6月18日，中国证监会发布实施《关于在科创板设置科创成长层增强制度包容性适应性的意见》。中国 证监会新闻发言人就《科创板意见》回答记者提问表示，科技创新是探索未知的过程，既孕育着新动 能，也必然伴随着风险。本次改革在有力支持科技型企业创新发展同时，进一步加强中小投资者合法权 益保护。一方面，聚焦风险揭示和投资者保护，作出多项针对性制度安排。包括：在科创成长层企业股 票简称后统一设置特殊标识"U"；提高新注册未盈利科技型企业摘除特殊标识"U"的标准；要求企业定 期披露尚未盈利的原因及影响并提示风险；要求证券公司多维度强化投资者风险评估并充分告知风险； 组织个人投资者签署科创成长层企业股票投资专门风险揭示书，等等。另一方面，注重简明易懂，增强 投资者获得感。包括：发行上市等基础制度保持不变；现有未盈利企业摘"U"条件保持不变；投资者投 资科创板成长层的资金门槛保持不变。下一步，我们将坚持严把发行上市入口关，牢牢把握科创板"硬 科技"定位，从源头上提高上市公司质量。(证监会) ...

为深入贯彻党的二十届三中全会精神，认真落实中央金融工作会议、中央经济工 作会议和《国务院关于加强监管防范风险推动资本市场高质量发展的若干意见》部署 要求，深化资本市场投融资综合改革，增强科创板制度包容性、适应性，更好服务科 技创新和新质生产力发展，中国证监会制定了《关于在科创板设置科创成长层 增强制 度包容性适应性的意见》（以下简称《科创板意见》）。 中国证监会发布《关于在科创板设置科创成长层 增强制度包容性适应性的意见》 全文可点击 "阅读原文" 。 《科创板意见》在持续抓好"科创板八条"落地实施的基础上，以设置专门层次为 抓手，重启未盈利企业适用科创板第五套标准上市，推出一揽子更具包容性、适应性 的制度改革，着力打通支持优质科技型企业发展的堵点难点，同时进一步加强投资者 合法权益保护。一方面，设置科创板科创成长层，在科创成长层的定位、企业入层和 调出条件、强化信息披露和风险揭示、增加投资者适当性管理等方面明确具体要求。 另一方面，围绕增强优质科技型企业的制度包容性适应性，推出6项改革举措，主要包 括：一是对于适用科创板第五套上市标准的企业，试点引入资深专业机构投资者制 度。二是面向优质科技型企业试点IPO ...

加力推出进一步深化改革的"1+6"政策措施。 在"科创板八条"发布一周年之际，科创板再迎重磅改革举措。 6月18日，中国证监会主席吴清在2025陆家嘴论坛上表示，在新起点上，将继续充分发挥科创板示范效 应，加力推出进一步深化改革的"1+6"政策措施。 据吴清介绍，"1"即在科创板设置科创成长层，并且重启未盈利企业适用科创板第五套标准上市；"6"即 在科创板创新推出6项改革措施，包括对于适用科创板第五套标准的企业，试点引入资深专业机构投资 者制度；面向优质科技企业试点IPO预先审阅机制；扩大第五套标准适用范围。同时，将在创业板正式 启用第三套标准，支持优质未盈利创新企业上市。 在一年前的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"）。这一年来，科创板发生了怎样的变化？ 这一年，科创板改革从纸面走向实践，8方面30余项改革举措渐次落地，涉及支持硬科技企业上市、优 化发行承销制度、再融资、并购重组、指数产品及市场生态等方面。 具体而言，4家未盈利企业的IPO申请获得受理，拟募资金额合计超160亿元；新上市企业15家，合计募 集资金124亿元；9家符合"轻资 ...

Core Viewpoint - The article discusses the recent announcement by the China Securities Regulatory Commission (CSRC) regarding the "1+6" policy measures aimed at enhancing the inclusivity and adaptability of the capital market, particularly focusing on the reintroduction of the fifth listing standard for unprofitable companies on the Sci-Tech Innovation Board (STAR Market) [1][2]. Group 1: Reintroduction of the Fifth Listing Standard - The reintroduction of the fifth listing standard allows unprofitable companies to list on the STAR Market, breaking the rigid profit requirement traditionally seen in A-shares, thus supporting innovative companies with significant R&D investments and promising market prospects [3][4]. - As of June 18, 2023, 37 companies are planning to list under the fifth standard, with 20 already successfully listed, indicating a growing interest and potential for unprofitable tech firms [4][6]. - The CSRC aims to support high-tech companies with strong innovation capabilities and market potential, suggesting that the approval process for unprofitable companies may accelerate significantly in the coming years [5][6]. Group 2: Optimization of the Fifth Standard's Applicability - The core indicators for the fifth listing standard include a minimum expected market value of RMB 4 billion and the requirement for the main business or product to be approved by relevant authorities, with a focus on companies demonstrating significant market potential [8]. - There is a call for clearer guidelines on the applicability of the fifth standard, especially for sectors like artificial intelligence and commercial aerospace, to ensure a comprehensive multi-tiered capital market service system [8][9]. - Suggestions include raising the clinical trial requirements for pharmaceutical companies and introducing business development as a measure of commercial viability [9]. Group 3: Selecting Quality Unprofitable Companies - Evaluation of unprofitable companies should consider core technology, market potential, business model, and team strength, focusing on sustainable and disruptive technologies [12][13]. - The assessment of market potential should include the size and growth prospects of the target market, while the business model must clearly outline how value is created and profitability achieved [12][14]. - Financial health is crucial, with an emphasis on cash flow management and capital adaptability to support ongoing R&D and market expansion [15].

中国证监会主席吴清在2025陆家嘴论坛上表示，将聚焦提升 制度的包容性和适应性，以深化科创板、创业板改革为抓手， 更好发挥科创板"试验田"作用，加力推出进一步深化改革 的"1+6"政策措施。 作者：黄一帆 封图：图虫创意 6月18日，中国证监会主席吴清在2025陆家嘴论坛上表示，将聚焦提升制度的包容性和适应性，以 深化科创板、创业板改革为抓手，更好发挥科创板"试验田"作用，加力推出进一步深化改革 的"1+6"政策措施，统筹推进投融资综合改革和投资者权益保护，加快构建更有利于支持全面创新 的资本市场生态。 具体来看，"1"在科创板设置科创成长层，并且重启未盈利企业适用于科创板第五套标准上市，更 加精准服务技术有较大突破、持续研发投入大、商业前景广阔的优质科创企业，在强化信息披露、 加强投资者适当性管理方面作出安排。 同时，吴清表示，支持科技型上市公司做优做强。"上市是起点不是终点，融资是工具不是目的， 证监会将坚持目标导向、问题导向，不断完善上市公司全链条的监管制度安排。" 吴清解释，"6"即在科创板创新推出6项改革措施，包括对于适用科创板第五套标准的企业，试点 引入资深专业机构投资者制度；面向优质科技企业试点 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) aims to enhance the role of the Sci-Tech Innovation Board (STAR Market) as a "testing ground" for reforms, introducing the "1+6" policy measures to improve the market ecosystem and support innovation-driven development [2][4]. Group 1: STAR Market Reforms - The CSRC will deepen reforms on the STAR Market by establishing a Sci-Tech Growth Tier and restarting the listing of unprofitable companies under the fifth set of standards, targeting high-quality tech firms with significant breakthroughs and R&D investments [2][3]. - Six new reform measures will be introduced, including the trial introduction of senior professional institutional investors, pre-IPO review mechanisms for quality tech firms, and expanding the applicability of the fifth set of standards to more frontier tech sectors [2]. Group 2: Support for Innovation - The current funding mechanisms for innovation are inadequate, with a lack of long-term and patient capital, indicating a significant role for the capital market in supporting both large tech giants and emerging innovative firms [4]. - The CSRC emphasizes the need for collaboration among investors, scientists, and entrepreneurs to foster a virtuous cycle between technology, capital, and industry [4]. Group 3: Financial Instruments and Market Access - The CSRC plans to enhance the synergy between equity and debt markets to support tech innovation, including the development of Sci-Tech bonds and the approval of the first two data center REITs in the country [6]. - There will be efforts to guide more long-term funds into tech investments and to make fund share transfer trials a regular practice, optimizing various exit channels for investors [7]. Group 4: Regulatory Measures - The CSRC will strengthen regulatory measures to combat illegal activities such as insider trading and market manipulation, ensuring that the listing process is a starting point for companies rather than an end goal [8]. - The commission will implement a series of measures to enhance the management of mergers and acquisitions, improving the flexibility and convenience of equity incentive programs for listed companies [8]. Group 5: Market Opening Initiatives - The CSRC will accelerate the implementation of key measures for capital market opening, including optimizing the Qualified Foreign Institutional Investor (QFII) system and expanding the range of products available for foreign investors [9]. - Plans include the introduction of RMB foreign exchange futures to help manage exchange rate risks and the promotion of LNG futures and options to facilitate foreign participation in the Chinese market [9].

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 ...