Core Viewpoint - The Shanghai Technology Exchange aims to enhance the efficiency and probability of technology transfer by establishing a comprehensive service system for rights confirmation, valuation, and transaction flow [1]. Group 1: Market Overview - The Shanghai Technology Exchange, established in 1993, has achieved a transaction volume of approximately 760 billion yuan, with over 13,000 technology achievements primarily in electronic information, biomedicine, and advanced manufacturing [1]. - The exchange anticipates that the transaction volume will exceed 1 trillion yuan by the end of the year, driven by increased societal emphasis on technology transfer and the development of national technology factor trading markets [1]. Group 2: Challenges in Technology Trading - The current volume of on-site transactions is relatively small compared to off-site transactions, primarily due to the information asymmetry in the market and the incomplete establishment of registration and ownership systems [2]. - Key challenges in technology transfer include rights confirmation and valuation, which are critical for reducing transaction costs and ensuring the protection of rights [2][3]. Group 3: Valuation and Pricing - Valuing technology is complex and cannot rely on a single dimension; multiple factors such as data, models, scenarios, and processes must be considered to ensure scientific and fair assessments [3]. - The Shanghai Technology Exchange has facilitated the first biopharmaceutical pipeline pledge financing in Shanghai, transforming intellectual property into assets through a structured valuation process [3][4]. Group 4: Development of Technology Factor Market - The technology factor market is one of the five major factor markets, and a vibrant technology trading market is essential for securing early-stage technology investments [5]. - The exchange aims to strengthen the construction and development of technology trading venues to promote the trading and transformation of technological achievements [5]. Group 5: Talent and Infrastructure - There is a shortage of talent in technology trading, particularly individuals who understand technology, industry, capital, and law, necessitating accelerated talent development and improved digital infrastructure [6].

Group 1 - The core point of the article is the reintroduction of the fifth listing standard on the Sci-Tech Innovation Board, which supports unprofitable technology companies, marking a significant policy shift after nearly two years of suspension [2][4] - The new standard allows unprofitable companies with a projected market value of no less than 4 billion yuan and certain R&D achievements to go public, focusing on "technology valuation" as a key metric [4][11] - The reactivation of this standard is expected to provide significant financing opportunities for sectors like biomedicine and semiconductors, which had previously turned to overseas markets due to limited domestic options [7][11] Group 2 - The fifth listing standard's revival directly alters the financing landscape for unprofitable tech companies, with over 70 biomedicine firms having raised more than 1 billion yuan as of May 2025, many of which had stalled in their listing processes [7][11] - Companies utilizing the fifth standard have shown a significantly higher R&D investment intensity compared to the overall 12% level of the Sci-Tech Innovation Board, indicating a strong correlation between high R&D spending and market valuation [7][11] - The article emphasizes the need for companies to enhance their core technology development and establish a clear commercialization path to leverage the new policy effectively [13]