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].

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 ...

Core Viewpoint - Xintong Pharmaceutical is making a second attempt to launch its IPO after previously failing to enter the issuance stage despite receiving approval from the China Securities Regulatory Commission (CSRC) [2][3][6]. Group 1: IPO Process and Challenges - Xintong Pharmaceutical submitted its IPO guidance to the Shaanxi Securities Regulatory Bureau, marking its second attempt at going public [2]. - The company had previously completed the entire listing process and received CSRC registration approval on April 25, 2023, after passing two rounds of inquiries [3]. - However, the IPO process stalled, and the company failed to enter the issuance phase before the registration approval expired on April 25, 2024 [5][6]. Group 2: Financial Performance and Market Conditions - The primary reason for the IPO failure is attributed to the increasingly stringent regulations surrounding the fifth set of listing standards, which Xintong Pharmaceutical opted for due to its limited revenue and product pipeline [7][8]. - The company reported minimal revenue from technology transfers, with figures of 0.10 billion, 0.02 billion, and 0.01 billion from 2020 to 2022, alongside net losses of -0.91 billion, -0.63 billion, and -0.55 billion during the same period [7]. Group 3: Regulatory Environment and Future Prospects - The scrutiny of the fifth set of listing standards intensified after the controversy surrounding Zhixiang Jintai, which proposed a financing plan of over 4 billion with zero revenue [9][10]. - Despite the challenges, there are signs of a potential easing in the review process for the fifth set of listing standards, as indicated by CSRC Chairman Wu Qing's comments on supporting technology enterprises [11]. - Xintong Pharmaceutical's upcoming product, "Xin Shumu," is expected to be approved for market entry by October 2024, which could enhance its IPO prospects [12].

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].