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]

Core Viewpoint - The Chairman of the China Securities Regulatory Commission, Wu Qing, announced on May 7 that further measures will be introduced to deepen the reforms of the Sci-Tech Innovation Board and the ChiNext Board, enhancing the inclusiveness and adaptability of the system in terms of market levels and investor protection [1] Group 1 - The announcement indicates a commitment to reforming the Sci-Tech Innovation Board and ChiNext Board [1] - The focus will be on enhancing the inclusiveness and adaptability of the regulatory framework [1] - The reforms aim to improve market levels and strengthen investor protection [1]

文/梧桐小编 3月28日，中国证监会公布关于修改《证券发行与承销管理办法》的决定。修改后的《承销办法》自公布之日起施行。《承销办法》的主要修改内容：一是增加银 行理财产品、保险资产管理产品作为IPO优先配售对象。二是明确由证券交易所制定IPO分类配售具体规定。 三是禁止参与IPO战略配售的投资者在承诺的限售期 内出借股份。 为了落实《关于加强上市公司监管的意见（试行）》有关禁止限售股转融通出借的要求，做好与《上市公司股东减持股份管理暂行办法》第十八条 有关上市公司股东不得通过转融通出借存在不得减持情形股份规定的衔接，回应市场关切，删除《承销办法》二十一条第三款有关参与IPO战略配售的投资者可以 在承诺的限售期内出借获配证券的规定。 为贯彻落实《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》《关于推动中长期资金入市工作的实施方案》，进一步完善发行承销制度，中国 证监会对《证券发行与承销管理办法》（以下简称《承销办法》）做了修改。现就主要修改情况说明如下： 一、《承销办法》的修改背景 2024年6月19日，中国证监会发布《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》，提出要开展深化发行承 ...