Core Viewpoint - The "1+6" reform policy announced by the CSRC aims to enhance the inclusiveness and adaptability of the Sci-Tech Innovation Board, particularly through the establishment of the Sci-Tech Growth Tier, which allows unprofitable companies to list on the A-share market [1][5][14]. Group 1: Policy Implementation - The Sci-Tech Growth Tier officially launched on October 28, 2023, with the first batch of unprofitable companies, including Xian Yicai, Heyuan Bio, and Bibet, successfully listed [1]. - The CSRC's guidelines and the Shanghai Stock Exchange's supporting rules have been established to facilitate the listing of unprofitable companies, allowing them to access public capital markets earlier [5][6]. - The reform does not impose additional listing thresholds for unprofitable companies, enabling existing unprofitable firms to transition into the Sci-Tech Growth Tier [6][14]. Group 2: Accelerated Review Process - Since the announcement of the reform, the review process for unprofitable companies has significantly accelerated, with five new unprofitable companies receiving IPO application acceptance [8][9]. - The review of unprofitable companies has been expedited, with some companies, like Moer Thread and Muxi Co., completing the process in under four months [9][10]. - The introduction of a pre-review mechanism for technology companies has further streamlined the process, allowing for proactive communication with regulators [2][7]. Group 3: Market Response and Growth - The existing 32 companies in the Sci-Tech Growth Tier have raised a total of 105.2 billion yuan through IPOs, facilitating their R&D and commercialization efforts [12]. - The total market capitalization of these growth-tier companies has reached 1.09 trillion yuan, with 19 companies valued over 10 billion yuan [12]. - Despite being generally unprofitable, these companies are showing signs of reduced losses, with 19 companies expected to narrow their losses year-on-year in 2024 [12][13]. Group 4: Future Outlook - The establishment of the Sci-Tech Growth Tier provides a unique opportunity for technology companies at various stages of development to access capital markets earlier [13]. - Industry experts anticipate that the market may see the first listings of unprofitable companies in the commercial aerospace sector within the next 12-18 months, as investor understanding of the sector matures [11][14]. - The reform aims to support high-quality technology companies rather than merely increasing the number of listings, ensuring that only firms with substantial technological attributes can qualify [14].

Core Viewpoint - The "1+6" reform policy announced by the CSRC aims to enhance the inclusiveness and adaptability of the Sci-Tech Innovation Board, particularly through the establishment of the Sci-Tech Growth Layer, which allows unprofitable companies to list on the A-share market [1][3][10] Group 1: Policy Implementation - The first batch of new registered companies in the Sci-Tech Growth Layer includes Xian Yicai, Heyuan Bio, and Bibet, marking a significant step in opening the door for unprofitable companies to list [1] - The CSRC has accelerated the review process for unprofitable companies, with five new IPO applications accepted since June 18, including companies like Moer Thread and Muxi [1][6] - The establishment of a pre-review mechanism for IPOs has been introduced, facilitating the process for companies to meet the necessary requirements [2][5] Group 2: Market Response - As of September 17, 4.75 million investors have opened trading permissions for the Sci-Tech Growth Layer, indicating strong market interest [2] - The total fundraising amount for the existing 32 companies in the growth layer has reached 105.197 billion yuan, which supports their R&D and capacity building [8] - The overall market capitalization of these growth layer companies is approximately 1.09 trillion yuan, with 19 companies exceeding 10 billion yuan in market value [8] Group 3: Company Performance - Despite being unprofitable, companies in the growth layer are showing signs of reduced losses, with 19 companies expected to reduce losses year-on-year in 2024 [8] - The reform is designed to support technology-driven companies that are in different stages of development, allowing them to access public capital markets earlier [9][10] - The focus remains on ensuring that companies meet high standards, particularly in technology, to qualify for listing, thus maintaining a balance between quantity and quality of listings [9][10]