科创板改革

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耗时仅88天!摩尔线程闪电过会!未盈利科创企业跑出“上市加速度”
经济观察报· 2025-09-27 03:00
中国资本市场正通过制度性创新,重新为符合国家战略方向的 优质未盈利科技企业拓宽融资渠道,对企业和一二级市场投资 者均具有重要影响。 作者: 蔡越坤 封图:图虫创意 9月26日,"国产GPU"第一股摩尔线程智能科技(北京)股份有限公司(下称"摩尔线程")首发申 请成功通过上海证券交易所(下称"上交所")上市审核委员会会议审议。 从6月30日科创板首发申请获上交所受理,到9月5日披露了首轮审核问询函回复、9月18日更新了 第二轮审核问询函回复,再到9月19日公告上会日,摩尔线程作为未盈利企业,不到3个月即行至 IPO(首次公开发行)冲关"临门一脚",可谓跑出"火箭速度"。 这让周挺感到久违的振奋。作为一家科技类公司的CEO,周挺正全力推进公司的IPO进程。他所在 的公司在过去三年净利润持续为负,但在2025年上半年已出现减亏迹象。两年前,该公司曾启动 上市筹备工作,却逢"8·27"新政(2023年8月27日,证监会明确"根据近期市场情况,阶段性收紧 IPO节奏,促进投融资两端的动态平衡")出台,IPO计划被迫搁置。 科创板自2019年设立以来,其第五套上市标准一直被视为未盈利硬科技企业登陆资本市场的重要 通道。有 ...
香港高等法院驳回宗馥莉上诉;马斯克出现在爱泼斯坦相关文件中;甘肃陇西发生5.6级地震,消防前突力量已出动丨每经早参
Mei Ri Jing Ji Xin Wen· 2025-09-26 23:33
Group 1 - The recently released documents indicate a connection between the late Jeffrey Epstein and billionaire Elon Musk during the final years of Epstein's life [12] - A document suggests that Musk had planned to visit Epstein's private island in December 2014, although the arrangement's status was questioned [12] - Musk and other involved parties have not yet responded to requests for comments regarding these revelations [12] Group 2 - The Hong Kong High Court dismissed a legal appeal from Zong Fuli regarding a previously issued injunction and disclosure order, but allowed a temporary stay on the disclosure order pending further appeal [17] - The court ruled that Zong Fuli must pay the costs associated with this application [17] Group 3 - Morgan Stanley increased its stake in Alibaba from 6.81% to 12.29% as of September 22, with an average share price of 159.2641 HKD [18] - This increase in stake reflects Morgan Stanley's positive outlook on Alibaba's future development [19] Group 4 - Xiaomi's legal department reported that it has assisted some car owners in legal actions against online attacks, filing 35 lawsuits to protect consumer rights [16] - The company has evaluated over 16,465 public opinion leads and monitored 231 online accounts for malicious activities [16] Group 5 - The People's Bank of China emphasized the importance of using various financial tools to maintain market stability and support sectors like technology innovation and small businesses [4] - The central bank aims to enhance the capital strength of banks and implement structural monetary policies effectively [4]
中方再次就TikTok问题表明立场;摩尔线程IPO过会;香港高等法院驳回宗馥莉上诉丨每经早参
Mei Ri Jing Ji Xin Wen· 2025-09-26 22:59
Market Overview - US stock indices collectively rose, with the Dow Jones up 0.65%, Nasdaq up 0.44%, and S&P 500 up 0.59%. Notable tech stocks like Tesla and Intel rose over 4%, while Oracle fell over 2% [5] - International oil prices showed slight fluctuations, with WTI crude oil rising 0.32% to $65.19 per barrel, and Brent crude oil increasing 0.23% to $68.74 per barrel [6] - International precious metals futures generally increased, with COMEX gold futures up 0.50% to $3789.8 per ounce and COMEX silver futures up 2.77% to $46.365 per ounce [5] Corporate Actions - Morgan Stanley increased its stake in Alibaba from 6.81% to 12.29% as of September 22, indicating confidence in Alibaba's future prospects [21] - Xiaomi's legal department reported that it has assisted 35 car owners in legal actions against network attacks, highlighting the company's commitment to consumer rights [19] - Tencent released and open-sourced its new 3D generation models, which may accelerate the application of 3D technology across various industries [26][27] Regulatory Developments - The Chinese government announced the implementation of export license management for pure electric passenger vehicles to promote healthy development in the new energy vehicle trade [11] - The People's Bank of China emphasized the importance of maintaining capital market stability through various financial tools and support for key sectors [7] Industry News - The China Textile Industry Association expressed support for the investigation into Mexico's trade barriers against Chinese products, reflecting the industry's proactive stance on international trade issues [12] - The China Mining Association supported the Ministry of Commerce's investigation into Mexico's trade restrictions, urging affected parties to participate [13]
又一批爱泼斯坦相关文件公布,马斯克出现其中;中方再次就TikTok问题表明立场;摩尔线程IPO过会;香港高等法院驳回宗馥莉上诉丨每经早参
Mei Ri Jing Ji Xin Wen· 2025-09-26 22:51
Market Overview - US stock indices collectively rose, with the Dow Jones up 0.65%, Nasdaq up 0.44%, and S&P 500 up 0.59%. Notable tech stocks like Tesla and Intel rose over 4%, while Oracle fell over 2% [2] - International oil prices showed slight fluctuations, with WTI crude oil rising 0.32% to $65.19 per barrel, and Brent crude oil up 0.23% to $68.74 per barrel, marking weekly increases of 4.47% and 4.10% respectively [3] - European stock indices closed higher, with Germany's DAX up 0.87%, France's CAC40 up 0.97%, and the UK's FTSE 100 up 0.77% [4] Central Bank and Regulatory Actions - The People's Bank of China emphasized the importance of maintaining capital market stability and supporting sectors like technology innovation and small businesses through various monetary policy tools [5] - The Chinese government announced export license management for pure electric passenger vehicles to promote healthy development in the new energy vehicle trade [9] - The China Securities Regulatory Commission and other departments are enhancing support for foreign institutional investors in the bond repurchase market [9] Corporate Developments - Morgan Stanley increased its stake in Alibaba from 6.81% to 12.29% as of September 22, indicating confidence in Alibaba's future prospects [20] - Xiaomi's legal department reported on its efforts to assist car owners facing network attacks, having initiated 35 lawsuits to protect consumer rights [17] - Zero Run Auto was listed as a dishonest executor due to a debt of 3.618 million yuan owed by its subsidiary [21] Technology and Innovation - Moore Threads' IPO application was approved in just 88 days, reflecting improved efficiency in the review process for technology companies on the STAR Market [16] - Tencent released and open-sourced new 3D generation models, aiming to accelerate the application of 3D technology in various industries [26] Legal and Regulatory Challenges - Apple requested the EU to abolish the Digital Markets Act, facing a strong response from the EU Commission [23] - The Hong Kong High Court rejected a legal appeal from宗馥莉 regarding a disclosure order, while allowing a temporary stay for further appeal [19]
上交所:进一步完善与市场机构 常态化沟通交流机制
Zhong Guo Zheng Quan Bao· 2025-09-26 20:52
Core Viewpoint - The Shanghai Stock Exchange (SSE) is actively engaging with investment institutions to enhance the implementation of the "1+6" policy measures for the Sci-Tech Innovation Board, aiming to improve the attractiveness and inclusivity of the capital market [1] Group 1 - SSE organized a 2025 equity investment institution exchange meeting with 38 equity investment institutions and 12 sponsoring institutions to gather market feedback and address concerns [1] - The SSE plans to study and incorporate the opinions and suggestions from market institutions to further promote the "open-door" approach in review, supervision, and services [1] - The meeting highlighted the need for support in IPOs and mergers and acquisitions for hard technology companies, as well as enhancing the inclusivity and stability of expectations for the Sci-Tech Innovation Board [1] Group 2 - Suggestions from participating institutions included optimizing pricing mechanisms and facilitating orderly participation of long-term funds in the construction of the Sci-Tech Innovation Board [1] - There is a call for collaborative efforts in nurturing technology enterprises and strengthening information sharing and communication among institutions [1]
上交所:进一步完善与市场机构常态化沟通交流机制
Zhong Guo Zheng Quan Bao· 2025-09-26 20:48
Group 1 - The core focus of the Shanghai Stock Exchange (SSE) is to implement the "1+6" policy measures for the Sci-Tech Innovation Board, enhancing the attractiveness and inclusivity of the capital market [1] - SSE organized a communication meeting with 38 private equity institutions and 12 sponsoring institutions to gather market feedback and address concerns [1] - The SSE aims to establish a regular communication mechanism with market institutions to better facilitate the implementation of the "1+6" policy and create a favorable capital market ecosystem [1] Group 2 - Participating institutions acknowledged the achievements of the Sci-Tech Innovation Board reforms while suggesting improvements in areas such as supporting hard-tech companies for IPOs and mergers, enhancing inclusivity and stability, and optimizing pricing mechanisms [1] - Recommendations included promoting orderly participation of long-term capital in the construction of the Sci-Tech Innovation Board and collaborating on the cultivation of technology enterprises [1] - Institutions emphasized the importance of strengthening information sharing and communication among stakeholders [1]
上交所:更好推动科创板改革“1+6”政策落地见效
Zheng Quan Ri Bao Wang· 2025-09-26 14:07
上交所表示,后续将认真研究、充分吸收市场机构的意见和建议,持续推进"开门办审核、开门办监管、开门办服务",进 一步完善与市场机构常态化沟通交流机制,更好推动科创板改革"1+6"政策落地见效,共同营造良好的资本市场生态,更好服 务高水平科技自立自强。 (编辑 郭之宸) 本报讯 (记者毛艺融)近日,上交所组织召开2025年股权投资机构交流会,聚焦落实科创板改革"1+6"政策措施、增强资 本市场的吸引力和包容性,与38家股权投资机构和12家保荐机构面对面深入交流,充分听取市场诉求,及时回应市场关切。 与会机构在肯定科创板改革成效的同时,从支持硬科技企业IPO和并购重组、进一步提高科创板包容性和预期稳定性、优 化定价机制、推动中长期资金有序参与科创板建设、共同开展科技企业培育及加强信息共享交流等方面提出多项意见和建议。 ...
上交所召开2025年股权投资机构交流会 聚焦落实科创板改革“1+6”政策措施
智通财经网· 2025-09-26 13:34
Group 1 - The Shanghai Stock Exchange (SSE) organized a conference focusing on the implementation of the "1+6" policy measures for the Sci-Tech Innovation Board, aiming to enhance the attractiveness and inclusiveness of the capital market [1] - The conference involved in-depth discussions with 38 private equity institutions and 12 sponsoring institutions, addressing market demands and concerns [1] - Participants acknowledged the achievements of the Sci-Tech Innovation Board reforms and provided multiple suggestions, including support for hard technology companies' IPOs and mergers, improving inclusiveness and stability, optimizing pricing mechanisms, and promoting orderly participation of long-term funds [1] Group 2 - The SSE plans to carefully study and incorporate the feedback from market institutions to further advance the implementation of the "1+6" policy [1] - There is a commitment to enhance regular communication and interaction mechanisms with market institutions to better facilitate the reforms of the Sci-Tech Innovation Board [1] - The overall goal is to create a favorable capital market ecosystem that better serves high-level technological self-reliance and strength [1]
摩尔线程88天过会
第一财经· 2025-09-26 12:18
Core Viewpoint - The approval of Moer Thread's IPO application by the Shanghai Stock Exchange demonstrates the enhanced efficiency of the Sci-Tech Innovation Board's review process following the implementation of the "1+6" reform policy by the China Securities Regulatory Commission [1] Group 1 - Moer Thread's IPO application was approved in just 88 days from acceptance to review [1] - The approval coincides with the 100th day since the announcement of the "1+6" reform policy, indicating a significant improvement in the review quality and efficiency for Sci-Tech Innovation Board projects [1] - The acceleration of IPO projects for hard technology companies reflects a broader trend of increased inclusivity and adaptability in current policies [1]
科创成长层要上新!科创成长层新注册企业发行准备就绪 禾元生物启动发行将成新成员
Zhong Guo Ji Jin Bao· 2025-09-23 00:21
Core Viewpoint - The issuance of new registered companies in the Sci-Tech Innovation Growth Layer is ready, with Wuhan Heyuan Biotechnology Co., Ltd. initiating its issuance, marking a significant step in the "1+6" reform of the Sci-Tech Innovation Board [1][3]. Group 1: Company Overview - Heyuan Biotechnology is the first company to start the issuance process after the resumption of the fifth set of standards for the Sci-Tech Innovation Board [4]. - The company has developed a globally pioneering "rice-derived blood" technology, supported by the national "Major New Drug Creation" program [4]. - Heyuan's self-developed innovative drug, recombinant human albumin injection (from rice), was approved for market launch in July, aiming to reduce China's long-term reliance on imported human serum albumin [4]. Group 2: Market Context - The issuance of Heyuan Biotechnology reflects the implementation of the "1+6" reform, enhancing the system's inclusiveness and adaptability for high-quality technology enterprises [4]. - The company is the first to adopt differentiated lock-up and allocation arrangements for offline issuance, with a minimum lock-up ratio of 40% for offline investors [4]. - The Shanghai Stock Exchange has revised its issuance and underwriting rules, allowing unprofitable companies to use agreed lock-up methods, encouraging professional institutions to play a larger role in new stock pricing [5]. Group 3: Industry Developments - Since the announcement of the "1+6" reform policy in June, 15 companies have applied for IPOs on the Sci-Tech Innovation Board, including four unprofitable companies [6]. - Three unprofitable companies have already received IPO registration approval, with two of them under the fifth set of standards [7]. - The Shanghai Stock Exchange has completed system tests for the new registered companies in the Sci-Tech Innovation Growth Layer, with 5 million investors having opened trading permissions for this layer [7].