Group 1 - The China Securities Regulatory Commission (CSRC) has issued opinions on establishing a growth tier in the Sci-Tech Innovation Board (STAR Market) to enhance the inclusiveness and adaptability of the system, allowing unprofitable or loss-making companies to list [1][5] - Since the launch of the STAR Market, 54 unprofitable companies have successfully listed, with 22 of them achieving profitability post-listing, indicating a positive trend in the commercialization of innovative companies [2][3] - The STAR Market has facilitated significant fundraising for innovative biopharmaceutical companies, with 23 unprofitable firms raising nearly 700 billion yuan, which is crucial for their drug development [2][3] Group 2 - In 2024, 19 out of 20 biopharmaceutical companies that adopted the fifth listing standard achieved core product approvals, with several new drugs receiving regulatory approval [3][4] - The revenue of innovative biopharmaceutical companies is showing growth, with BeiGene reporting 272.14 billion yuan in revenue for 2024, a 56.19% increase year-on-year [3][4] - The "H+A" dual-platform operation model is becoming the preferred choice for innovative pharmaceutical companies, as the capital market plays a vital role in funding their research and development [5][6] Group 3 - The CSRC plans to deepen reforms in the STAR Market and support unprofitable innovative companies through new policies, while the Hong Kong Stock Exchange has also introduced measures to facilitate listings for biotech firms [5][6] - As of May 2025, China has become the largest country in the world for innovative drug research and development, with 3,258 projects in the pipeline, accounting for 39.1% of the global total [6]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) announced the implementation of the "1+6" policy measures to enhance the role of the Sci-Tech Innovation Board (STAR Market) as a "testing ground" for reforms, aiming to better support innovative companies and improve the capital market ecosystem [1]. Group 1: Policy Measures - The "1" in the "1+6" policy refers to the establishment of a Sci-Tech Growth Tier on the STAR Market, which will allow unprofitable companies to list under the fifth set of standards, targeting high-potential tech firms with significant breakthroughs and ongoing R&D investments [1]. - The "6" includes six reform measures such as introducing a professional investor system, expanding the applicability of the fifth set of standards, and improving refinancing systems for STAR Market companies [1]. Group 2: Market Environment - The STAR Market's fifth set of listing standards previously faced a "zero acceptance" situation, but the recent policy shift signals a positive change for unprofitable biotech companies, indicating a more favorable financing environment [1][4]. - Data shows that in 2024, the number of biotech companies listed on A-shares decreased significantly, with only five companies raising a total of 2.561 billion yuan, reflecting a year-on-year decline of 77.27% in the number of listings and 87.91% in total fundraising [4][6]. Group 3: Company Performance - Among the 20 companies that listed under the fifth set of standards, 19 have successfully developed 45 drugs that have been approved or are under review, showcasing strong growth potential despite market challenges [5][8]. - In 2024, these companies collectively generated revenues of 14.339 billion yuan, a staggering increase of 445% year-on-year, with several companies exceeding 1.5 billion yuan in revenue [6][7]. Group 4: International Trends - The Hong Kong Stock Exchange's "18A" listing rules have opened doors for unprofitable biotech companies, leading to a surge in mainland companies seeking IPOs in Hong Kong, with nine biotech firms raising a total of 2.525 billion yuan in 2024 [10]. - The trend of "going out" is becoming a common strategy among innovative drug companies, as they seek to navigate the current capital market challenges and explore more favorable listing environments [10][11].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued the "Opinions on Setting Up a Growth Tier in the Sci-Tech Innovation Board to Enhance Institutional Inclusiveness and Adaptability" to support unprofitable technology companies and improve the listing process for high-quality tech firms [1][2]. Group 1: Key Measures and Reforms - The establishment of the Sci-Tech Innovation Board Growth Tier aims to facilitate technology companies with significant breakthroughs and broad commercial prospects that are currently unprofitable [2]. - Six reform measures have been introduced, including the trial introduction of seasoned professional institutional investors for companies applying under the fifth listing standard, and the expansion of the applicable scope to include more frontier technology sectors such as artificial intelligence and commercial aerospace [1][2]. - The CSRC will enhance the pre-IPO review mechanism for quality tech firms to improve communication services provided by the stock exchange [1][2]. Group 2: Entry and Exit Conditions - All unprofitable technology companies will be included in the Growth Tier, with specific exit conditions based on profitability and revenue thresholds [2]. - New unprofitable companies can exit the Growth Tier if they meet certain criteria, such as achieving positive net profits for two consecutive years with a cumulative profit of no less than 50 million yuan, or having a positive net profit and revenue of at least 100 million yuan in the most recent year [2]. Group 3: Investor Protection and Regulation - The CSRC emphasizes the protection of investors' legal rights and interests, with a focus on establishing standards for seasoned professional institutional investors and enhancing disclosure requirements [2]. - A "blacklist" system will be implemented to combat illegal activities such as profit transfer and commercial corruption among institutional investors [2]. Group 4: Future Steps - The CSRC plans to work with the Shanghai Stock Exchange and relevant market participants to implement the reforms and enhance the attractiveness and competitiveness of the system [3].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced a series of reforms aimed at enhancing the inclusivity and adaptability of the STAR Market, including the establishment of a "Growth Layer" for unprofitable technology companies, which will facilitate their access to capital markets [1][2][5]. Group 1: Establishment of the Growth Layer - The Growth Layer will specifically serve technology companies that have significant breakthroughs, broad commercial prospects, and substantial ongoing R&D investments but are currently unprofitable [2][3]. - All existing and newly registered unprofitable technology companies will be included in the Growth Layer, with their stock symbols marked with a "U" for identification [2][3]. - The exit criteria for the Growth Layer will be clearly defined to avoid impacting existing listed companies, ensuring a smooth transition for companies that meet profitability thresholds [2][3]. Group 2: Reopening of the Fifth Listing Standard - The reopening of the fifth listing standard for unprofitable companies is a key aspect of the reforms, allowing more technology firms to access the STAR Market [5][6]. - The new policy aims to attract high-quality technology companies that are currently unprofitable but have significant technological advancements and market potential [6][7]. - The introduction of seasoned professional institutional investors is intended to enhance the investment structure and provide better assessments of companies' technological attributes and commercial prospects [6][7]. Group 3: IPO Pre-Review Mechanism - A pilot IPO pre-review mechanism will be introduced to allow eligible companies to have their application documents reviewed before formal submission, enhancing information security and reducing exposure during the listing process [8][9]. - This mechanism aims to streamline the IPO process for technology companies engaged in critical core technology development [8][9]. Group 4: Overall Market Ecosystem Enhancement - The reforms are part of a broader strategy to create a more attractive and competitive market ecosystem that supports comprehensive innovation [10][11]. - The CSRC emphasizes the importance of integrating various capital market segments to provide diversified financing support for technology companies throughout their lifecycle [4][11]. - The focus on enhancing the role of capital markets in supporting technological innovation is expected to attract more quality investments into the sector [11][12].

Core Viewpoint - The recent reforms in the Sci-Tech Innovation Board (STAR Market) aim to enhance the listing process for high-quality technology companies while maintaining strict entry standards for IPOs, avoiding large-scale expansions [1][2]. Group 1: Reform Measures - The STAR Market has introduced six reform measures, including expanding the applicability of the fifth listing standard, introducing a system for seasoned professional institutional investors, and supporting pre-IPO review mechanisms for quality tech firms [1][2]. - The new policies are designed to better serve technology companies with significant breakthroughs, ongoing R&D investments, and promising commercial prospects, reflecting the government's commitment to supporting tech enterprises [1][2]. Group 2: Fifth Listing Standard - The China Securities Regulatory Commission (CSRC) has resumed the application of the fifth listing standard for unprofitable companies, expanding its scope to include sectors like artificial intelligence, commercial aerospace, and low-altitude economy [2][3]. - Currently, 20 companies listed under the fifth standard are primarily in the biopharmaceutical sector, but the new reforms are expected to facilitate listings from other high-potential industries [2][3]. Group 3: Institutional Investor System - The STAR Market will pilot a system for seasoned professional institutional investors to help accurately assess the innovation attributes and commercial prospects of tech firms, addressing the challenges of evaluating high-risk, high-reward investments [4][5]. - This system aims to leverage the expertise of institutional investors to guide financial capital towards early-stage, long-term investments in hard technology [5][6]. Group 4: Pre-IPO Review Mechanism - A pre-IPO review mechanism will be trialed to allow tech companies to manage sensitive information before formal applications, reducing the risk of negative impacts on their operations during the listing process [7][8]. - The pre-review is not mandatory and does not replace the formal application process, ensuring that the existing standards and procedures for IPO reviews remain stringent [8].

在科创板开板六年之际，科创板改革进一步深化！6月18日，在2025陆家嘴论坛上，证监会主席吴清表示，将更好发挥科创板"试验田"作用，加力推出进一 步深化改革的"1+6"政策措施。当日，"1+6"政策措施出炉，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》），1即设置科创板科创成长层；6即围绕增强优质科技型企业的制度包容性适应性，推出6项改革举措。 设置科创板科创成长层 根据证券法规定，证券交易所可以根据证券品种、行业特点、公司规模等因素设立不同的市场层次。本次改革在科创板设置科创成长层，重点服务技术有较 大突破、商业前景广阔、持续研发投入大，但目前仍处于未盈利阶段的科技型企业。 据证监会介绍，设置科创成长层后，现有和新注册的未盈利科技型上市公司将全部纳入其中。从全球实践看，科技型企业往往经营业绩不确定性大、转盈利 周期长，资本市场服务能不能覆盖优质未盈利科技型企业，是市场各方判断制度包容性、适应性的标识性因素。在科创板设置科创成长层，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 ...

Core Viewpoint - The implementation of the "K8 Measures" has led to a renewed focus on the fifth listing standard for unprofitable biotech companies on the STAR Market, aiming to enhance the financing environment for innovative drug firms and shift A-share valuation logic towards "technological value" and "commercial prospects" [1][5][15] Group 1: K8 Measures and STAR Market - The "K8 Measures" were introduced by the China Securities Regulatory Commission (CSRC) to support high-quality, unprofitable tech companies with key technologies and market potential to list on the STAR Market [1] - Since the introduction of the K8 Measures, two unprofitable hard tech companies have been accepted for listing, but the specific "Standard Five" for unprofitable innovative drug companies has yet to be activated [1][3] - The CSRC has reiterated its commitment to promoting the new cases under the fifth listing standard, which is expected to accelerate the financing pace for biotech companies [1][3] Group 2: Impact on Biotech Companies - Biotech companies, particularly innovative drug firms, face longer investment periods and greater uncertainty due to strict approval processes, making them highly dependent on capital [1][5] - The fifth listing standard has previously allowed 20 unprofitable biotech companies to list, with 19 of them successfully bringing 45 self-developed drugs/vaccines to market [3][5] - The introduction of the fifth standard has significantly shortened the capital cycle for these companies and has contributed to the prosperity of the biopharmaceutical primary market [3][5] Group 3: Commercialization and Financial Performance - As of 2024, the 20 companies that listed under the fifth standard collectively achieved revenues of 14.21 billion yuan, a year-on-year increase of 44.17%, with four companies expected to surpass 1 billion yuan in revenue in the coming years [12] - Companies like Ailis and Shenzhou Cell have reported significant revenue growth and profitability, attributing their success to continuous R&D investment and effective commercialization strategies [12][13] - The revised "STAR Market Attribute Evaluation Guidelines" for 2024 emphasize the importance of commercialization capabilities and revenue growth for companies seeking to list [11] Group 4: Future Prospects and Challenges - The market is keenly observing which companies will benefit first from the reactivation of the fifth listing standard, with five companies currently under review [14] - Companies with strong technological innovation capabilities and significant market potential are expected to be the first beneficiaries of the new standard [14][15] - The fifth listing standard presents both opportunities and challenges for unprofitable companies, requiring them to demonstrate their technological strengths and market potential despite not being profitable [15]

Group 1 - The establishment of the Sci-Tech Innovation Board (STAR Market) has enabled 20 innovative biopharmaceutical companies to list under the fifth set of listing standards, shaping the landscape of China's biopharmaceutical industry [1][2] - The fifth set of listing standards is designed for unprofitable but high-growth technology companies, allowing them to raise funds during the research and development phase [1][2] - The China Securities Regulatory Commission (CSRC) has emphasized the importance of supporting high-quality unprofitable technology companies to list on the STAR Market, enhancing the inclusiveness of the listing system [1][2] Group 2 - Since the launch of the STAR Market, 20 innovative biopharmaceutical companies have utilized the fifth set of listing standards, with significant fundraising efforts directed towards advanced technologies such as antibody drugs and ADCs [2][3] - In 2024, these 20 companies collectively achieved revenue of 14.21 billion yuan, a year-on-year increase of 44.17%, with several companies expected to surpass 1 billion yuan in revenue in the coming years [2][3] - Companies like Elysium and Zhenzhong Cell have demonstrated remarkable growth, with revenues reaching 3.5 billion yuan and 2.5 billion yuan respectively, showcasing the potential of unprofitable companies to achieve significant revenue post-listing [2][3] Group 3 - The STAR Market has provided a diversified financing channel for innovative drug companies, enabling them to secure substantial funding for their R&D projects [3][4] - Companies like Junshi Biosciences have raised over 8 billion yuan through the STAR Market, facilitating the advancement of clinical projects and the development of new research initiatives [3][4] - The innovative listing standards have proven beneficial for companies like Elysium, which transitioned from unprofitable to profitable status within a short period, validating the effectiveness of the STAR Market's framework [4] Group 4 - The STAR Market has activated an innovation ecosystem by enhancing the flow of capital and increasing recognition of innovative technologies, thereby encouraging investment in R&D and talent cultivation [5][6] - Companies have leveraged their STAR Market listings to enhance their visibility and credibility in both domestic and international markets, leading to increased investment in R&D [5][6] - The collaborative efforts between companies and academic institutions have fostered technology transfer and improved innovation capabilities, contributing to the overall growth of the industry [5][6] Group 5 - The STAR Market has facilitated the transition of companies from having no products or revenue to successfully launching multiple products and achieving significant sales [6][7] - Companies like Mankang Pharmaceutical have effectively resolved financing bottlenecks through STAR Market fundraising, allowing for increased investment in innovative drug development [6][7] - The STAR Market is fostering a closed-loop ecosystem driven by innovation, with companies focusing on R&D and creating a virtuous cycle of development [7][8]

Group 1 - The core viewpoint of the articles highlights the increasing attention on 10 unprofitable companies that are queuing for IPOs, with 9 applying for the Sci-Tech Innovation Board and 1 for the Beijing Stock Exchange [1][3] - Among the 10 companies, 6 have been waiting for over 2 years for their IPO applications to be processed, with Guangzhou Bibetter Pharmaceutical Co., Ltd. being the longest at nearly 3 years [1][3] - The regulatory environment is becoming more supportive of high-quality unprofitable tech companies seeking to go public, as indicated by recent statements from the China Securities Regulatory Commission [3][5] Group 2 - Out of the 10 companies, 7 are from the biotechnology sector, with 5 applying under the fifth set of standards for the Sci-Tech Innovation Board [2][5] - The fifth set of standards for the Sci-Tech Innovation Board does not impose revenue requirements but has a market capitalization requirement of at least 4 billion RMB [6][7] - The companies applying under the fifth set of standards include Bibetter, Hengrun Da Sheng, Sizhe Rui, Heyuan Biotechnology, and Beixin Life [7][8] Group 3 - Bibetter has not generated sales revenue as of the end of 2020 and reported a net loss of 188 million RMB in 2022 [4] - Hengrun Da Sheng also has not achieved main business revenue and reported a net loss of 284 million RMB for the fiscal year 2023 [4] - The IPO applications of other companies like Sizhe Rui and Heyuan Biotechnology were also accepted in 2022, indicating a trend of unprofitable companies seeking IPOs [4][5] Group 4 - The regulatory framework for unprofitable companies is still evolving, with a focus on those possessing key technologies and significant market potential [7][8] - The approval criteria for other tech sectors under the fifth set of standards remain unclear, particularly for industries outside of pharmaceuticals and medical devices [8]

Core Viewpoint - The recent statements from the CSRC's Chief Risk Officer indicate a supportive environment for unprofitable technology companies to go public, particularly through the new fifth listing standard on the STAR Market, which is expected to facilitate the listing of several companies soon [1][2][4][5]. Group 1: Fifth Listing Standard - The CSRC is actively promoting the implementation of the fifth listing standard for unprofitable technology companies, which is anticipated to lead to a number of new IPO applications being accepted [2][4]. - Companies that meet the fifth listing standard are encouraged to prepare their application materials promptly, as the regulatory environment remains stringent [6]. - As of May 22, at least five companies are in the queue for the fifth listing standard, including Beixin Life and He Yuan Biology [6]. Group 2: Supportive Policies - The CSRC is signaling multiple new supportive policies, including facilitating mergers and acquisitions for technology companies using various payment methods [7][8]. - There is a focus on supporting quality red-chip technology companies to return to domestic listings, which is expected to benefit domestic investors [8]. - Private equity funds are encouraged to acquire listed companies to promote industry consolidation, with policies being optimized to support this [8]. Group 3: Market Impact - The measures taken by the CSRC have already shown initial success, with a significant increase in the number of listed companies in strategic emerging industries, now close to 2,700, accounting for over 40% of market capitalization [9]. - The activity in mergers and acquisitions has surged, with over 1,400 asset restructuring cases reported, marking a year-on-year increase of over 40% [10]. - Private equity investment in strategic emerging industries has also risen, with over 10,000 projects currently funded and total investment exceeding 4 trillion yuan [11]. Group 4: Bond Market Developments - The bond market has become a crucial channel for direct financing for technology companies, with a cumulative issuance of 1.2 trillion yuan in sci-tech bonds [12]. - In 2024, 539 sci-tech bonds were issued, raising 610 billion yuan, a 64% increase year-on-year, primarily directed towards sectors like semiconductors and artificial intelligence [12].