Core Insights - The China Securities Regulatory Commission (CSRC) has introduced the "Opinions on Setting Up a Growth Layer in the Sci-Tech Innovation Board" to enhance the inclusiveness and adaptability of the system, aimed at supporting technology-driven companies that are in the R&D phase and not yet profitable [1][2] - The first batch of 32 unprofitable companies has been directly admitted to the growth layer, showing a significant revenue growth of 37.79% year-on-year in the first half of 2025, despite a substantial reduction in net losses by 71.23 billion yuan [1] - The introduction of the fifth listing standard has allowed unprofitable technology companies to access the capital market, with the first company, Wuhan Heyuan Biotechnology Co., successfully passing the review [2] Summary by Sections Policy Changes - The new policy is not merely an adjustment but a timely support for tech companies facing specific economic cycles and market demands, allowing them to enter the capital market without waiting for profitability [1] - The fifth listing standard focuses on "market value + stage R&D results," catering to innovative companies that are not yet commercialized but have clear market prospects [2] Market Activity - The activity in the Sci-Tech Innovation Board has significantly increased, with trading volume growing by 339.56% year-on-year from June 18 to September 15, 2025, and an average turnover rate of 216.73% [3] - The establishment of the growth layer is expected to enhance the tiered structure of the capital market, leading to breakthroughs in various aspects such as refined stratification mechanisms and diversified listing standards [3]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has introduced the "Opinions on Setting Up a Growth Tier in the Sci-Tech Innovation Board," aimed at enhancing the inclusivity and adaptability of the system for technology-driven companies, allowing them to access capital without waiting for profitability [1] Group 1: Policy and Market Impact - The introduction of the growth tier is seen as a timely support for technology breakthrough companies that are in the R&D phase and not yet profitable, facilitating the connection between hard technology and capital markets [1] - The first batch of 32 unprofitable companies has been directly admitted to the growth tier, showing a significant revenue growth of 37.79% year-on-year in the first half of 2025, despite a substantial reduction in net losses by 71.23 billion yuan [1] - Since the launch of the "1+6" policy, 15 new IPO applications have been accepted on the Sci-Tech Innovation Board, including four from unprofitable companies [1] Group 2: Listing Standards - The second to fourth listing standards on the Sci-Tech Innovation Board do not set a profitability threshold but instead require a combination of revenue scale and other metrics such as R&D intensity, cash flow, or market capitalization [2] - The fifth listing standard, which has been reactivated, does not impose performance requirements but focuses on "hard power," assessing companies based on market capitalization and developmental achievements [2] - The first company to apply under the fifth standard, Wuhan Heyuan Biotechnology Co., has successfully passed the review, indicating the formal restoration of the listing channel for unprofitable tech companies [2] Group 3: Market Activity - The activity level of the Sci-Tech Innovation Board has significantly increased over the past three months, with trading volume rising by 339.56% year-on-year and an average turnover rate of 216.73%, up by 116.73 percentage points compared to the same period in 2024 [3] - The establishment of the growth tier is expected to enhance the structure of the capital market in China, leading to breakthroughs in areas such as refined tiered mechanisms, diversified listing standards, optimized investor structure, and the development of a technology finance ecosystem [3]

Group 1 - The China Securities Regulatory Commission (CSRC) has introduced the "Opinions on Setting Up a Growth Tier in the Sci-Tech Innovation Board," aimed at enhancing the inclusiveness and adaptability of the system for technology-driven companies [1] - The first batch of 32 unprofitable companies has directly entered the Sci-Tech Innovation Growth Tier, showcasing high technical barriers and market potential, with a combined revenue growth of 37.79% year-on-year in the first half of 2025 [1] - Since the implementation of the "1+6" policy, 15 new IPO applications have been accepted on the Sci-Tech Innovation Board, including 4 from unprofitable companies [1] Group 2 - The second to fourth listing standards on the Sci-Tech Innovation Board do not set a "profit threshold," instead focusing on revenue scale combined with R&D intensity, cash flow, or market capitalization [2] - The first company to apply under the fifth listing standard, Wuhan Heyuan Biotechnology Co., Ltd., successfully passed the review, marking the official restoration of the listing channel for unprofitable tech companies [2] - The introduction of the growth tier is seen as a strong support for the national strategy of technological self-reliance and empowerment [2] Group 3 - The activity level of the Sci-Tech Innovation Board has significantly increased, with a 339.56% year-on-year growth in trading volume from June 18 to September 15, 2025 [3] - The average turnover rate reached 216.73%, an increase of 116.73 percentage points compared to the same period in 2024 [3] - The establishment of the growth tier is expected to lead to further improvements in the capital market's tiered structure and diversification of listing standards [3]