Group 1 - Shanghai ChaoSilicon Semiconductor Co., Ltd. has had its IPO application accepted by the Shanghai Stock Exchange, despite being in a loss position until the end of 2024, exemplifying the trend of unprofitable tech companies being listed on the Sci-Tech Innovation Board [1] - The implementation of the "Eight Measures for Deepening the Reform of the Sci-Tech Innovation Board" has led to a significant increase in the overall technological innovation capability and market activity of listed companies on the Sci-Tech Innovation Board [1][2] - The capital market is increasingly embracing hard technology companies, as evidenced by the acceptance of multiple IPO applications from unprofitable firms in the semiconductor and biomedicine sectors [2][3] Group 2 - The global consensus is shifting from "profit worship" to "innovation value," emphasizing the importance of reinvesting profits into research and development rather than focusing solely on financial statements [3] - The successful listing of unprofitable tech companies is expected to create a strong demonstration effect and attract more innovative resources to the hard technology sector, aiding in the advancement of strategic emerging industries [3][4] - Since the establishment of the Sci-Tech Innovation Board, 54 companies have gone public while unprofitable, primarily in the new generation information technology and biomedicine sectors, with a total market value of approximately 1.43 trillion yuan [5] Group 3 - Companies like Beijing Shenzhou Cell Biology Technology Group and Shanghai MicroPort EP MedTech have successfully turned profitable after significant R&D investments, showcasing the potential for growth in the hard technology sector [6] - Regulatory bodies in China are enhancing the inclusivity of the capital market to better support tech companies, with plans to improve listing and investment systems [7] - The capital market's recognition of the "innovation time difference" allows for a system that values long-term innovation, which is crucial for driving high-quality economic development in China [7]

Core Viewpoint - The article discusses the acceptance of Shanghai Super Silicon Semiconductor Co., Ltd.'s IPO application on the Sci-Tech Innovation Board, highlighting the trend of unprofitable companies being welcomed into the capital market under the "Eight Measures for the Sci-Tech Innovation Board" policy [1][3][4]. Group 1: Company Overview - Shanghai Super Silicon is one of the earliest companies in China engaged in large-size silicon wafers for integrated circuits and is recognized as a national high-tech enterprise [5]. - The company plans to raise 4.965 billion yuan for projects related to the production of 300mm thin silicon epitaxial wafers and high-end semiconductor silicon material research and development [6]. Group 2: Market Context - Since the introduction of the "Eight Measures," three unprofitable companies have had their IPO applications accepted, indicating a shift in the capital market's approach to supporting hard technology enterprises [7]. - The article notes that the acceptance of Shanghai Super Silicon's IPO reflects the capital market's commitment to embracing hard technology companies that represent new productive forces [7]. Group 3: Policy and Market Trends - The "Eight Measures" aim to improve the identification mechanism for technology companies and support high-quality unprofitable tech firms in listing on the Sci-Tech Innovation Board [3][9]. - The article emphasizes that the global consensus is shifting from a focus on profitability to valuing innovation, as seen in the performance of major tech companies in the U.S. [10]. - As of now, 54 companies listed on the Sci-Tech Innovation Board were unprofitable at the time of their IPO, with a total fundraising of 202.731 billion yuan and a combined market value of 1.43 trillion yuan as of May 2025 [11][12]. Group 4: Future Outlook - The article suggests that the reforms in the capital market, particularly the Sci-Tech Innovation Board, will continue to evolve, providing a more inclusive environment for technology innovation and industry development [16].