Core Viewpoint - Shenzhen Dapu Microelectronics Co., Ltd. (Dapu Micro) has become the first unprofitable company to have its IPO application accepted by the Shenzhen Stock Exchange, marking a significant milestone for the ChiNext board's support of innovative unprofitable enterprises [1][4]. Company Overview - Dapu Micro focuses on the research and sales of enterprise-level SSD products for data centers, possessing full-stack self-research capabilities in "controller chips + firmware algorithms + modules" and achieving mass production [1][2]. - The company has shipped over 3,500 PB of enterprise-level SSDs, with more than 70% of shipments featuring self-developed controller chips [2]. Market Position - In 2023, Dapu Micro ranked fourth in the domestic enterprise-level SSD market with a market share of 6.4%, while international manufacturers still dominate the market [2]. - The company's customer base includes major domestic and international internet companies such as Google, ByteDance, Tencent, Alibaba, JD.com, and others, as well as leading server manufacturers and telecom operators [2]. Financial Performance - Dapu Micro reported revenues of 557 million yuan, 519 million yuan, and 962 million yuan for the years 2022 to 2024, with net losses of 534 million yuan, 617 million yuan, and 191 million yuan respectively [3]. - The company attributes its lack of profitability to high R&D investments, limited bargaining power in the early stages, cyclical fluctuations in the storage industry, and significant share-based payment expenses [3]. IPO Details - Dapu Micro plans to raise 1.878 billion yuan through its IPO, which will be allocated to the development and industrialization of next-generation controller chips and enterprise-level SSDs, as well as to establish a mass production testing base for SSD modules [3]. - The company has a special voting rights mechanism, allowing its major shareholders to control a significant portion of the voting rights, with the actual controller holding 66.74% of the voting rights [3]. Industry Context - The China Securities Regulatory Commission has announced the implementation of a third set of standards on the ChiNext board to support high-quality unprofitable innovative enterprises, with Dapu Micro being the first to benefit from this new policy [4][5]. - The introduction of these standards aims to enhance the inclusivity and adaptability of the ChiNext board for quality technology companies, facilitating the aggregation of advanced production factors in the technology sector [5].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has officially launched a third set of standards for the ChiNext board to support high-quality, unprofitable innovative companies in going public [1][3]. Group 1: ChiNext Board Developments - Shenzhen Dapu Microelectronics Co., Ltd. has become the first unprofitable company to have its IPO application accepted by the Shenzhen Stock Exchange [2]. - The Shenzhen Stock Exchange emphasizes the implementation of various listing standards to provide more inclusivity for both profitable and unprofitable enterprises, thereby supporting high-quality innovative companies in expanding their financing channels [3][4]. Group 2: Market Context and Trends - The increasing complexity of international geopolitics and the rise of innovative enterprises with key technologies in China highlight the importance of the capital market in driving industrial upgrades and technological innovation [5]. - As of now, the ChiNext board has 1,382 listed companies with a total market capitalization exceeding 13 trillion yuan, with nearly 90% being high-tech enterprises and about 70% being strategic emerging enterprises [5]. - The ChiNext board has seen a significant increase in revenue and market capitalization for many companies post-listing, with nearly half of them doubling their revenue and market value [5]. Group 3: Dapu Microelectronics Case Study - Dapu Microelectronics focuses on the research and sales of enterprise-level solid-state drives (SSDs) and has a self-developed main control chip with over 70% of its shipments using this technology [11][12]. - The company has invested 736 million yuan in R&D over the past three years, accounting for 36.15% of its total revenue, and holds 156 invention patents [14]. - Dapu Microelectronics aims to raise 1.878 billion yuan through its IPO to fund the development of next-generation main control chips and SSD production testing bases [14]. Group 4: Regulatory and Market Implications - The introduction of listing standards for unprofitable innovative companies is seen as a timely response to market demands and aims to enhance the capital market's support for technological innovation [8][15]. - The Shenzhen Stock Exchange is also working on further reforms to support the issuance of technology innovation bonds and to attract long-term capital into the market [9]. - The regulatory framework will ensure strict adherence to listing standards to prevent "pseudo-innovation" and maintain market integrity [17][18].

Group 1 - The core viewpoint of the news is the reopening of the listing channels for unprofitable innovative companies in the A-share market through the introduction of the third listing standard for the ChiNext and the fifth listing standard for the Sci-Tech Innovation Board [1][2] - The policy adjustments have led to a significant increase in IPO acceptance, with 20 companies accepted in the first week following the announcement, and 50% of these from the Beijing Stock Exchange [3][4] - The new regulations include strategic emerging industries such as artificial intelligence and commercial aerospace, indicating a regulatory focus on nurturing hard technology sectors [3] Group 2 - A total of 54 unprofitable companies have received financing support from the Sci-Tech Innovation Board, with a cumulative financing scale exceeding 200 billion yuan, and these companies have shown a revenue growth rate of 24% [4] - The case of He Yuan Bio, which is set to undergo IPO review, exemplifies the challenges faced by innovative pharmaceutical companies, as it has incurred losses exceeding 480 million yuan over the past three years [5] - The investment landscape for unprofitable companies is characterized by high R&D costs, market risks, and valuation volatility, necessitating investors to possess specialized knowledge and risk tolerance [5][6]

Group 1 - The core viewpoint of the article is that the Chinese securities regulatory authority is focusing on enhancing the inclusiveness and adaptability of the market system, particularly through reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market, to attract more unprofitable companies to go public [1][2] - The "1+6" policy measures include the reintroduction of the fifth listing standard on the Sci-Tech Innovation Board, specifically designed for unprofitable companies, creating a dedicated "growth layer" for these firms [1][2] - The introduction of the third listing standard on the Growth Enterprise Market also supports high-quality unprofitable innovative companies to list, indicating a broader acceptance of unprofitable firms across multiple exchanges [2] Group 2 - The support for unprofitable companies to go public aligns with global trends, as many major markets have opened doors for such listings, reflecting a national policy to support the development of new productive forces in China [3] - The article highlights concerns regarding the potential issues that unprofitable companies may bring to the market, particularly the problem of shareholder sell-offs, which could undermine the long-term development of these companies [3][4] - To address the issue of shareholder sell-offs, it is suggested that a tailored lock-up period and reduction policy should be established for unprofitable companies, linking share reductions to the achievement of profitability [5]

Group 1 - The IPO market is gradually recovering, with the Beijing Stock Exchange (北交所) being the main platform for new applications [1][3][4] - As of June 25, 2023, a total of 95 IPO applications have been accepted this year, surpassing the total of 77 from the previous year [1][4] - In June alone, 68 IPO applications were accepted, accounting for 88% of last year's total [3][4] Group 2 - The increase in IPO applications in June is attributed to multiple factors, including updated financial data and the completion of IPO processes [3][4] - The Beijing Stock Exchange has accepted 62 of the 95 total applications this year, representing 65% of the total [1][4] - The surge in applications is also linked to government policies encouraging the development of specialized and innovative enterprises [4][6] Group 3 - Future trends indicate that the number of IPO applications is expected to continue increasing, with the Beijing Stock Exchange likely remaining the primary platform [6][8] - Recent policy changes, including the reintroduction of the fifth set of standards for unprofitable companies, may provide more opportunities for these firms to go public [6][8] - However, it is anticipated that unprofitable companies will not dominate the IPO market, as regulatory measures will ensure quality and control the pace of listings [6][7]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is set to restart the fifth standard for the Sci-Tech Innovation Board (STAR Market) and officially implement the third standard for the Growth Enterprise Market (GEM), aiming to support high-quality, unprofitable innovative companies in their listing efforts, thereby enhancing the service for technological innovation and new productivity development [2][4]. Group 1: Policy Changes - The introduction of the Sci-Tech Growth Layer is a significant move to enhance the inclusiveness and adaptability of the system, providing a more precise financing platform for technology innovation enterprises [2][5]. - The "1+6" policy measures for deepening the reform of the STAR Market include the establishment of the Sci-Tech Growth Layer and six innovative reform measures aimed at supporting unprofitable technology companies [4][5]. Group 2: Market Impact - Since its establishment, the STAR Market has successfully listed 54 unprofitable companies, with 22 of them achieving profitability post-listing, indicating a positive trend in the market's support for innovative firms [6]. - The creation of the Sci-Tech Growth Layer is expected to attract more high-quality unicorn companies to the capital market, enhancing the efficiency of pre-IPO communication services [7]. Group 3: Implementation Challenges - Despite the existing inclusiveness of the new system, there are areas that require further refinement, such as optimizing reduction rules, balancing risks, and improving supporting mechanisms to ensure effective and fair implementation [3][8]. - The need for differentiated rules for share reduction based on the development stage and industry characteristics of companies in the Sci-Tech Growth Layer is emphasized to avoid a one-size-fits-all approach [8][9].

本刊记者 郑扬波 6月18日，中国证监会主席吴清在2025陆家嘴论坛上宣布，加力推出进一步深化改革的"1+6"政策措施。 这一消息如巨石投入平静湖面，瞬间在财经圈激起千层浪，大家纷纷热议："科创成长层"到底是什么？为何要重启"未盈利企业"上市？这一系列政策又释 放了什么信号？ 先来说说"1"，即要在科创板设置"科创成长层"。啥是科创成长层？打个比方，"科创成长层"就像在科创板这所大学里新开了个"实验班"。"实验班"的企 业，都是技术有较大突破、商业前景广阔的"硬科技"企业。 同时，成功上市进入科创成长层的企业，监管层也会在其股票简称后统一加上"U"标识，并且提高了新注册未盈利科技型企业摘除特殊标识"U"的标准。 这就像一个显眼的"警示灯"，提醒投资者：这家科创企业上市时门槛较低，可能处于亏损状态，投资时需要更加谨慎。 从这些改革措施能明显看出，监管层正在引导市场，从单纯关注企业当下盈利状况，向学会评估企业未来价值转变。 以往，企业上市，盈利状况是至关重要的考量指标，未盈利企业想上市，难度堪比登天。但今后不同了，只要符合"科创成长层"的要求，即便还没赚钱， 也有机会上市，发行股票募集资金，获得更多融资机会。 再 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has introduced a series of financial reforms, termed the "1+6" policy measures, aimed at enhancing the capital market's attractiveness and vitality, particularly for the VC/PE industry [1][2][3] Group 1: Policy Measures - The policy includes the reactivation of the fifth set of standards for the Sci-Tech Innovation Board, expanding its applicability to sectors like artificial intelligence and biomedicine, which will facilitate financing for quality enterprises in these fields [1][2] - It supports unprofitable technology companies in conducting capital increases for existing shareholders, alleviating financial pressure during lengthy IPO review processes [2][3] - The implementation of the "six merger and acquisition rules" and management measures for major asset restructuring aims to strengthen listed companies by integrating quality assets and providing exit channels for the primary market [2][3] Group 2: Industry Impact - The reforms are expected to inject new momentum into the VC/PE industry, enhancing resource allocation in the market and broadening financing channels for venture capital firms [1][4] - The introduction of measures to support unprofitable innovative enterprises in going public is seen as crucial for fostering patient and bold capital, particularly in hard technology sectors [2][3] - The new policies signal a shift towards a more inclusive capital market, which is essential for protecting entrepreneurial spirit and promoting innovation [2][3] Group 3: Challenges and Requirements - The reforms raise the bar for investment institutions, necessitating enhanced professional capabilities, including the establishment of new valuation systems for unprofitable hard tech companies [4][5] - There are challenges in implementing these policies, such as improving the transparency and efficiency of the IPO process and developing a robust legal framework for strict delisting regulations [5]

研 究 专 题 新股研究 2025 年 06 月 19 日 服务科创再加码，重启未盈利上市通道 ——科创板深改"1+6"政策点评 投资提示： 相关研究 《科创板未盈利企业引入约定限售模式，网 下"白名单"制度落地——对完善首发承销 细则征求意见稿、"白名单"等制度的点评》 2025/01/05 证券分析师 联系人 任奕璇 (8621)23297818× renyx2@swsresearch.com 证 券 研 究 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 新 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 股 发 行 报 告 ⚫ 2025 年 6 月 18 日，证监会主席吴清在陆家嘴论坛 2025 开幕式发表主旨演讲，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》，推出进一步深化改革的"1+6"政策措施， "1"在科创板设置科创成长层，" ...

Core Insights - Since the release of the "Eight Measures for Deepening the Reform of the Sci-Tech Innovation Board," four unprofitable companies have been accepted for IPO applications on the Sci-Tech Innovation Board, all from the semiconductor industry [3][5][6]. Group 1: IPO Applications - Four unprofitable companies have been accepted for IPO applications on the Sci-Tech Innovation Board, all from the semiconductor sector [3][5]. - The companies include Zhaoxin Integrated Circuit Co., Ltd., Shanghai Super Silicon Semiconductor Co., Ltd., and others, with Zhaoxin seeking to raise 4.169 billion yuan [8][28]. Group 2: Financial Performance - Zhaoxin reported revenues of 340 million yuan, 555 million yuan, and 889 million yuan for the years 2022, 2023, and 2024, respectively, with net losses of 726.61 million yuan, 675.58 million yuan, and 951.39 million yuan during the same period [11]. - Shanghai Super Silicon achieved revenues of 921.09 million yuan, 927.80 million yuan, and 1.327 billion yuan for the years 2022, 2023, and 2024, with net losses of 860.12 million yuan, 1.041 billion yuan, and 1.299 billion yuan [31]. Group 3: Funding and Investment Plans - Zhaoxin plans to use the proceeds from its IPO for projects including the development of next-generation server processors and desktop processors, with a total investment of approximately 458.20 million yuan [12]. - Shanghai Super Silicon aims to raise 4.965 billion yuan for expanding production capacity and R&D projects related to semiconductor silicon wafers [35]. Group 4: Regulatory Environment - The "Eight Measures" aim to support high-quality unprofitable tech companies with key core technologies and significant market potential to list on the Sci-Tech Innovation Board, enhancing the inclusiveness of the system [5][6]. - The China Securities Regulatory Commission (CSRC) plans to introduce further reforms, including a new growth tier on the Sci-Tech Innovation Board and the reintroduction of listing standards for unprofitable companies [6].