Core Viewpoint - The acceptance of the IPO application from Shanghai Super Silicon Semiconductor Co., Ltd. signals a shift towards greater inclusivity in the capital markets, particularly for unprofitable companies in the tech sector [1] Group 1: Industry Trends - The acceptance marks the third unprofitable company to be accepted for IPO on the Sci-Tech Innovation Board since the introduction of the "Eight Articles" [1] - Global capital markets are innovating their systems to increase inclusivity, as seen in the U.S. JOBS Act, the UK's Edinburgh Reforms, and revisions in listing terms by exchanges in the Asia-Pacific region and Hong Kong [1] - The urgency for domestic self-controlled technology in the context of national competition is driving the need for increased investment and financing in hard tech sectors [1] Group 2: Regulatory Insights - The Chairman of the China Securities Regulatory Commission, Wu Qing, emphasized the need for a combination of effective markets and proactive government support, focusing on areas that reflect new productive forces [1] - The implementation of more inclusive issuance and listing systems, such as the "green channel" and provisions for unprofitable companies, aims to provide precise support for high-quality tech enterprises [1]

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].

Core Viewpoint - The acceptance of Shanghai Super Silicon's IPO application on the Sci-Tech Innovation Board marks a significant step in embracing unprofitable technology companies, reflecting the capital market's commitment to supporting hard technology enterprises and new productive forces [1][2]. 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 [2]. - 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 [2]. - As of the end of 2024, Shanghai Super Silicon is still in a loss-making state [2]. Group 2: Industry Context - Since the introduction of the "Sci-Tech Innovation Board Eight Measures," three unprofitable companies have had their IPO applications accepted by the Shanghai Stock Exchange [2]. - The acceptance of Shanghai Super Silicon's IPO application indicates a broader trend of the capital market welcoming hard technology enterprises, with ten other unprofitable companies currently undergoing IPO reviews [2][8]. - The Sci-Tech Innovation Board has seen a total of 54 companies go public while unprofitable, primarily in the new generation information technology and biopharmaceutical sectors [5][6]. Group 3: Policy Support - The "Sci-Tech Innovation Board Eight Measures" aims to enhance the identification mechanism for technology companies and support high-quality unprofitable tech firms in going public [1][8]. - Recent policies have been implemented to provide a more inclusive environment for unprofitable companies, signaling a commitment to fostering innovation and technological advancement [8][9]. - The China Securities Regulatory Commission emphasizes the need for effective market mechanisms combined with proactive government support to facilitate the listing of quality unprofitable tech companies [9][10].