Core Viewpoint - The rapid listing of Moole Technology on the STAR Market highlights the effectiveness of the "1+6" policy in supporting hard technology companies, addressing challenges such as slow listings and financing difficulties [3][4]. Group 1: Company Overview - Moole Technology, known as the "Chinese Nvidia," officially listed on the STAR Market on December 5, with an opening price of 650 yuan, representing a 468.8% increase from the issue price of 114.28 yuan, resulting in a profit of over 260,000 yuan for a single subscription [1]. - The company, established only five years ago, achieved a record listing speed, completing its IPO registration in just 122 days, with the review process taking only 88 days [3]. Group 2: Policy Impact - The "1+6" policy has led to the acceptance of over 20 IPO applications since its announcement, with many of these companies being unprofitable [4]. - More than 50 unprofitable companies have successfully listed on the STAR Market, with a combined revenue of 174.5 billion yuan projected for 2024, marking a 24% year-on-year growth [4]. - The policy has created a supportive ecosystem for new productive forces, allowing different stages of hard technology companies to access capital [4]. Group 3: Market Confidence and Future Outlook - The swift implementation of the "1+6" policy has significantly boosted market confidence and provided a clear development direction for technology companies [3]. - Experts believe that the policy opens a "green channel" for direct financing for foundational enterprises, guiding capital towards innovation and fostering a positive cycle of technological innovation, capital market support, and industrial expansion [4].

Core Viewpoint - The introduction of the "1+6" policy by the China Securities Regulatory Commission (CSRC) aims to facilitate the listing of loss-making companies on the Sci-Tech Innovation Board (STAR Market), addressing the challenges faced by tech firms in securing funding and going public [2][4]. Group 1: Policy Overview - The "1+6" policy includes the establishment of a Sci-Tech Growth Layer on the STAR Market, allowing companies with losses or zero revenue to list [2][4]. - Currently, there are 30 companies marked with a "U" indicating they are in the Sci-Tech Growth Layer, which allows for listing despite losses [4]. - New regulations require companies registered after the new rules to meet stricter criteria to remove the "U" mark, compared to previous standards [6]. Group 2: Listing Standards - The first standard for listing requires companies to be profitable in the last two years with a total profit of at least 50 million yuan, or to have a profit and revenue of at least 100 million yuan in the last year [7]. - The fifth standard allows companies with losses and zero revenue to list, provided they have a market value of over 4 billion yuan and meet other specific criteria [9][10]. - Currently, 20 companies have utilized the fifth standard for listing, primarily in the biopharmaceutical sector [12][13]. Group 3: New Measures - The policy introduces six reform measures, including expanding the fifth standard to support more frontier technology sectors like artificial intelligence and commercial aerospace [8][17]. - A new mechanism for pre-IPO review is being piloted to protect sensitive information for high-quality tech companies [22][23]. - Companies can now raise funds from existing shareholders during the IPO process, which is beneficial for those lacking self-sustaining financial capabilities [24][25]. Group 4: Investment and Oversight - The introduction of a system for professional institutional investors aims to enhance the evaluation of companies that qualify for the fifth standard, ensuring better judgment on their future prospects [19][20]. - The CSRC emphasizes the need for strict regulatory measures to prevent fraudulent activities and protect investor rights, ensuring that companies meet multiple criteria for listing [28].