Core Viewpoint - The article discusses the first anniversary of the "Eight Measures for Deepening the Reform of the Sci-Tech Innovation Board," highlighting the successful implementation of various reform measures and their positive impact on the market [1][2]. Summary by Sections Implementation of Supporting Systems - Over the past year, the "Eight Measures" have transitioned from paper to practice, with over 30 reform initiatives launched across eight areas, including issuance underwriting, refinancing, and mergers and acquisitions [4]. - The Shanghai Stock Exchange has implemented a maximum quotation exclusion ratio of 3% for the Sci-Tech Innovation Board, which has reduced extreme high-price behaviors and encouraged a more prudent pricing approach among investors [4][5]. - New rules have been introduced to optimize offline subscription requirements for unprofitable companies, promoting long-term investment in Sci-Tech Innovation Board stocks [5]. - The "light asset, high R&D" recognition standard has been officially implemented, encouraging companies to increase R&D investments, with nine companies already planning to raise nearly 25 billion yuan through refinancing [5][18]. - The merger and acquisition mechanisms have been continuously optimized, with new simplified review procedures introduced for major asset restructuring [5]. Emergence of Typical Cases - A number of innovative and demonstrative cases have emerged since the implementation of the "Eight Measures," including 13 new IPO applications and 22 new refinancing applications, along with 110 new merger transactions [8][10]. - The merger and acquisition market has shown unprecedented vitality, with a notable example being the stock swap merger proposal between Zhongke Shuguang and Haiguang Information [9]. - In total, 110 new merger transactions have been reported, with disclosed transaction amounts exceeding 140 billion yuan, significantly surpassing the total number of transactions from 2019 to 2023 [10][18]. - Several companies have actively utilized various financing methods, such as convertible bonds and private placements, to facilitate mergers and acquisitions [11]. Future Directions for Reform - As the anniversary of the "Eight Measures" approaches, suggestions for further reform include attracting more long-term capital and enhancing international connectivity [14]. - There is a call for improved financing environments for unprofitable "hard tech" companies and the continuous enrichment of refinancing tools to support long-term R&D enterprises [14]. - The Shanghai Stock Exchange plans to enhance the adaptability and inclusiveness of the reform measures to better serve technological innovation and new productivity development [14].

6月18日，《关于深化科创板改革服务科技创新和新质生产力发展的八条措施》（以下简称"科创板八 条"）发布满一周年。一年来，"科创板八条"各项改革举措已基本落地，配套制度有序推出，典型案例 渐次落地，政策效应日益显现。 配套制度有序推出 一年来，监管与市场协同发力，推动"科创板八条"从纸面走向实践，8方面30余项改革举措有序推出， 涉及发行承销、再融资、并购重组等制度创新。 其中，发行承销方面，上交所即明确在科创板试点统一执行3%的最高报价剔除比例，进一步加大网下 报价约束。一位市场人士向记者表示，规则实施后，剔除了部分策略性报价的投资者，并对买方整体报 价心理产生影响，减少了网下投资者"搭便车"报高价冲动。 截至目前，已有15只科创板新股适用3%的最高报价剔除比例。从报价来看，整体审慎合理，极端高价 行为有所缓解。 科创板新股网下认购须持有600万元科创板市值、优化未盈利企业新股发行网下配售与锁定安排等规则 也陆续推出，有助于引导资金长期持有科创板公司股票，进一步引导树立价值投资、长期投资理念。 再融资方面，"轻资产、高研发"认定标准正式落地，鼓励科创企业加大研发投入。目前，已有9家科创 板企业适用该标准披露 ...

Core Insights - The successful listing of the Huatai-PineBridge SSE STAR Market New Materials ETF on June 16 marks a new investment path focused on the new materials sector, aligning with the "Eight Measures for Deepening STAR Market Reform" [1][2] - Since the implementation of the "Eight Measures," the number and scale of STAR Market ETFs have significantly increased, with 57 new ETFs launched, bringing the total to 88 and a combined scale exceeding 250 billion yuan [1][4][5] - The STAR Market index ecosystem is evolving towards a more specialized and refined structure, with 13 new indices launched since the "Eight Measures," enhancing investment precision and diversity [2][3] STAR Market Index Development - The STAR Market index system has expanded to 29 indices, including broad-based indices like the STAR 50 and STAR 100, as well as thematic indices focusing on sectors such as AI, biotechnology, and materials [2][3] - The introduction of new indices is seen as a key driver for the development of index-based investment in China, providing a wider range of investment options for market participants [3][6] ETF Product Expansion - The number of STAR Market ETFs has increased to 88, with a total scale of approximately 251.58 billion yuan, reflecting a nearly 60% growth since the "Eight Measures" were announced [4][5] - The ETF ecosystem now includes a comprehensive range of products covering broad-based, thematic, and strategic indices, facilitating easier access for investors [5][6] Positive Feedback Loop - The expansion of the STAR Market index and ETF system is creating a positive feedback loop, where increased investment leads to the growth of "hard tech" companies, which in turn enhances the representativeness and attractiveness of the indices [6][7] - This cycle is expected to drive continuous capital inflow into the STAR Market, supporting the development of new quality production capabilities [6][7] Future Directions - The Shanghai Stock Exchange plans to further optimize the ETF market by incorporating them into fund transfer platforms and enhancing liquidity mechanisms [7] - There is a focus on improving index compilation rules and increasing investor education to sustain the positive cycle and attract more capital into key sectors [7]

科创板公司再融资项目迎来新进展。上交所官网显示，6月份以来截至6月16日记者发稿，已有7家科创 板公司更新再融资进展，审核状态涉及提交注册、已受理等。 6月19日，《关于深化科创板改革服务科技创新和新质生产力发展的八条措施》（以下简称"科创板八 条"）发布将满一周年。一年来，科创板改革落地见效，科技企业资本市场工具箱持续扩容，进一步增 强对科技创新的包容性适配性。 具体来看，"轻资产、高研发投入"认定标准落地、提高股权激励精准性、提高并购重组估值包容性、科 创债"绿色通道"等契合科技企业发展的创新制度陆续落地，进一步突出科创板"硬科技"特色，更好服务 科技创新和新质生产力发展。 晶合集成在2024年高效注册20亿元科技创新公司债券。"未来，我们将继续充分利用科创板各项支持政 策，坚定不移推动科技创新，为半导体产业发展贡献力量。"晶合集成董事长蔡国智表示。 在同济大学上海国际知识产权学院创新与竞争研究中心主任任声策看来，"科创板八条"发布以来，为开 展关键核心技术攻关的"硬科技"企业股债融资、并购重组提供"绿色通道"，确定"轻资产、高研发投 入"认定标准等，一系列制度均有利于科创板企业进一步快速成长为"链主"企 ...

Core Viewpoint - The "Eight Measures for Deepening the Reform of the Sci-Tech Innovation Board" have shown initial results in supporting technology innovation and enhancing the quality of capital markets for innovative companies since their release nearly a year ago [1][2][3][4][5] Group 1: Company Responses and Initiatives - Ailis has actively responded to the "Eight Measures" by increasing R&D investment and expanding international collaborations, particularly in the global rollout of its product, Furmetin [1] - Baillie Tianheng has initiated a private placement to raise funds for innovative drug R&D, benefiting from the supportive policies for unprofitable companies [2] - Crystal Integration has successfully registered a 2 billion yuan technology innovation bond to enhance financing efficiency and has implemented a second phase of its equity incentive plan to attract and retain talent [2][3] - Tianyue Advanced has launched the world's first 12-inch silicon carbide substrate, achieving profitability with a net profit of 179 million yuan in 2024 [3] - Chip Origin has progressed with its refinancing project under the "light asset, high R&D investment" standard, aiming to accelerate its strategic layout in Chiplet technology [4][5] Group 2: Suggestions for Further Reform - Ailis suggests introducing more long-term capital and enhancing international connectivity for quality sci-tech companies [1] - Baillie Tianheng calls for an optimized regulatory mechanism for unprofitable companies and a diversified refinancing toolset to support long-term R&D enterprises [2] - Tianyue Advanced recommends increasing the institutional inclusivity for core technology companies in capital operations like refinancing and mergers [3] - Chip Origin emphasizes the importance of mergers and acquisitions to enhance industry collaboration and strengthen competitive positioning [4][5]

上交所党委委员、副总经理苑多然近日在上海参加公开论坛时表示，上交所将扎实推进"科创板 八条"落地落实落细，一体推进发行承销、股债融资、并购重组、交易机制等各项制度深化改 革，增强制度包容性和适应性。 资本市场在优化资源配置、促进资本形成、完善公司治理等方面具有不可替代的作用，是科技创新与产业创 新融合的"助推器"。据介绍，在服务新质生产力发展的新征程中，上交所持续完善股票、债券、基金等多元 化产品体系，为科技创新企业提供了全生命周期的金融服务，促进"科技—产业—资本"良性循环。 以科创板为例，目前已支持588家科创企业上市，IPO募资额超9200亿元，再融资募资额超1800亿元，合计支 持资金超万亿元。资本支持下，科创板公司创新投入不断加大，板块年均研发强度保持在10%以上，持续大 幅领先其他板块，累计形成发明专利超12万项，为产业创新发展提供基础支撑。 为大力推动科创板改革落地见效，进一步增强对科技创新的包容性、适配性，2024年6月19日，证监会发布 《关于深化科创板改革服务科技创新和新质生产力发展的八条措施》（简称"科创板八条"）。 "'科创板八条'将迎来发布一周年。"苑多然透露，经过近一年的努力，"科 ...

在"科创板八条"的要求和指引下，上交所于2024年10月发布新规，细化"轻资产、高研发投入"企业的认 定标准，鼓励科创板上市公司加大研发投入，提升科技创新能力。截至目前，共有9家科创板企业适用 该标准披露再融资相关公告，合计拟融资近250亿元，主要集中在生物医药、半导体行业，均投向创新 药或芯片研发等夯实主业的项目。央广财经记者了解到，迪哲医药、芯原股份等首批案例已率先落地， 带动市场积极性显著提升。 编者按：作为资本市场改革"试验田"，科创板沿着全面支持新质生产力发展的主线发展，各项改革蹄疾 步稳，成效初显。尤其是证监会"科创板八条"发布一年以来，配套政策相继落地。暖风频吹下，科创板 这块改革"试验田"精耕细作，引导资金活水精准浇灌科技创新，资本市场制度对科技创新企业的包容 性、适配性、精准性持续增强，典型案例不断落地，为A股市场提升上市公司质量注入一股硬核力量， 也为多层次资本市场建设提供路径参考。 央广财经推出系列报道，全方位洞察一年来科创板改革"试验田"支持科技创新的经验成效，共话资本市 场深化科技金融体制机制改革、服务经济社会高质量发展大局的路径。 央广网北京6月13日消息（记者 牛谷月）科创板支持 ...

Core Insights - The establishment of the Sci-Tech Innovation Board (STAR Market) has significantly contributed to China's technological innovation and industrial upgrading over the past six years, with 588 companies successfully listed and total fundraising exceeding 1 trillion yuan [1][3] - The STAR Market has fostered a high level of R&D investment among listed companies, leading to breakthroughs in "hard technology" and the transformation of core technologies into industrial advantages [2][4] - The recent "STAR Market Eight Articles" reform aims to enhance the capital market's adaptability to technological innovation, marking a new phase of reform and providing a foundation for further capital market development [1][8] Group 1: Market Performance and Impact - As of June 12, 2025, the total market capitalization of STAR Market companies exceeded 6.8 trillion yuan, with over 80% belonging to strategic emerging industries and high-tech sectors [3] - In the past six years, STAR Market companies raised 923.2 billion yuan through IPOs and 183.1 billion yuan through refinancing, totaling over 1 trillion yuan [3][4] Group 2: R&D Investment and Achievements - In 2024, STAR Market companies' total R&D investment reached 168.08 billion yuan, more than 2.5 times their net profit, with a year-on-year growth of 6.4% and a three-year compound growth rate of 10.7% [4] - The median R&D investment as a percentage of operating income was 12.6%, leading A-share markets, with 107 companies maintaining an R&D intensity exceeding 20% for three consecutive years [4] Group 3: International Expansion and Competitiveness - STAR Market companies are increasingly pursuing international markets, with total overseas revenue reaching 430.36 billion yuan in 2024, a year-on-year increase of 6.1% [6] - 173 companies reported over 30% growth in overseas revenue, with 63 companies exporting products to more than 50 countries [6] - Notable examples include the successful entry of domestic products into international markets, such as the FDA approval of a medical device by United Imaging Healthcare [4][5] Group 4: Regulatory Reforms and Future Outlook - The "STAR Market Eight Articles" reform has led to significant activity in mergers and acquisitions, with 106 new transactions announced since its release, totaling over 140 billion yuan [8] - The introduction of new financing regulations has facilitated innovation and R&D investments, with several companies applying for refinancing to support core business projects [9] - The STAR Market is expected to continue its reform trajectory, supporting the growth of more technology enterprises and advancing technological innovation in China's modernization journey [9]

Group 1: IPO Overview - On May 30, 2025, four companies, including Shaanxi Tourism, Sanrui Intelligent, Hongming Electronics, and Dayu Co., received IPO acceptance, marking the highest number of acceptances in a single day since 2025 [1][3] - Among the four companies, Sanrui Intelligent and Hongming Electronics are attempting to list on the ChiNext board, making them the first batch of accepted companies for the year [1][4] - As of now, a total of 27 companies have received IPO acceptance in 2025, with 18 from the Beijing Stock Exchange, accounting for 66.67% of the total [1][5] Group 2: Fundraising Plans - Sanrui Intelligent plans to raise approximately 769 million yuan, with funds allocated for expanding drone and robot power systems, R&D center, and smart warehousing [3][4] - Hongming Electronics aims to raise about 1.951 billion yuan, focusing on projects related to high-energy pulse capacitors and new electronic components [3][4] - Shaanxi Tourism intends to raise around 1.555 billion yuan for its tourism-related projects, while Dayu Co. plans to raise approximately 181 million yuan for metal surface treatment and ship casting [4] Group 3: Company Backgrounds - Hongming Electronics, established in 1981, is the oldest among the four companies, while Shaanxi Tourism, Dayu Co., and Sanrui Intelligent were founded in 1988, 1997, and 2009, respectively [4] - Sanrui Intelligent specializes in the R&D, production, and sales of drone electric power systems and is actively developing eVTOL power systems [3][4] - Hongming Electronics focuses on the R&D and production of new electronic components, primarily resistive and capacitive components [3][4] Group 4: Financial Performance - In 2024, Sanrui Intelligent is projected to achieve a net profit of approximately 333 million yuan, representing a year-on-year increase of 92.96% [7] - Hongming Electronics has experienced a decline in net profit for two consecutive years, with figures of 476 million yuan, 412 million yuan, and 293 million yuan from 2022 to 2024 [7] - The overall trend indicates that while some companies are experiencing growth, others like Hongming Electronics are facing challenges in maintaining profitability [7][8]

IPO Review and Registration Progress - Ningbo Jianxin Superconducting Technology Co., Ltd. has received acceptance for its IPO application on the Sci-Tech Innovation Board, marking the third new acceptance this year [2] - The company reported revenues of 359 million yuan, 451 million yuan, and 425 million yuan for 2022 to 2024, with net profits of 34.63 million yuan, 48.73 million yuan, and 55.78 million yuan respectively [2] - The company plans to raise 865 million yuan through its IPO for projects including the production of superconducting magnets and working capital [3] - Lianchuan Biotechnology has also received acceptance for its IPO on the Beijing Stock Exchange, aiming to raise 300 million yuan for projects related to gene technology and working capital [4] - The company reported revenues of 234 million yuan, 287 million yuan, and 367 million yuan from 2022 to 2024, with net profits of 52.76 million yuan, 53.49 million yuan, and 60.06 million yuan respectively [4] - Dana Biotechnology submitted its IPO registration on the Beijing Stock Exchange, focusing on early rapid diagnostic technology for invasive fungal diseases [6] - Han Gao Group's IPO registration has been approved, with projected revenues of 2.857 billion yuan and net profits of 531 million yuan for 2024 [6] New Stock Subscription and Listing Dynamics - Three new stocks are scheduled for subscription this week, including Hanbang Technology, Weigao Blood Purification, and Taili Technology [8] - Hanbang Technology aims to raise 598 million yuan for the production of liquid chromatography equipment, with projected revenues of 691 million yuan and net profits of 79 million yuan for 2024 [8] - Weigao Blood Purification plans to raise 1.351 billion yuan for smart production and other projects, with sales expenses exceeding 600 million yuan from 2022 to 2024 [9] - Taili Technology focuses on new materials and plans to raise 542 million yuan for production and logistics center construction, with projected revenues of 1.02 billion yuan and net profits of 88 million yuan for 2024 [9] Upcoming Listings - Tian Gong Co., Ltd. is set to be listed on the Beijing Stock Exchange on May 13, with projected revenues of 383 million yuan, 1.035 billion yuan, and 801 million yuan from 2022 to 2024 [11] - The company plans to raise 360 million yuan for the construction of high-end titanium and titanium alloy production lines [11] Policy and Regulatory Trends - The China Securities Regulatory Commission (CSRC) plans to introduce policies to deepen reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market, enhancing the system's inclusiveness and adaptability [12]