Core Viewpoint - The past five to six years have been a vibrant period for the development of China's integrated circuit industry, significantly marked by the launch of the Sci-Tech Innovation Board (STAR Market) which supports high-quality, unprofitable tech companies to go public [2] Industry Summary - The institutional innovation of the Sci-Tech Innovation Board has shifted the development model of the semiconductor industry from "single-point breakthroughs" to a collaborative development across the entire industry chain [2] - Since the introduction of the Sci-Tech Innovation Board, the entire industry has exhibited a thriving and prosperous trend [2]

Core Viewpoint - Maiwei Biotech, a company listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board in 2022, has grown into a billion-dollar enterprise with 15 key products in various stages of clinical development and a research team of nearly 400 people [1] Group 1: Company Overview - Maiwei Biotech has developed two first-in-class drugs, positioning itself among the top tier of the global biopharmaceutical industry [1] - The company has not yet achieved profitability but has effectively addressed critical pain points in research and development [1] Group 2: Industry Context - A total of 22 biopharmaceutical companies, including Maiwei Biotech, have adopted the fifth set of listing standards on the Sci-Tech Innovation Board, with cumulative R&D investments exceeding 70 billion yuan over the past three years [1] - The Sci-Tech Innovation Board is facilitating significant R&D investments from innovative drug companies, which are substantially higher than the average level in the sector [1] - Through institutional innovation, capital injection, and supportive measures, the Sci-Tech Innovation Board is helping biopharmaceutical companies overcome challenges related to long R&D cycles, high investment costs, and slow profitability, enabling a leap from R&D to commercialization and from local to global markets [1]

Group 1 - The launch of the "Shanghai Stock Exchange Science and Technology Innovation Board Private Enterprise Index" and the "Shanghai Stock Exchange Science and Technology Innovation Board Private Enterprise 50 Strategy Index" marks a significant milestone in providing benchmarks and investment targets for private technology enterprises on the Sci-Tech Innovation Board [1] - Private enterprises play a crucial role in the capital market, with 3,478 listed companies in China being private, accounting for nearly two-thirds of the total, and 422 of these being on the Sci-Tech Innovation Board, representing over 70% [1] - The two indices provide a comprehensive portrayal of private enterprises on the Sci-Tech Innovation Board and serve as a quantitative anchor for selecting hard-tech private enterprises [1] Group 2 - UCloud Technology Co., Ltd., as the first public cloud company listed on the Sci-Tech Innovation Board, has been selected as a sample stock for both indices, reflecting the capital market's recognition of the growth value and investment potential of private enterprises [2] - Since the launch of the Sci-Tech Innovation Board, there have been 32 indices and 86 ETFs, with a total scale exceeding 250 billion RMB, indicating a robust ecosystem of indices and ETF products [2] - The establishment of these indices continues the trend of institutional innovation in the Sci-Tech Innovation Board, which has evolved from a "testing ground" to a "demonstration field" in the Chinese capital market [3] Group 3 - The institutional innovations of the Sci-Tech Innovation Board have restructured the Chinese capital market ecosystem, promoting inclusive rules such as unprofitable listings and differentiated voting rights [3] - The release of the two indices provides effective financial tools for directing long-term capital towards new productive forces in the private sector, signaling policy confidence and capital guidance [3] - A financial infrastructure supporting the development of new productive forces is gradually taking shape as the capital market adopts more refined tools to identify innovation value [3]