Core Views - The Sci-Tech Innovation Board (STAR Market) has achieved significant milestones in its six years, showcasing a strong commitment to supporting technological innovation and development in various sectors, including semiconductors, renewable energy, biomedicine, and AI [1][6][12] Group 1: Achievements and Innovations - STAR Market companies have consistently demonstrated their capabilities in "hard technology," with notable breakthroughs in innovative drug development, such as the completion of Phase III clinical trials for a new cancer treatment and FDA approval for another drug [3][5] - Since its inception, the STAR Market has seen a continuous increase in its ability to support and service tech enterprises, leading to a surge in technological innovations [6][11] - By March 2024, STAR Market companies had invested a total of 168.1 billion yuan in R&D, which is more than three times the total net profit of the sector, with approximately 240,000 R&D personnel [10][11] Group 2: Market Structure and Support - The STAR Market has become a vital platform for financing "hard technology" enterprises, with over 589 listed companies raising more than 1.1 trillion yuan through IPOs and refinancing [19][30] - The market has a high proportion of companies in emerging industries, such as new-generation information technology and biomedicine, accounting for over 80% of listed firms [13][24] - The STAR Market's flexible capital tools and inclusive policies have enabled companies to efficiently finance and accelerate their technological advancements [16][24] Group 3: Future Directions and Reforms - Recent reforms, including the establishment of a growth tier for unprofitable companies, aim to attract more resources to new industries and technologies, enhancing the STAR Market's role in supporting innovation [33][35] - The ongoing reforms are expected to improve the balance of investment and financing, protect investors' rights, and foster a more inclusive market environment [36][38] - The STAR Market is positioned to become a key driver of China's technological innovation, with expectations for increased social capital flow into "hard technology" enterprises [38]