Core Viewpoint - The resumption of IPOs for unprofitable technology companies has garnered significant market attention, with regulatory bodies emphasizing support for high-quality unprofitable tech firms to list on the stock market [1][2]. Group 1: Regulatory Initiatives - The China Securities Regulatory Commission (CSRC) has introduced a series of reforms, including the "Eight Measures for the Sci-Tech Innovation Board" and "Six Merger Measures," aimed at optimizing the policy framework to support technological innovation [1][3]. - The Sci-Tech Innovation Board has established five listing standards, four of which do not require companies to be profitable, allowing unprofitable firms to access capital markets [1][2]. Group 2: Market Developments - The first unprofitable company to apply for listing under the new standards, Xi'an Yiswei Material Technology Co., Ltd., had its application accepted in November 2024, marking a significant milestone in the IPO landscape [2]. - Beijing Angrui Microelectronics Technology Co., Ltd. also had its application accepted in March 2024, indicating a renewed interest in unprofitable tech firms seeking to go public [2]. Group 3: Support Measures - The CSRC aims to enhance the inclusivity and adaptability of the listing system, focusing on supporting high-quality technology companies through various financial instruments for restructuring [3][4]. - There is a commitment to facilitate the use of both domestic and international capital markets for technology firms, ensuring a transparent and efficient regulatory environment for overseas listings [4].

Group 1: Financial Regulations and Market Developments - The Financial Regulatory Bureau announced the approval of a third batch of long-term investment reform pilot programs for insurance funds, totaling 60 billion yuan, bringing the total approved amount to 222 billion yuan [1] - The China Securities Regulatory Commission (CSRC) is set to implement the fifth listing standard for the Sci-Tech Innovation Board, aiming to support high-quality, unprofitable tech companies in going public [1] - China Securities Depository and Clearing Corporation released the clearing and settlement arrangements for the Dragon Boat Festival holiday in 2025, detailing specific dates for fund clearing and settlement [1] Group 2: Technology and Market Trends - The 2025 Bluetooth Asia Conference in Shenzhen projected that global Bluetooth device shipments will exceed 5.3 billion units in 2025, with a forecast of nearly 8 billion units by 2029 [2] - Lenovo Group reported a 23% year-on-year revenue increase to approximately 17 billion USD, driven by growth in the personal computer market and AI server demand, despite a 64% drop in net profit due to derivative losses and pricing pressures [2][6] - The automotive market is experiencing intense competition, with Mercedes-Benz significantly reducing prices on several models, with discounts reaching up to 50% [3] Group 3: Corporate Actions and Financial Performance - Sany Heavy Industry submitted an application for listing H-shares on the Hong Kong Stock Exchange [3] - Xinhua Insurance subscribed to a private equity fund with a total investment of 10 billion yuan, contributing to a fund size of 20 billion yuan [5] - Zhongnan Media's subsidiary signed a procurement contract worth 1.009 billion yuan for the supply of educational resources in Hunan Province [8] Group 4: Market Performance and Stock Movements - The market experienced a significant decline, with the North Stock 50 index dropping over 6% and more than 4,400 stocks declining across the market [11] - Despite the overall market downturn, banking stocks showed resilience, with several banks reaching historical highs [11]

证监会发行监管司司长严伯进5月22日在国新办发布会上说，用好用足现有制度，更大力度支持优质未 盈利科技企业上市，积极稳妥实施科创板第五套上市标准，推动新的典型案例落地。（记者 李婷） ...

本报记者 田鹏 南开大学金融发展研究院院长田利辉对《证券日报》记者表示，第五套上市标准为尚未盈利但拥有核心技术和发展潜力的 科技企业提供了直接融资渠道，这有助于解决这些企业在成长初期面临的资金瓶颈问题，支持其专注于技术研发与产品开发， 从而推动科技成果转化为实际生产力。 从实际情况来看亦是如此。在资本活水的浇灌下，首药控股（北京）股份有限公司于2024年10月23日宣布其自主研发的康 太替尼新药上市申请获得受理，至此，以第五套标准上市的科创板公司均已实现核心产品的上市或上市申请获受理。 随着研发成果转化进程不断提速，相关企业经营质效持续向好，科创板摘"U"阵营加速扩容。据Wind资讯数据统计，2024 年，20家通过第五套上市标准登陆科创板的企业，合计实现营业收入143.39亿元，同比增长45%；尽管整体仍处于亏损状态， 但净利润亏损额收窄至68.33亿元，同比缩减39.16%，展现出显著的业绩改善趋势。其中，北京神州细胞生物技术集团股份公 司（以下简称"神州细胞"）和上海微创电生理医疗科技股份有限公司达成"上市时未盈利企业首次实现盈利"情形，进而成功跻 身第五套标准上市公司摘"U"阵营。 神州细胞公告称，2 ...

这是新通药物第二次冲刺IPO。 与不少中途败北的IPO项目不同，新通药物曾走完整个上市流程，距离上市成功仅差临门一脚。 2021年12月末，新通药物向上交所递交了科创板IPO申请，此后经过二轮问询后在2023年初顺利过会，并 于当年4月25日获得证监会注册生效批复。 但至此以后，新通药物的上市开始变得遥遥无期。 部分沪深IPO失败项目正在"重回战场"。 日前，西安新通药物研究股份有限公司（下称"新通药物"）向陕西证监局递交了IPO辅导。 这或许都"连累"了新通药物的IPO。 据信风观察，自智翔金泰之后，科创板再无第五套上市标准企业上市，在审企业的IPO进程则是推进缓 慢。 IPO注册批复的有效期为12个月，这意味着新通药物的注册批复失效期是2024年4月25日。 但直至注册批复失效，新通药物都未能进入发行阶段，最终导致其IPO之路以失败而告终。 市场普遍认为，主因在于新通药物所选择的第五套上市标准遭遇趋于严格的监管。 彼时新通药物只有1款仿制药已获批上市，而核心药物且距离商业化目标最近的在研产品"甲磺酸帕拉德福 韦片（下称"新舒沐"）仍处于上市申报阶段。 产品尚未创收，报告期内新通药物通过技术转让获得的收入仅 ...

Core Viewpoint - The article highlights the recent developments in China's capital market regarding the support for technology innovation and the listing of unprofitable companies, particularly focusing on the approval of the IPO application by Aotuo Technology, which marks a significant step in the reactivation of the fifth listing standard on the Sci-Tech Innovation Board [1][3]. Group 1: Recent Developments - The China Securities Regulatory Commission (CSRC) has emphasized the need to enhance the inclusiveness and adaptability of the listing system to support high-potential unprofitable technology companies [1]. - Aotuo Technology's IPO application is the first to be accepted by the Shanghai and Shenzhen stock exchanges since 2025, indicating a positive signal for the resumption of the fifth listing standard [2][3]. - The capital market's direct financing function is deemed crucial in promoting the integration of technological and industrial innovation, with companies like DeepSeek and Yushu Technology leading the charge [1]. Group 2: Aotuo Technology Overview - Aotuo Technology specializes in the research, production, and sales of programmable logic controllers (PLCs), which are essential for modern industrial automation [2]. - The company aims to raise approximately 779 million yuan through its IPO, with funds allocated to various projects including the establishment of an integrated R&D center [2]. - Aotuo's revenue from 2021 to September 2024 shows a growth trajectory, with figures of 114 million yuan, 142 million yuan, 197 million yuan, and 156 million yuan respectively [2]. Group 3: Market Trends and Standards - The IPO acceptance rate has slowed significantly, with only 11 IPOs accepted in 2024, highlighting a cautious approach towards unprofitable companies [3]. - The fifth listing standard, which allows unprofitable companies to go public, has been under scrutiny, with no new applications since June 2023 until Aotuo's recent approval [3][4]. - The CSRC's recent statements indicate a renewed focus on supporting high-tech companies with significant market potential, suggesting a potential revival of the fifth listing standard [8].