Core Insights - The Sci-Tech Innovation Board (STAR Market) has successfully launched 25 companies since its inception on July 22, 2019, and aims to reach 589 listed companies by July 22, 2025, reflecting a robust growth trajectory in supporting technology-driven enterprises [1][2]. Group 1: Reform and Development - The STAR Market has played a significant role as a "testing ground" for reforms, allowing diverse technology companies to list and raise funds through differentiated listing standards, with over 80% of companies in key sectors like information technology, biomedicine, and high-end equipment manufacturing [2][4]. - The introduction of the "STAR Market Eight Measures" in June 2024 has further deepened reforms, enhancing the ability to serve technology innovation enterprises by addressing various aspects such as issuance, underwriting, refinancing, mergers, and market ecology [2][3]. Group 2: Financial Ecosystem and Innovation - The current wave of technological revolution necessitates a financial service system that aligns with the characteristics of technological innovation and industrial transformation, as evidenced by the evolving valuation logic of Chinese tech companies [3][5]. - The expansion of the fifth set of listing standards to include cutting-edge industries like artificial intelligence and commercial aerospace is seen as a significant step, aiming to support high-quality enterprises with substantial market potential and technological advantages [5]. Group 3: Market Response and Future Outlook - Market participants have positively evaluated the deepened reforms of the STAR Market, recognizing its enhanced adaptability and inclusiveness in supporting technological and industrial innovation [4][5]. - The "1+6" reform initiative is designed to address challenges such as financing difficulties and high information disclosure risks for technology enterprises, thereby improving the overall ecosystem for capital market services [3][5].

Core Viewpoint - The meeting places capital market reform within a dual framework of "continuously preventing and resolving key area risks" and "accelerating the construction of a new development pattern," emphasizing its core functions of serving the real economy and stabilizing market expectations [1] Group 1: Recommendations for Capital Market Reform - Optimize institutional supply by deepening the registration system reform, establishing a "green channel" for the listing of "hard technology" companies, and improving the multi-level capital market transfer mechanism to enhance market inclusiveness [1] - Attract long-term capital by promoting individual pension funds to enter the market and expanding the equity investment ratio of insurance funds [1] - Strengthen risk prevention by severely punishing financial fraud and insider trading, improving the delisting compensation mechanism, and enhancing monitoring of cross-border capital flows to consolidate the market's recovery [1]

Group 1 - The A-share private placement market has shown a significant recovery since 2025, with 90 listed companies raising approximately 720 billion yuan, a year-on-year increase of 588.16% [1] - Major state-owned banks, including Bank of China and Postal Savings Bank, have been key drivers of this fundraising surge, aligning with national policies to support capital replenishment [1][4] - The growth in private placements is driven by three main factors: regulatory encouragement for direct financing, improved refinancing efficiency due to registration system reforms, and a declining market interest rate environment [1] Group 2 - Companies like Guangdian Measurement and Haitong Development have announced private placement plans to raise funds for various projects, including new technology platforms and fleet expansion [2][3] - Guangdian Measurement aims to raise up to 1.3 billion yuan for projects in emerging fields and to enhance its market position through scale expansion [2] - Haitong Development plans to raise up to 210 million yuan to purchase dry bulk carriers, enhancing its operational capacity and global service capabilities [3] Group 3 - The total amount raised through equity financing in the capital market has reached approximately 820 billion yuan, with private placements being a significant component [4] - State-owned banks have raised a total of 520 billion yuan through private placements, significantly boosting their capital adequacy ratios and risk resilience [4][5] - The Ministry of Finance has been a major participant in the recent bank equity placements, supporting state-owned banks' capital replenishment efforts [5] Group 4 - There is a notable differentiation in private placement activities across industries, particularly between the financial sector and the real economy [6] - Financial sector placements focus on capital strength and risk management, while real economy placements are more oriented towards business expansion and technological upgrades [6] - The challenges faced by the financial sector include stricter capital regulations and insufficient internal capital accumulation, while the real economy requires funds for industrial upgrades and production scale expansion [6]

Core Viewpoint - The company, Borui Pharmaceutical, is planning a private placement of A-shares at a significantly discounted price compared to its current market value, indicating confidence from its chairman in the company's future prospects [1][2][3]. Group 1: Fundraising and Share Issuance - Borui Pharmaceutical's chairman, Yuan Jiandong, plans to fully subscribe to the new shares at a price of 22.36 yuan per share, which is only 23.59% of the current share price of 94.75 yuan [1][3]. - The funds raised will be used to supplement working capital and repay bank loans, aimed at enhancing overall profitability [4][5]. - The initial version of the fundraising plan was proposed over a year ago, with the intention to support new drug development and reduce interest expenses [4][5]. Group 2: Product Development - The core product under development is BGM0504 injection, a dual agonist of GLP-1 and GIP receptors, which is currently in phase III clinical trials for both diabetes and weight loss indications [1][4]. - BGM0504 is positioned to compete with Eli Lilly's significant product, Tirzepatide, and is expected to be one of the first domestically produced "weight loss miracle drugs" to market [1][4]. Group 3: Regulatory and Compliance Issues - The company and its chairman have faced scrutiny for information disclosure and fundraising usage, with past incidents leading to regulatory warnings [6]. - Recent regulatory changes have increased scrutiny on the legitimacy of fundraising purposes and pricing fairness in private placements [6].

Core Viewpoint - The establishment of the Sci-Tech Innovation Board (STAR Market) has significantly advanced the capital market's support for technological innovation in China, marking a major institutional innovation with the implementation of the registration system [1][2][3]. Group 1: Development and Achievements - Over the past six years, the STAR Market has raised over 1.1 trillion yuan through IPOs and refinancing, supporting 589 companies with a total market capitalization exceeding 7 trillion yuan [5][6]. - The board has seen the emergence of 8 companies with a market value exceeding 100 billion yuan, including SMIC and BeiGene, and 192 companies with a market value over 10 billion yuan [7]. - In 2024, more than 60% of companies on the board have introduced cash dividend plans totaling 38.8 billion yuan, with 290 companies having a dividend payout ratio exceeding 30% [9]. Group 2: Focus on Hard Technology - The STAR Market has become the preferred venue for "hard technology" companies, with over 80% of listed firms in strategic emerging industries such as information technology and biomedicine [11]. - The semiconductor sector has 120 companies along the industry chain, with SMIC as the leading player, while the biopharmaceutical sector has seen companies like Elysium and Zhenhua Cell grow significantly post-listing [11]. - The total R&D expenditure for the board in 2024 is projected to be 168 billion yuan, with a median R&D intensity of 12.6%, significantly higher than that of the main A-share market [11][12]. Group 3: Inclusivity and Policy Enhancements - The STAR Market has established a flexible listing standard that accommodates the unique development patterns of technology companies, allowing for 54 unprofitable companies and various special share structures [15][16]. - Recent reforms introduced by the CSRC aim to enhance inclusivity, including the establishment of a growth tier and the introduction of new measures to support unprofitable tech companies [18][19]. - Notable companies such as Changxin Storage and Yushu Technology are now seeking to initiate their listing processes, reflecting increased confidence among domestic tech firms [19].

589家"硬科技"企业上市！科创板开市六周年成绩单出炉 金十数据7月22日讯，科创板今天迎来开市6周年。6年来，科创板以注册制改革为抓手，支持优质科技 企业上市，IPO与再融资募集资金合计超1.1万亿元。从上海证券交易所了解到，截至7月22日，科创板 累计支持589家公司上市，IPO募集资金9257亿元，再融资募集资金1867亿元，总市值超过7万亿元。目 前，32家未盈利企业已经被正式纳入科创成长层。上海证券交易所相关负责人表示，将持续发挥科创板 改革"试验田"作用。 （央视新闻） ...

科创板今天（22日）迎来开市6周年。6年来，科创板以注册制改革为抓手，支持优质科技企业上市， IPO与再融资募集资金合计超1.1万亿元。记者从上海证券交易所了解到，截至7月22日，科创板累计支 持589家公司上市，IPO募集资金9257亿元，再融资募集资金1867亿元，总市值超过7万亿元。开市6年 来，科创板成为国内"硬科技"企业上市的首选地。上市公司高度聚集于高新技术产业和战略性新兴产 业，与 新质生产力发展方向高度契合。新一代信息技术、 生物医药、高端装备制造等新兴产业公司占 比超八成。 (央视新闻) ...

Group 1 - The Sci-Tech Innovation Board (STAR Market) has been operational for six years, showcasing 589 companies with a total market value of 7.3 trillion yuan, contributing to China's industrial upgrade and technological self-reliance [2] - The STAR Market provides a more open, inclusive, and efficient capital market environment for technology companies, enhancing governance, innovation, competitiveness, and operational capabilities [5] - Companies have experienced significant growth in the chip market, supported by STAR Market reforms such as "K8" and "1+6," which strengthen regulatory incentives for resource optimization and technological collaboration [5][7] Group 2 - Listing on the STAR Market is a milestone for companies, providing ample funding for research and development in AI and robotics, thereby solidifying their leading positions in industrial automation [7] - The STAR Market's reforms have increased support for high-quality development of unprofitable companies, allowing firms like Baillie Tianheng to focus on innovative drug development in oncology [11] - The introduction of the STAR Market's growth tier and the revival of the fifth listing standard are crucial for supporting the development of technology-driven companies [13][17] Group 3 - The STAR Market serves as a "testbed" for capital market reforms, facilitating the growth of innovative companies and supporting the transition to high-quality economic development [17] - Companies like Tuojing Technology have benefited from the STAR Market, overcoming funding challenges and achieving profitability within the first year of listing [17] - The expectation is for the STAR Market to continue optimizing its support mechanisms for technology companies, enhancing funding channels and valuation guidance [11][17]

Core Viewpoint - The article emphasizes the significant achievements and ongoing evolution of the Sci-Tech Innovation Board (STAR Market) in China over the past six years, highlighting its role as a key driver for technological innovation and economic development in the country [1]. Group 1: Achievements of the Sci-Tech Innovation Board - As of June 2025, the STAR Market has successfully gathered over 580 high-quality technology companies, with a cumulative IPO financing scale exceeding 900 billion yuan, making it a crucial engine for the development of new productive forces in China [3][9][15]. - The STAR Market has become a primary platform for nurturing new productive forces, with over 80% of listed companies in emerging industries such as new-generation information technology, biomedicine, and high-end equipment manufacturing [5][9]. - The introduction of the STAR Market has led to significant capital market reforms, with the total market value of listed companies surpassing 8 trillion yuan and cumulative fundraising exceeding 1 trillion yuan [9][19]. Group 2: Institutional Innovations and Future Outlook - The STAR Market has implemented various institutional innovations, including the establishment of a growth tier to support unprofitable technology companies, enhancing the market's inclusivity and adaptability [12][24]. - The introduction of the "1+6" policy measures aims to further improve the STAR Market's support for technology innovation, optimizing the review mechanism and enhancing investor protection [10][24]. - Looking ahead, the STAR Market is expected to attract more international long-term capital and continue to play a pivotal role in the integration of technology, industry, and finance, contributing to high-quality economic development in China [10][11][19].

21世纪经济报道记者张赛男上海报道 2025年7月22日，科创板迎来开市六周年。 作为我国资本市场改革的"试验田"和科技创新的核心枢纽，科创板六年来持续推动制度创新与产业升 级，成为全球瞩目的"硬科技"企业聚集地。 遥想科创板开市之初，2019年7月22日，25家首批科创板公司在上海证券交易所挂牌上市，标志着科创 板的正式启动。六年来，科创板砥砺前行，持续发展壮大。截至2025年7月22日，科创板上市公司达到 589家。 作为中国资本市场注册制改革的"试验田",科创 板以鲜明的"硬科技"底色为锚点,以与时俱进的 监管理念为指引,以持续完善的制度体系为支撑, 正稳步引领中国资本市场改革向深向实推进。 国金证券 | 党委书记、董事长 国云 相信未来,科创板市场在支持"硬科技"发展、推 动经济创新转型中将继续发挥积极作用!科创板将 成为培育新质生产力的"主阵地",持续为中国经 济高质量发展赓续动能! 华泰联合 | 党委书记、董事长 江萬 值此科创板开市六周年之际，21世纪经济报道特别邀请了多位券商高管，共话科创板，寄语新未来。 中国硬科技企业上市首选地 中金公司 | 党委书记、董事长、管理委员会主席 陈亮 技企业绽 ...