Core Viewpoint - Xi'an Yiswei Material Technology Co., Ltd. has officially listed on the Sci-Tech Innovation Board, becoming the first unprofitable company to be approved and listed following the release of the "Science and Technology Eight Articles" [1] Company Summary - Xi'an Yiswei is recognized as the first unprofitable enterprise to successfully go public on the Sci-Tech Innovation Board after the implementation of new regulatory guidelines [1]

Core Viewpoint - Angrui Micro has made significant progress in its IPO process as the first unprofitable company accepted for listing this year, following closely behind Moer Thread [1][2]. Company Overview - Angrui Micro aims to raise 2.067 billion yuan through its IPO and has successfully passed the review process on October 15 [1]. - The company was accepted for listing on March 28, 2023, marking it as the first unprofitable enterprise to be accepted this year [1]. Regulatory Scrutiny - The regulatory body raised two main inquiries during the review: the growth potential of the main business and the sustainability of operations, as well as the rationale behind the significant sales increase in 2024 with major distributors [1][3]. - The focus of the inquiries reflects regulatory concerns regarding Angrui Micro's sustainable development capabilities and the authenticity of its performance [1]. Financial Performance - Angrui Micro's revenue trajectory shows consistent growth from 2022 to 2024, but a significant decline of 32.17% was observed in the first half of 2025, with revenue dropping by 400 million yuan [3]. - The decline is primarily attributed to a major customer reducing procurement, leading to a 73.54% drop in sales revenue from the main customer [3]. - Despite the downturn, the company reported a 229.22% increase in direct supply revenue to major brands like Honor and Samsung in the first half of 2025 [3]. Future Projections - For the period of January to September 2025, the company anticipates a revenue decrease of 19.19% compared to the previous year, with net profit projections showing a significant decline [4]. - The expected changes are influenced by the major customer's procurement adjustments and increased self-produced chip sales [4]. Industry Trends - A total of nine unprofitable companies have applied for IPOs in 2025, a substantial increase of 350% compared to the same period last year [4][6]. - The majority of these companies (77.78%) belong to the information technology sector, particularly in the integrated circuit field, which is characterized by high technical barriers and significant R&D investment [7]. Policy Impact - Recent policy reforms have aimed to support high-quality unprofitable companies in their IPO endeavors, with a focus on technology-driven enterprises [8][9]. - The introduction of new listing standards for unprofitable companies on the Sci-Tech Innovation Board and the ChiNext reflects a commitment to facilitating financing for innovative firms [8].

Core Viewpoint - The Chinese capital market is undergoing institutional innovation to broaden financing channels for high-quality, unprofitable technology companies that align with national strategic directions, significantly impacting both companies and investors in the primary and secondary markets [1][3]. Summary by Sections IPO Developments - On September 26, 2023, the first domestic GPU company, Moer Thread, successfully passed the IPO review by the Shanghai Stock Exchange, marking a rapid progression from application acceptance to IPO in less than three months [2]. - The company has reported negative net profits for the past three years but showed signs of reduced losses by mid-2025 [2]. - The "8·27" policy introduced in August 2023 initially halted the IPO process for unprofitable companies, but subsequent reforms have revived the market for these firms [2][3]. Policy Changes and Impact - On June 18, 2025, the China Securities Regulatory Commission announced the "1+6" policy, which includes the reactivation of the fifth listing standard for unprofitable companies on the Sci-Tech Innovation Board [3]. - Since the announcement, seven unprofitable companies have had their IPO applications accepted, indicating a significant acceleration in the IPO process for these firms [5][6]. - By September 22, 2025, three unprofitable tech companies had completed their IPO registrations under the new policy [6]. Market Trends - The current shift in A-share IPO policies indicates a transition from a strict tightening phase to a more selective opening for unprofitable hard-tech companies [3][10]. - The focus has shifted from financial metrics to core technology and market potential, reflecting a more forward-looking approach in the regulatory framework [10][12]. - The market is witnessing a notable increase in the number of unprofitable companies seeking IPOs, with a total of 54 unprofitable firms having gone public since the establishment of the Sci-Tech Innovation Board [8]. Future Outlook - The re-opening of the IPO window for unprofitable tech companies is expected to alleviate financing challenges and enhance investor confidence in early-stage technology projects [15][16]. - The regulatory environment is anticipated to remain stable and predictable, which is crucial for supporting the long-term development of technology enterprises [17]. - The capital market's valuation system is shifting towards a technology-driven model, which is expected to provide more value to companies aligned with high-quality development and national strategic needs [16].

Group 1 - The core point of the article is the rapid progress of domestic GPU company Moer Thread in its IPO process, which reflects a significant shift in China's capital market policies towards supporting unprofitable hard technology enterprises [2][5][11] - Moer Thread's IPO application was approved by the Shanghai Stock Exchange on September 26, 2023, marking a swift journey from application acceptance to approval in less than three months [2][4] - The company has shown signs of reduced losses in the first half of 2025, despite having negative net profits for the past three years [2][4] Group 2 - The introduction of the "1+6" policy by the China Securities Regulatory Commission (CSRC) on June 18, 2025, aims to facilitate the listing of unprofitable enterprises on the Sci-Tech Innovation Board [3][5] - Since the implementation of the new policy, seven unprofitable companies have had their IPO applications accepted, indicating a significant acceleration in the IPO process for such firms [4][6] - The CSRC's recent measures have led to three unprofitable companies successfully obtaining IPO registration, showcasing a renewed focus on supporting innovative enterprises [7][10] Group 3 - The current trend in A-share IPO policies is shifting from a comprehensive tightening to a more selective opening for unprofitable hard technology companies, reflecting a strategic alignment with national priorities [5][11] - The approval of unprofitable companies like West Xi'an Yiswei Material Technology Co., Ltd. under the new policies signifies a broader acceptance of technology-driven enterprises in the capital market [8][16] - The market anticipates that the review process for other unprofitable companies will accelerate, providing them with necessary funding to alleviate financing challenges [17][18] Group 4 - The capital market's focus is increasingly on core technology and market potential rather than just financial performance, indicating a shift towards long-term value assessment [11][16] - The successful IPOs of unprofitable companies are expected to enhance investor confidence in early-stage technology projects and improve exit expectations for investors [18][19] - The ongoing reforms in the capital market are designed to support high-quality development and align with national strategic goals, particularly in the hard technology sector [10][19]

Group 1 - The "1+6" reform measures for the Sci-Tech Innovation Board (STAR Market) have led to the approval of IPO registration for three unprofitable companies: Wuhan Heyuan Biotechnology Co., Ltd., Guangzhou Bibet Pharmaceutical Co., Ltd., and Xi'an Yiswei Material Technology Co., Ltd. [1][2] - Heyuan Biotechnology became the first company to pass the review under the new "1+6" policy after two years of waiting, with its IPO application submitted on July 4 and registered on July 18 [1][2] - Bibet Pharmaceutical's IPO application, submitted on June 1, 2023, received registration approval on August 7, 2023, after a prolonged wait of over two years [1][2] Group 2 - Xi'an Yiswei received its registration approval on August 29, 2023, and is the first unprofitable company to be accepted under the new measures, opting for the fourth listing standard [2] - The "1+6" policy, introduced on June 18, 2023, aims to support high-quality unprofitable tech companies by reintroducing the fifth listing standard and expanding its applicability [2][3] - Shenzhen Beixin Life Technology Co., Ltd. passed the review on July 18, 2023, after being in the queue for over two years, with its IPO application submitted on March 30, 2023 [2][3] Group 3 - Zhuhai Tainuo Maibo Pharmaceutical Co., Ltd. became the first company to have its IPO application accepted under the reactivated fifth listing standard on July 31, 2023 [3] - Two other companies, Harbin Sizherui Intelligent Medical Equipment Co., Ltd. and Shanghai Hengrun Da Biological Technology Co., Ltd., are still in the review process for the fifth listing standard [3] - The ChiNext board has also begun supporting high-quality unprofitable innovative companies, with the first unprofitable company, Shenzhen Dapu Microelectronics Co., Ltd., receiving acceptance on June 27, 2023 [3]

Core Insights - The event aimed to assist unprofitable companies in the region to seize opportunities for listing in the domestic capital market [1] - The meeting included experts from the Shanghai Stock Exchange, Shenzhen Stock Exchange, Zhejiang Securities Regulatory Bureau, and Hangzhou Municipal Financial Office, along with representatives from eight prospective listed companies [1] - The focus was on high-quality development and the importance of understanding listing conditions and regulatory requirements [1] Group 1 - The Zhejiang Securities Regulatory Bureau emphasized the core issues that companies need to pay attention to during the preparation for listing [1] - Experts from the Shanghai and Shenzhen Stock Exchanges provided in-depth interpretations of the listing policies for unprofitable companies on the Sci-Tech Innovation Board and the Growth Enterprise Market [1] - The Hangzhou Municipal Financial Office highlighted the importance of seizing policy windows and improving internal control issues [1] Group 2 - The interactive session allowed company representatives to engage in direct dialogue with exchanges and regulatory bodies regarding listing paths and review standards [1] - Participants expressed that they benefited significantly from the discussions, which clarified the importance of understanding listing conditions [1] - The initiative aims to continue such activities to deepen financial services and assist more quality companies in accelerating their listing processes [1]

Core Viewpoint - The implementation of the third set of listing standards on the ChiNext board allows unprofitable companies to go public, enhancing the inclusiveness and coverage of the ChiNext market, and providing more opportunities for companies to list on the A-share market [1][3]. Group 1: New Listing Standards - The third set of listing standards requires a minimum market value of 5 billion yuan and a minimum revenue of 300 million yuan in the most recent year for unprofitable companies to list on the ChiNext board [1][4]. - Since the introduction of the registration system, the majority of companies have opted for the first set of standards, with 97% of the 418 newly listed companies using this standard [2][7]. - The new standards are designed to support high-tech and strategic emerging industries, aligning with national industrial policies [4][6]. Group 2: Market Conditions and Implications - The timing for implementing the third set of standards is deemed mature due to the stable operation of the market and the optimization of its structure over the past two years [3][6]. - The new standards are not seen as a relaxation of requirements but rather as an optimization based on practical experience, aimed at broadening the listing pathways for quality market entities [3][5]. - The opening of the ChiNext board to unprofitable companies is expected to enhance the capacity and quality of the board, allowing more companies to access long-term financing and support the development of strategic emerging industries [7][8].

Group 1 - Xi'an Yiswei Material Technology Co., Ltd. has successfully passed the initial public offering (IPO) review on the Sci-Tech Innovation Board [1] - Xi'an Yiswei is the first unprofitable company accepted by the Shanghai Stock Exchange after the release of the "New National Nine Articles" and "Eight Measures for Sci-Tech Innovation" [1] - The company focuses on the research, production, and sales of 12-inch silicon wafers and has become an important supplier in the global 12-inch silicon wafer market [1] Group 2 - The IPO aims to raise 4.9 billion yuan [1] - In June 2024, the China Securities Regulatory Commission released measures to support unprofitable companies with key core technologies and significant market potential to go public [1] - The measures also aim to enhance the valuation inclusivity for mergers and acquisitions, supporting Sci-Tech Innovation Board companies in acquiring quality unprofitable "hard technology" firms [1]

Core Viewpoint - The IPO of Xi'an Yicai, the first unprofitable company accepted under the "Eight Articles of Science and Technology Innovation Board," reflects the latest regulatory trends for unprofitable enterprises in China [2][3]. Group 1: IPO Progress and Regulatory Trends - The Shanghai Stock Exchange has streamlined the second round of inquiries for Xi'an Yicai from 15 questions in the first round to 9, focusing on competition, operating performance, control rights, and R&D personnel [2]. - Xi'an Yicai's IPO application was accepted on November 29, 2024, with plans to raise 4.9 billion yuan for the second phase of its silicon industry base project [2]. Group 2: Financial Performance - The company's projected revenues for 2022, 2023, and 2024 are 1.055 billion yuan, 1.474 billion yuan, and 2.121 billion yuan, respectively, while net losses are expected to be 412 million yuan, 578 million yuan, and 738 million yuan [3]. - Despite rapid revenue growth and increasing capacity utilization rates of 78.15%, 81.71%, 72.92%, and 91.07% from 2021 to 2024, the company continues to experience significant losses [3][4]. Group 3: Industry Competition and Market Position - Xi'an Yicai's revenue from epitaxial wafers is only 9.03% in 2024, compared to 40% for its competitor, Hu Silicon Industry, which has a first-mover advantage and expansion plans [4]. - The semiconductor silicon wafer market is facing a recovery that is below expectations, with Hu Silicon Industry reporting a net profit of -1.243 billion yuan for 2024 [4]. Group 4: Control Rights and Shareholder Dynamics - The control rights of Xi'an Yicai are under scrutiny, particularly regarding the influence of Liu Yiqian, who previously held significant shares in the controlling entity, Yisiwei Group [5][6]. - The complexity of the control structure raises questions about the accurate identification of actual controllers and whether certain individuals should be recognized as joint controllers [6]. Group 5: R&D Personnel and Investment Concerns - Approximately 50% of Xi'an Yicai's R&D personnel are part-time, raising concerns about the adequacy of R&D investment and the distribution of responsibilities within the R&D team [7][8]. - The company plans to use the 4.9 billion yuan raised for the second phase of its silicon industry base project, which aims to achieve a production capacity of 1.2 million wafers per month by 2026 [8][9].

Core Points - The Science and Technology Innovation Board (STAR Market) has supported 54 unprofitable companies to go public in its six years of operation, with 22 of these companies achieving profitability post-listing [1] - In June, the China Securities Regulatory Commission (CSRC) announced the resumption of the fifth set of listing standards for unprofitable companies on the STAR Market, and established a growth tier for these companies [1] - Currently, 32 unprofitable companies have been officially included in the STAR Market's growth tier [1]