禾元生物成为科创成长层新注册企业中首家启动发行工作的企业。 9月22日晚，武汉禾元生物科技股份有限公司（简称"禾元生物"）在上交所网站披露招股意向书、发行 安排及初步询价公告，正式启动发行工作。这意味着，禾元生物将成为科创成长层新注册企业中首家启 动发行工作的企业。 禾元生物启动发行，是落实科创板"1+6"改革、增强对优质科技型企业的制度包容性和适应性的重要体 现，彰显了尊重科技创新规律、支持优质科技企业发展、更好服务新质生产力的政策导向。 值得一提的是，根据"科创板八条"的相关试点安排，禾元生物也是首家采用网下发行差异化限售与配售 安排的公司。根据禾元生物披露的公告文件，其网下整体限售比例不低于40%，对投资者报价设置了3 档差异化限售档位，申购最高限售档位投资者的配售比例不低于最低限售档位的9倍。 市场人士指出，今年3月上交所修订发行承销业务规则，明确未盈利企业可以采用约定限售方式，网下 投资者自愿报价申购，履行限售更高比例、更长期限的承诺和义务并相应获配较多的新股，鼓励更 多"看得准、拿得住"的专业机构在新股发行定价中发挥更大作用，促进新股合理定价。 今年以来，上交所持续推进"科创板八条"和科创板"1+ ...

自今年6月科创板"1+6"改革政策以来，科创板新增受理15家公司IPO申请，其中4家为未盈利企业，1家 适用第五套标准。目前，已有3家未盈利企业IPO注册生效，其中2家为第五套标准企业。禾元生物也是 重启科创板第五套标准后的首家过会并取得注册批文的企业。 证券时报记者获悉，目前，科创成长层首批新注册企业发行上市的各项工作正在有序稳步推进中，上交 所技术系统完成全网通关测试，已于近日陆续上线。证券公司已有序组织投资者签署参与科创成长层交 易的风险揭示书，目前已有500万户投资者开通科创成长层交易权限。 禾元生物启动发行，是落实科创板"1+6"改革、增强对优质科技型企业的制度包容性和适应性的重要体 现，彰显了尊重科技创新规律、支持优质科技企业发展、更好服务新质生产力的政策导向。 值得一提的是，根据"科创板八条"的相关试点安排，禾元生物也是首家采用网下发行差异化限售与配售 安排的公司。根据禾元生物披露的公告文件，其网下整体限售比例不低于40%，对投资者报价设置了3 档差异化限售档位，申购最高限售档位投资者的配售比例不低于最低限售档位的9倍。 禾元生物成为科创成长层新注册企业中首家启动发行工作的企业。 9月22日晚， ...

霍瑞戎履新上交所副理事长后，首次公开发声！ 9月16日，上交所副理事长霍瑞戎在"2025中国资本市场发展论坛暨上市公司论坛"上透露，上交所已与多家商 业航天、人工智能、低空经济企业开展预沟通，推动第五套标准扩围至相关行业领域。加强投资者适当性管理 方面，目前已有475万户投资者开通科创成长层交易权限。 霍瑞戎透露，接下来，上交所将在中国证监会领导下，以深化投融资综合改革为牵引，加快推进新一轮资本市 场改革，不断增强市场吸引力和包容性，更好服务科技创新和新质生产力发展。 责编：李丹 校对：苏焕文 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 霍瑞戎表示，上交所持续推进"科创板八条""并购六条"等政策落地见效，今年6月以来进一步围绕科创 板"1+6"改革政策，全面加强政策宣贯，积极推动典型案例落地，系统性引导上市公司高质量发展。 据介绍，科创板"1+6"改革政策发布以来，科创板新增受理15家企业IPO申请，其中4家系未盈利企业；在适用 第五套标准方面，1家企业获受理，2家前期已申报企业获注册生效；政策发布至今已有3家未盈利企业注册生 ...

上交所副理事长霍瑞戎履新后，首度公开发声。在2025中国资本市场发展论坛上，霍瑞戎称，今年6月 份科创板"1+6"改革政策发布以来，目前各项配套制度规则已全部发布实施，存量32家未盈利企业已于 规则发布当日纳入科创成长层，技术系统改造正加快推进，将如期上线。目前已有475万户投资者开通 科创成长层交易权限。 （文章来源：第一财经） ...

Core Insights - The Shanghai Stock Exchange emphasizes its mission to support technological innovation and enhance its role as a capital market hub, particularly through the STAR Market [1] - The STAR Market has established five sets of listing standards, with the second to fifth sets not requiring profitability, thus providing diverse listing pathways for unprofitable companies [1][2] - As of now, 54 unprofitable companies have collectively raised over 200 billion yuan through IPOs, demonstrating effective transformation of R&D capabilities into operational performance [1][3] Listing Standards - The STAR Market's second to fourth listing standards focus on revenue scale combined with R&D intensity, cash flow, or market capitalization, catering to hard-tech companies with specific characteristics [1][2] - The fifth standard does not set performance requirements but emphasizes market capitalization and developmental achievements, suitable for innovative companies with clear market prospects [1][2] Company Performance - Among the 54 unprofitable companies, 40% have achieved profitability, with a total revenue of 1,745 billion yuan in 2024, marking a 24% year-on-year increase [3] - Notable companies like BeiGene and Cambricon have shown significant R&D investments, with BeiGene's R&D expenditure reaching 7.278 billion yuan, accounting for 42% of its revenue [2][3] - The semiconductor sector, led by companies like SMIC, has seen substantial advancements, enhancing the industry's self-sufficiency and innovation capabilities [3][4] Market Developments - The STAR Market's fifth standard companies are entering a new phase of commercial development, with 46 drugs/vaccines approved for market entry, showcasing rapid commercialization [4] - The introduction of the "1+6" policy framework aims to further support unprofitable companies in high-tech sectors, balancing innovation support with market risk management [4][5] - Since the implementation of the "1+6" policy, 15 new IPO applications have been accepted, including four from unprofitable companies, indicating ongoing market dynamism [5]

Core Viewpoint - The Shanghai Stock Exchange (SSE) is enhancing the STAR Market's role in supporting hard technology companies by implementing inclusive reforms and new listing standards, allowing unprofitable firms to access capital markets [1][2][5] Group 1: STAR Market Developments - Since the introduction of the "1+6" policy, the STAR Market has accepted 15 new IPO applications, including 4 unprofitable companies and 1 under the fifth set of standards [1] - The STAR Market has seen 32 existing companies in the growth layer demonstrate strong development momentum, with a 37.79% year-on-year revenue growth and a significant reduction in net losses amounting to 7.123 billion yuan [1] - The STAR Market has gathered 589 listed companies with a total market capitalization exceeding 9 trillion yuan, showcasing a "chain group" development pattern, particularly in the integrated circuit sector [1] Group 2: Inclusive Reforms and Policies - The STAR Market has broken traditional listing barriers by allowing unprofitable and special equity structure companies to enter the A-share market, thus creating targeted listing pathways for tech firms [2] - The "1+6" policy aims to address the needs of technology-driven companies during specific economic cycles, facilitating access to capital for firms in the R&D phase without requiring immediate profitability [2] - The introduction of the "科八条" (K8 Policy) has led to 134 disclosed merger transactions worth over 40 billion yuan, significantly surpassing the total from the previous five years [3] Group 3: Financing and Investment Dynamics - The STAR Market focuses on the synergy between financing and investment, ensuring that funds are directed towards tangible projects while allowing investors to share in the returns [3] - The STAR Market has initiated a "quality improvement and efficiency enhancement" campaign, yielding significant results in the financing sector [3] - The STAR 50 ETF has become the fourth largest index product in the A-share market, reflecting the high level of index investment in this sector [3] Group 4: Regulatory Support and Engagement - The SSE has actively engaged with STAR Market companies, conducting on-site visits to address over 300 specific requests, transforming challenges into achievements [4] - The SSE's comprehensive support aims to accompany technology companies throughout their growth stages, from early development to maturity [4]

Group 1: Overall Market Performance - In the first half of 2025, companies listed on the Shanghai Stock Exchange achieved a total operating revenue of 24.68 trillion yuan, a slight decrease of 1.3% year-on-year, while net profit increased by 1.1% to 2.39 trillion yuan [1] - The second quarter saw a quarter-on-quarter increase in operating revenue and net profit by 6.1% and 0.1%, respectively [1] - Mid-term cash dividends reached a record high, with 408 companies announcing a total cash dividend of 555.2 billion yuan, marking a year-on-year increase of 12% and 5% [1] Group 2: Sector Contributions - Emerging industries such as electronics, communications, and biomedicine contributed significantly to revenue and profit growth, with revenue and net profit growth rates of 7.5% and 6.5%, respectively [1] - The integrated circuit industry saw a remarkable year-on-year revenue growth of 14% and net profit growth of 57% in the first half of the year [2] - The biopharmaceutical sector reported total revenue of 251.1 billion yuan and net profit of 31.9 billion yuan, with year-on-year growth of 1% and 14%, respectively [2] Group 3: Consumer Sector Performance - The automotive sector experienced a 6% year-on-year increase in operating revenue, with major companies like GAC Group and SAIC Motor seeing nearly 30% growth in new energy vehicle sales [3] - The home appliance industry reported a 10% increase in net profit, while tourism companies saw a significant net profit increase of 58% [3] - Traditional industries such as steel and machinery are transitioning to high-value-added sectors, with net profit growth of 235% and 21%, respectively [3] Group 4: Mergers and Acquisitions Activity - The number of new asset restructuring cases in the first half of 2025 reached 378, a year-on-year increase of 23%, with a total transaction value exceeding 160 billion yuan [4] - Significant transactions included the merger of Guotai Junan and Haitong Securities, and the acquisition of coal and power assets by China Shenhua [4][5] - The "Science and Technology Innovation Board" policies have led to over 130 new industry mergers, with disclosed transaction amounts exceeding 40 billion yuan [5] Group 5: ETF Market Growth - By the end of August, the total scale of ETFs in the Shanghai market exceeded 3.7 trillion yuan, with domestic ETFs accounting for over 70% [6] - The net inflow of funds into ETFs this year surpassed 350 billion yuan, with major ETFs becoming key long-term investment tools for institutional investors [6] - The number of newly listed ETFs reached 96 in the first half of the year, with a total fundraising amount of 78.8 billion yuan, surpassing the total for the entire year of 2024 [6]

Core Viewpoint - The Shanghai Stock Exchange (SSE) is enhancing international investor understanding of the Sci-Tech Innovation Board (STAR Market) through a dedicated online roadshow, highlighting its latest developments and investment opportunities [1] Group 1: Event Overview - The SSE organized an online roadshow titled "Focusing on SSE - Six Years of STAR Market" to promote the STAR Market and its representative listed companies [1] - Nearly 50 institutions from major markets including the US, Europe, and Asia-Pacific participated in the event [1] Group 2: Key Discussions - The event included discussions on the latest developments in the STAR Market, reform policies, and index investment opportunities [1] - Founders and CEOs from four STAR Market companies engaged in in-depth discussions with international investors, showcasing investment opportunities and the potential of Chinese assets [1] Group 3: Future Initiatives - The SSE plans to accelerate the implementation of various reform measures under the guidance of the China Securities Regulatory Commission (CSRC) [1] - The focus will be on creating a more attractive and competitive product system, enhancing services for international investors, and promoting the narrative of China's development story [1] - The goal is to deepen and broaden foreign investment participation in the SSE market, supporting high-quality development of STAR Market companies and enabling global investors to share in China's innovation growth opportunities [1]

在科创板开板6年之际，科创板改革进一步深化，标志着资本市场包容性改革迎来新突破。 新设科创成长层 科创板"试验田"又迎诸多制度突破 自设立之初，科创板就承担了资本市场支持科技创新和制度"试验田"的重要使命。科创板改革持续深 化，"试验田"先行先试的成色更足。 新华社北京6月18日电 题：科创板加力服务优质科技企业 资本市场包容性改革迎来新突破 新华社"新华视点"记者 刘慧 中国证监会18日发布《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》，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。 资深专业机构投资者制度适用于科创板第五套标准上市企业，将资深专业机构投资者入股达到一定年 限、数量和比例作为审核注册的参考。 本次科创板改革提出设置科创板科创成长层，备受关注。设置后，科创板现有和新注册的未盈利科技型 上市公司将全部纳入其中。同时，改革也对企业入层和调出条件、强化信披和风险揭示、增加投资者适 当性管理要求等做了针对性安排。 科创板作为"试验田"，为何又要开辟出科创成长层这个"新空间"？ 证监会新闻发言人介绍，新设科创成长层一是有利于进一步彰显 ...

Core Insights - The A-share equity financing market has shown strong growth, with 183 companies raising over 830 billion yuan, a year-on-year increase of over 300% [1][2] - The IPO market continues to recover, with 63 companies raising a total of 64.39 billion yuan, nearing the total for the entire year of 2024 [1][2] - The concentration of equity underwriting has increased significantly, with the top three underwriters accounting for 53.01% of the market share [2] Equity Financing Overview - As of August 12, 183 A-share companies completed equity financing, raising a total of 832.87 billion yuan, a substantial increase of 363.85% compared to the previous year [2] - The IPO market has seen 63 companies listed, raising 64.39 billion yuan, which is a 21.15% increase year-on-year [2] - The leading underwriters are CITIC Securities, Guotai Junan, and CITIC Jianzhong, with market shares of 53.01%, up from 40.20% the previous year [2] IPO Acceptance and Trends - The number of IPO applications has surged to 181, a 364.10% increase from the same period last year [4] - The Beijing Stock Exchange has become the core area for IPO applications, accounting for 64.09% of the total [4] - Zhejiang, Guangdong, and Jiangsu provinces lead in the number of accepted IPOs, with a combined total of 99 companies [4] Policy and Market Dynamics - The reintroduction of the fifth set of standards for the Sci-Tech Innovation Board has increased market inclusivity for unprofitable companies, allowing more tech firms to enter the A-share market [5] - The "1+6" policy measures aim to enhance the adaptability of the capital market, benefiting underwriters and private equity investments [8] - Recent regulatory changes have lowered the thresholds for mergers and acquisitions, enhancing transaction efficiency and potentially increasing the volume of such activities [8] Private Placement and Restructuring - 95 companies have completed private placements, raising a total of 727.92 billion yuan, a 537.47% increase year-on-year [7] - Major banks have led the private placement market, with four banks raising over 100 billion yuan each for liquidity purposes [7] - The role of underwriters in private placements is expected to grow, providing opportunities for revenue enhancement and supporting the real economy [7]