning from a platform for small and micro enterprises to a hub for hard technology companies [5] - The article anticipates a new normal of rhythmical issuance for A-share IPOs, focusing on high-quality technology companies that meet listing criteria, influenced by macroeconomic conditions and market funds [5] - The introduction of the "Tech Company Special Line" in the Hong Kong market aims to facilitate the listing process for technology and biotech companies, enhancing financing efficiency and reducing compliance costs [7]

Core Viewpoint - The Hong Kong Stock Exchange has launched a new policy called "Tech Company Special Line," providing a confidential listing channel and lowering the threshold for specialized technology and biotechnology companies, attracting more tech firms to consider listing in Hong Kong [1]. Group 1: Applicable Entities - The policy is aimed at specialized technology companies (e.g., AI, chips, new energy) and biotechnology companies (e.g., innovative drugs, medical devices), particularly those in early stages or with non-commercialized products [3]. - Core thresholds include industry attributes defined by the Hong Kong Stock Exchange under "Specialized Technology" (Chapter 18C) or "Biotechnology" (Chapter 18A) [4]. Group 2: Self-Assessment and Application Process - Companies must assess if they meet the criteria by checking the "Special Line" page on the Hong Kong Stock Exchange website and downloading the self-assessment form [8]. - If uncertain, companies can fill out the inquiry form and send it to the Hong Kong Stock Exchange for preliminary feedback within one week [9]. Group 3: Confidential Submission Process - The first step involves signing a Non-Disclosure Agreement (NDA) with the Hong Kong Stock Exchange to ensure confidentiality of submitted materials [11]. - Companies must submit a "confidential version" of their materials in a specified format [13]. - The review phase will take 30 days, focusing on technical feasibility and compliance [14]. Group 4: Exclusive Services of the "Tech Company Special Line" - One-on-one guidance is available from the Hong Kong Stock Exchange expert team, offering free advice on listing rules and fundraising strategies [16]. - Eligible companies can benefit from a fast-track review process, reducing the review period to 30 days [17]. - Flexible equity design allows founders to retain control without additional proof of "innovation" [18]. Group 5: Common Pitfalls to Avoid - Companies should provide a clear description of their technology, avoiding vague claims without supporting evidence [21]. - Transparency in related party transactions is crucial; companies should disclose fair pricing or cut related business ties if necessary [22]. - Establishing a strong investor relationship is important, with at least two independent investors being preferred [25]. Group 6: Post-Listing Compliance - Continuous information disclosure is required, including updates on technology commercialization and major collaborations [27]. - Companies are encouraged to maintain market value by releasing quarterly research updates and engaging with analysts [28]. - A green channel for refinancing allows specialized companies to issue new shares through a simplified process [29]. Group 7: Comparison with Other Markets - The Hong Kong Stock Exchange offers no profitability requirements, with a review cycle of 3-6 months, compared to longer periods in A-shares and U.S. markets [30]. - Information disclosure is lower in Hong Kong, allowing confidentiality until the hearing, unlike higher requirements in A-shares and U.S. markets [30].

Group 1 - The core viewpoint emphasizes the combination of stability and change in Hong Kong's positioning amidst global shifts, highlighting its advantages under "One Country, Two Systems" [1] - Hong Kong is recognized as an open, diverse, and inclusive international metropolis, which is increasingly significant in the current chaotic world [1] - The government aims to leverage the depth and breadth of the stock market to support the development of the real economy, particularly in innovation and technology sectors [1] Group 2 - Hong Kong has introduced regulatory frameworks for digital asset trading and stablecoins, aiming to enhance financial innovation and support the real economy [2] - The city is projected to become the world's largest cross-border asset and wealth management center by 2027, indicating significant growth potential in this sector [2] - Hong Kong is positioned to provide high-value services in supply chain management, modern logistics, trade financing, and professional consulting as mainland enterprises expand globally [2] Group 3 - The focus on artificial intelligence and biotechnology is highlighted as key areas where Hong Kong can leverage its strengths, including a robust capital market and high-end talent [2] - The importance of consolidating traditional markets while also exploring emerging markets such as ASEAN and the Middle East is emphasized [3] - Since the end of 2022, Hong Kong has attracted over 210,000 talents, showcasing its appeal as a stable and international environment for high-end professionals [3]

深圳商报·读创客户端记者 靳恩琦 6月11日，Cloudbreak Pharma Inc.（以下简称"拨康视云"）再次于港交所递交招股书，联席保荐人为建银国际及华泰国际。 据悉，这已经是该公司第四次在港交所递表，该公司曾于2023年11月、2024年5月、2024年12月2日向港交所提交过上市申请书。 | 面値 每股股份0.0001美 [編纂] | | --- | | . 股份代號 | 招股书显示，拨康视云是一间临床阶段眼科生物科技公司，致力于开发各种疗法。眼科是研究眼部结构、功能和疾病的医学分支。公司首家主要营运实体 Cloudbreak USA于2015年9月在美国注册成立及公司于2020年11月在开曼群岛注册成立。 拨康视云拥有两款核心产品（CBT-001及CBT-009），均为自主开发。核心产品CBT-001适用于治疗翼状胬肉（一种良性增生性眼表疾病），已分别于2022 年6月及2023年9月在美国及中国启动第3期多地区临床试验。核心产品CBT-009用于治疗青少年近视（5至19岁儿童及青少年近视），于2023年1月完成第1/2 期临床试验，并于2024年7月向美国食品及药物管理局提交新药临床试验申请 ...