Core Viewpoint - The Guangdong Financial Regulatory Bureau emphasizes the need to enhance the construction of technology branches to provide flexible and inclusive regulatory policies, aiming to develop financial products tailored to the entire lifecycle of technology enterprises [1] Group 1 - The current level of specialized technology financial systems does not adequately meet the demands of the Greater Bay Area's international innovation center, indicating a lack of professional, specialized, and precise technology financial services [1] - The focus is on strengthening technology branches around the "four modernizations": product specialization, institutional differentiation, systematic management, and diversified services [1] - New quality productivity development requires technology finance to not only attract investment but also to "attract intelligence," empowering technological innovation and accelerating the transformation of innovative results [1] Group 2 - The Guangdong Financial Regulatory Bureau plans to lead the banking and insurance sectors in the Greater Bay Area to empower new quality productivity development through three main approaches [2] - The first approach involves iterating and upgrading existing policies while innovating new policies to ensure effective coordination among fiscal, monetary, industrial, and financial policies, creating a virtuous cycle [2] - The second approach focuses on embedding technology branches deeper into local innovation ecosystems, enhancing collaboration with research institutions, innovation platforms, and industrial parks [2] - The third approach aims to create a complementary financial service structure that matches the entire lifecycle of technology enterprises and the entire process of innovation activities [2]

Core Viewpoint - The article highlights the significant achievements and ongoing reforms of the Sci-Tech Innovation Board (STAR Market) in China over the past six years, emphasizing its role in supporting hard technology enterprises and fostering innovation in the capital market. Group 1: Achievements of the STAR Market - As of July 22, 2025, the STAR Market has 589 listed companies, raising a total of 9,257 billion yuan through IPOs and 1,867 billion yuan through refinancing, totaling over 1.1 trillion yuan [2][5][22]. - The STAR Market has become a vibrant platform for hard technology companies, with over 379 companies recognized as national "specialized and innovative" small giants, and 65 companies designated as "single champion" enterprises in manufacturing [5][22]. - The compound annual growth rates for revenue and net profit attributable to shareholders of STAR Market companies from 2019 to 2024 are 19% and 9%, respectively [5]. Group 2: Institutional Innovations - The STAR Market has implemented a series of institutional innovations, including the "1+6" policy measures aimed at enhancing the capital market's support for technological innovation and new productivity development [3][18]. - The introduction of the "STAR Growth Tier" and related reforms marks a new phase of precise support for technology innovation enterprises [3]. - The STAR Market has established a multi-dimensional regulatory framework that enhances the development environment for technology innovation companies [6]. Group 3: R&D Investment and Innovation - In 2024, the total R&D investment of STAR Market companies reached 168 billion yuan, which is over three times the net profit of the board, with a median R&D intensity of 12.6% [11][29]. - Approximately 30% of STAR Market companies have products or projects that are industry-first, and over 380 companies have products or technologies that meet international advanced standards [32]. - The STAR Market has seen significant contributions to the pharmaceutical sector, with 19 out of 20 companies listed under the fifth set of standards having their self-developed drugs or vaccines approved for sale [6][26]. Group 4: Ecosystem and Talent Attraction - The STAR Market plays a crucial role in facilitating a virtuous cycle among technology, industry, and capital, with over 60% of its founding teams comprising scientists or industry experts [14]. - Nearly 90% of STAR Market companies received venture capital investment before going public, indicating a strong early-stage investment environment [14]. - The STAR Market has developed a comprehensive index system, with 29 indices tracking its performance, and products tracking the STAR Market indices totaling nearly 260 billion yuan [14]. Group 5: Investor Returns and Corporate Governance - In 2024, 509 companies on the STAR Market disclosed plans to enhance quality and efficiency, with over 60% proposing cash dividend plans totaling 38.8 billion yuan [15]. - The STAR Market has seen a record number of share buybacks and increases in shareholding, with 470 instances of buyback plans amounting to nearly 38 billion yuan [15].