Core Viewpoint - The opening of the third set of standards for the ChiNext board and the fifth set for the Sci-Tech Innovation board has created a favorable environment for unprofitable companies to go public, but the actual number of such listings is expected to remain limited due to high standards and the preference for Hong Kong listings among many companies [1][4][9]. Group 1: Recent Developments - As of June 29, four unprofitable companies have had their IPO applications accepted in a short span, including DaPuWei on the ChiNext board and three others on the Sci-Tech Innovation board [2][4]. - Currently, there are 14 unprofitable companies in the queue for IPOs, with half of them having been accepted before the "827 new policy" in 2023 [2][5]. Group 2: Market Sentiment and Future Outlook - Despite the recent acceptance of unprofitable companies, industry insiders believe that a large influx of such listings is unrealistic in the short term due to stringent standards that require strong technological attributes [5][7]. - The four recently accepted companies are all in the semiconductor sector and are leaders in their respective niches, indicating a trend towards high-tech industries [6][7]. Group 3: Company Performance - DaPuWei, while unprofitable, has shown significant improvement in its financials, with net losses decreasing from 617 million yuan in 2023 to 191 million yuan in 2024, suggesting it may soon meet the profit requirements for the ChiNext board [6]. - Other companies like Zhaoxin Integrated and Shanghai Super Silicon have not shown similar financial improvements, but they are focused on breaking international monopolies in their fields [6][7]. Group 4: Hong Kong vs. A-Share Market - Many unprofitable companies that initially planned to list in Hong Kong are unlikely to switch back to the A-share market due to the perceived certainty of Hong Kong listings [8][9]. - Among the unprofitable companies that have applied for Hong Kong listings, several had previously failed in their A-share IPO attempts, indicating a trend of companies seeking more reliable listing options [8].

Core Viewpoint - The introduction of the "Science and Technology Innovation Board Growth Layer" aims to enhance the inclusiveness and adaptability of the system for high-quality technology enterprises, allowing unprofitable companies to list under the fifth set of standards [1][2]. Group 1: Reform Measures - The "Science and Technology Innovation Board Opinions" propose six reform measures to enhance the system's inclusiveness for technology enterprises [1]. - A pilot IPO pre-review mechanism will be introduced for quality technology enterprises, allowing them to seek pre-review of their application documents before formal submission [3][5]. - The scope of the fifth set of listing standards will be expanded to include more emerging industries, particularly in artificial intelligence, commercial aerospace, and low-altitude economy [7][8]. Group 2: Market Adaptation - The reforms are designed to align with the commercial realities of technology enterprises and the latest trends in technological innovation and industrial development [2]. - The introduction of the pre-review mechanism is intended to protect sensitive business information and enhance the quality of services provided to technology enterprises by the stock exchange [4][5]. Group 3: Focus on Quality - The reforms emphasize maintaining strict entry standards for IPOs, ensuring that the focus remains on supporting quality technology enterprises rather than merely increasing the number of listings [9]. - The regulatory body will continue to implement measures to coordinate investment and financing, promoting the development of long-term capital in the market [10].

Core Viewpoint - The recent launch of the "1+6" new policy for the Sci-Tech Innovation Board (STAR Market) by the China Securities Regulatory Commission (CSRC) has garnered significant market attention, particularly the reintroduction and expansion of the fifth listing standard, which opens up opportunities for high-quality unprofitable companies to go public [1][3][4] Group 1: Policy Changes and Implications - The fifth listing standard has been expanded to cover cutting-edge fields such as artificial intelligence, commercial aerospace, and low-altitude economy, enhancing the inclusivity and adaptability of the capital market for hard-tech companies [3][4] - The introduction of a new "U" label for unprofitable companies in the newly established Sci-Tech Growth Layer aims to improve transparency and help investors better identify and assess risks associated with these companies [9][10] - The new policy encourages collaboration between companies and experienced institutional investors, which is expected to enhance the identification and support of high-quality unprofitable enterprises [5][6] Group 2: Market Dynamics and Investor Considerations - The involvement of seasoned institutional investors is designed to provide a more accurate assessment of companies' innovation potential beyond just financial metrics, thereby guiding capital towards promising unprofitable firms [5][6] - The policy may lead to a situation where companies seek to partner with institutional investors primarily to meet listing requirements, potentially resulting in superficial collaborations rather than genuine partnerships [7][8] - The establishment of differentiated exit standards for companies in the Sci-Tech Growth Layer aims to ensure that only those with sustainable growth and profitability can transition out, thereby enhancing market quality [11][12] Group 3: IPO Pre-Review Mechanism - The newly introduced IPO pre-review mechanism allows companies to identify and address potential issues before formal submission, which could shorten the review cycle and increase the likelihood of successful listings [14][15] - This mechanism is particularly suited for strategic emerging industries with clear core technology projects that have significant implications for national and industry development [15] - However, the pre-review process may not fully uncover all issues, and there are concerns about the lack of transparency and potential information asymmetry in the market [16][17][18]

Group 1 - The pilot IPO pre-review mechanism aims to enhance the service quality for high-quality technology enterprises, reducing exposure time during the listing process and improving information security [1] - The 2025 Summer Davos Forum will showcase China's economic high-quality development and its commitment to high-level opening-up, presenting opportunities and benefits to the world [2] - Global Robotaxi players are accelerating commercialization, with Tesla launching a pilot service in Texas, indicating progress in the validation of their technology [3] Group 2 - A significant performance divergence is observed among A-share companies, with 16 companies disclosing their 2025 semi-annual performance forecasts, highlighting the varying financial health across sectors [4] - The four major banks have successfully raised a total of 520 billion yuan through private placements, enhancing their capital strength and supporting financial services to the real economy [5] - State-owned enterprise reform is exemplified by Guotou Zhonglu's planned acquisition of a controlling stake in a leading electronic engineering design firm, indicating a trend of asset consolidation [6][7] Group 3 - The introduction of ETF investment strategies for wealth management is expected to accelerate, as policies allow for the inclusion of Sci-Tech Innovation Board ETFs in advisory configurations [8] - Chinese innovative pharmaceutical companies are making headlines with substantial licensing deals, reflecting a shift from being followers to contributors in the global pharmaceutical landscape [9] - The automotive industry is witnessing a call for optimized rebate policies to alleviate dealer financial pressures, marking a response to current market conditions [10] Group 4 - The Shenzhen Stock Exchange is set to launch five new thematic indices focused on the growth sectors of the ChiNext market, enhancing investment opportunities [11] - The People's Bank of China is expected to maintain a stable liquidity environment, with measures in place to address market demands and pressures [12] - Over 60 A-share companies are in the process of planning listings in Hong Kong, driven by policy factors and improved market conditions [13] - The implementation of a plan to promote long-term capital market participation is underway, aiming to stabilize the market through systematic institutional arrangements [14]

Group 1 - The core demand of technology companies is to reduce the adverse impact of early or long-term disclosure of business technology information and listing plans on their operations [1][2] - The introduction of the IPO pre-review mechanism aims to enhance the efficiency of services for technology companies and protect their information security [1][2][4] - The pre-review process allows companies to submit sensitive information confidentially, thus reducing the exposure time of critical technology during the review phase [2][6] Group 2 - The pre-review mechanism is designed for technology companies that may face significant adverse effects from early disclosure of business information [2][4] - The mechanism is inspired by similar practices in mature overseas capital markets, which have been favored by technology companies for providing a more friendly listing environment [3][4] - The implementation of this mechanism marks a significant step in the internationalization of China's capital market [3] Group 3 - The Shanghai Stock Exchange has established a pre-review application process to improve the quality and efficiency of formal IPO submissions [4][5] - The process and results of the pre-review will remain confidential until the formal IPO submission, ensuring that sensitive information is protected [4][5] - The regulatory bodies will maintain strict review standards and ensure that information disclosure obligations are not diminished [5][6]

Market Overview - A-shares experienced a slight decline this week, with the Shanghai Composite Index down 0.51% closing at 3360 points, and the Wind All A Index down 1.07% [1] - Hong Kong stocks mirrored A-shares, with the Hang Seng Index dropping 1.52% and the Hang Seng Tech Index down 2.03% [2] - U.S. stock indices showed mixed performance, with the Dow Jones and Nasdaq rising while the S&P 500 fell [3] Positive Developments - Novo Nordisk announced significant weight loss results from its STEP UP 3b clinical trial, showing a 21% average weight reduction for participants on a higher dose of Wegovy, with one-third achieving over 25% weight loss [3] - Lao Pu Gold opened its first overseas store in Singapore, marking a key step in its global expansion strategy [3] - Zhifei Biological received clinical trial approval for its adsorbed tetanus vaccine, allowing it to proceed with trials [4] - Tencent Cloud launched "AI Builder," enabling users to generate complete applications from simple descriptions, enhancing the app development experience [5] - Xin Xuan Group reported significant sales during the 618 shopping festival, with 12 brands exceeding 100 million in sales and total viewership reaching 550 million [6][7] - Heng Rui Pharmaceutical received approval for six drug clinical trials, including new oral and injectable therapies [8] - Li Auto's first pure electric SUV, the Li i8, is set to launch in late July [9] - Yingmu Technology plans to release a new strategic product in Q3 [10] - Desay SV announced a partnership with Chery Automobile to develop an integrated central computing platform for smart driving [11] Negative Developments - Anker Innovations announced a recall of certain batches of power banks due to quality issues with battery cells [12] - The Shanghai Stock Exchange is monitoring stocks with abnormal trading behaviors, including *ST Yanzhen [13] - Ningbo Huaxiang expects a loss of 273 million to 369 million yuan in the first half of 2025 due to the impact of its European business divestiture [14][15] - *ST Jinguang received a decision to terminate its stock listing, entering a delisting period starting June 30, 2025 [16] - SpaceX's Starship S36 experienced an explosion during a static fire test [17] - Microsoft plans to lay off thousands of employees, primarily in sales [17] - *ST Xinyuan's controlling shareholder is restricted from high consumption due to a contract dispute [17] - *ST Hengli received a decision to terminate its stock listing, with trading resuming on June 25, 2025 [18] - Honda is recalling nearly 259,000 vehicles in the U.S. due to brake pedal issues [19] - Ford is recalling 27,768 vehicles in the U.S. due to a child lock malfunction [19] - Wanda Group's 40 million shares have been frozen [19] - Black Sesame received a warning letter from the Guangxi Securities Regulatory Bureau for governance issues [20][21] - *ST Jiu You announced its stock will be delisted, entering a 15-day trading period before delisting [22] - San Yao Biotech terminated its exclusive agreement with Guoguang Biotech, affecting its flu vaccine distribution in mainland China [23] IPO and Market Activity - Haitian Flavoring's H-shares were priced at HKD 36.3, with additional shares issued [35] - The China Securities Regulatory Commission approved Guangdong Jian Ke's IPO registration for the Growth Enterprise Market [28] - Several companies, including PPIO and PPLabs Technology, submitted IPO applications to the Hong Kong Stock Exchange [26][29] - The Hong Kong Stock Exchange reported that approximately 190 companies are in line to go public [45]

本报记者 毛艺融 6月18日，证监会发布的《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》提出，面向优质科技型企业试点 IPO预先审阅机制，进一步提升证券交易所预沟通服务质效。同日，上交所起草《上海证券交易所发行上市审核规则适用指引 第7号——预先审阅（征求意见稿）》（以下简称《预先审阅指引》），向社会公开征求意见。 根据《预先审阅指引》，对于因过早披露业务技术信息、上市计划，可能对其生产经营造成重大不利影响的发行人，确有 必要的，可以在申请科创板上市前通过保荐人向交易所申请预先审阅。 IPO预先审阅机制引发广泛关注。财通证券首席策略分析师李美岑表示，IPO前先预审、结果不公开，能帮助科技型企业减 少提交IPO申请的顾虑，同时加速其上市进程。 有利于审核效率提升 何为IPO预先审阅？根据《预先审阅指引》，预先审阅是交易所在发行人正式申报IPO前，对其发行上市申请文件按照审核 要求进行把关的一种服务，不是企业申请发行上市的必经程序；拟上市企业申请预先审阅，应当结合现有信息披露豁免制度， 充分说明申请预先审阅的必要性。 汉鼎咨询总裁王庆对《证券日报》记者表示，在敏感时期或行业内竞争激烈的情况下，直接公开披 ...

Core Viewpoint - The introduction of the "1+6" policy by the China Securities Regulatory Commission (CSRC) aims to facilitate the listing of loss-making companies on the Sci-Tech Innovation Board (STAR Market), addressing the challenges faced by tech firms in securing funding and going public [2][4]. Group 1: Policy Overview - The "1+6" policy includes the establishment of a Sci-Tech Growth Layer on the STAR Market, allowing companies with losses or zero revenue to list [2][4]. - Currently, there are 30 companies marked with a "U" indicating they are in the Sci-Tech Growth Layer, which allows for listing despite losses [4]. - New regulations require companies registered after the new rules to meet stricter criteria to remove the "U" mark, compared to previous standards [6]. Group 2: Listing Standards - The first standard for listing requires companies to be profitable in the last two years with a total profit of at least 50 million yuan, or to have a profit and revenue of at least 100 million yuan in the last year [7]. - The fifth standard allows companies with losses and zero revenue to list, provided they have a market value of over 4 billion yuan and meet other specific criteria [9][10]. - Currently, 20 companies have utilized the fifth standard for listing, primarily in the biopharmaceutical sector [12][13]. Group 3: New Measures - The policy introduces six reform measures, including expanding the fifth standard to support more frontier technology sectors like artificial intelligence and commercial aerospace [8][17]. - A new mechanism for pre-IPO review is being piloted to protect sensitive information for high-quality tech companies [22][23]. - Companies can now raise funds from existing shareholders during the IPO process, which is beneficial for those lacking self-sustaining financial capabilities [24][25]. Group 4: Investment and Oversight - The introduction of a system for professional institutional investors aims to enhance the evaluation of companies that qualify for the fifth standard, ensuring better judgment on their future prospects [19][20]. - The CSRC emphasizes the need for strict regulatory measures to prevent fraudulent activities and protect investor rights, ensuring that companies meet multiple criteria for listing [28].

制订科创成长层配套业务规 明确科创成长 科创板 t 点 引 6月18日，为落实中国证监会《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》相关要 求，上海证券交易所起草了《上海证券交易所科创板上市公司自律监管指引第5号 --- 科创成长层（征 求意见稿）》《上海证券交易所发行上市审核规则适用指引第7号——预先审阅（征求意见稿）》，持 续提升科创板服务科技创新能级，更大力度支持科技企业高水平发展 6月18日，为落实中国证监会《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》（下称 《科创板意见》） 相关要求，规范上海证券交易所股票发行上市申请预先审阅工作，更大力度支持科技 C 企业高水平发展，上交所起草了《上海证券交易所发行上市审核规则适用指引第7号——预先审阅（征 求意见稿）》（下称《预先审阅指引》），并向社会公开征求意见。 预先审阅明确五大要求 据记者了解，预先审阅是上交所在发行人正式申报IPO前，对其发行上市申请文件按照审核要求进行把 关的一种服务，不是企业申请发行上市的必经程序；拟上市企业申请预先审阅，应当结合现有信息披露 豁免制度，充分说明申请预先审阅的必要性。上交所通过预先审阅，督促发行 ...

6月18日，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》(以下简称 《科创板意见》)，以设置科创成长层为抓手，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。 上交所同步新制定2项配套业务规则并向市场公开征求意见。此外，上交所还在研究制定修订相关的业 务规则，后续将向市场发布。 当前，各方对资本市场支持服务科技创新寄予更高期待，科技型企业对资本市场也提出了更加多样化的 需求。中国证监会新闻发言人表示，《科创板意见》在抓好"科创板八条"落地实施基础上研究制定，进 一步深化科创板改革，持续提升科创板服务科技创新发展质效。 为何要在科创板内再设置科创成长层呢？中国证监会新闻发言人回应称，一是有利于进一步彰显资本市 场支持科技创新的政策导向，稳定市场预期；二是有利于为增量制度改革提供更可控的"试验空间"，可 以试点一些更具包容性的政策举措；三是有利于对未盈利科技型企业集中管理，便于投资者更好识别风 险，更好保护投资者合法权益。 "更加注重企业科技创新能力，允许符合科创板定位、尚未盈利或存在累计未弥补亏损的企业在科创板 上市"，是设立科创板并试点注册制的标志性 ...