Core Viewpoint - The article highlights the acceptance of Shanghai ChaoSilicon Semiconductor Co., Ltd.'s IPO application on the Sci-Tech Innovation Board, marking a significant step in embracing unprofitable tech companies in the capital market [1][4]. Group 1: Company Overview - Shanghai ChaoSilicon is one of the earliest companies in China engaged in large-size silicon wafers for integrated circuits and is recognized as a national high-tech enterprise [5]. - The company aims to raise 4.965 billion yuan for expanding production of 300mm thin silicon epitaxial wafers and for R&D projects in high-end semiconductor silicon materials [6]. Group 2: Market Context - Since the introduction of the "Sci-Tech Innovation Board Eight Measures," three unprofitable companies have had their IPO applications accepted, indicating a trend towards supporting high-quality unprofitable tech firms [7]. - The acceptance of Shanghai ChaoSilicon's IPO reflects the capital market's commitment to embracing hard tech enterprises that represent new productive forces [7]. Group 3: Policy and Market Dynamics - The "Sci-Tech Innovation Board Eight Measures" aims to improve the identification mechanism for tech companies and support unprofitable firms in listing on the Sci-Tech Innovation Board [3][9]. - The article discusses the global shift from "profit worship" to "innovation value," emphasizing that many successful tech companies initially operated at a loss before achieving profitability [10]. Group 4: Performance of Unprofitable Companies - As of May 2024, 54 companies listed on the Sci-Tech Innovation Board were unprofitable at the time of their IPO, with a total fundraising of 202.731 billion yuan and a combined market value of 1.43 trillion yuan [11]. - Among these, 22 companies have since achieved profitability, demonstrating the potential for growth and recovery in the hard tech sector [11][12]. Group 5: Future Outlook - The article anticipates that the reforms in the capital market will further enhance the integration of technological and industrial innovation, creating new pathways for investment in hard tech [15][16].

Core Viewpoint - The article discusses the acceptance of Shanghai Super Silicon Semiconductor Co., Ltd.'s IPO application on the Sci-Tech Innovation Board, highlighting the trend of unprofitable companies being welcomed into the capital market under the "Eight Measures for the Sci-Tech Innovation Board" policy [1][3][4]. Group 1: Company Overview - Shanghai Super Silicon is one of the earliest companies in China engaged in large-size silicon wafers for integrated circuits and is recognized as a national high-tech enterprise [5]. - The company plans to raise 4.965 billion yuan for projects related to the production of 300mm thin silicon epitaxial wafers and high-end semiconductor silicon material research and development [6]. Group 2: Market Context - Since the introduction of the "Eight Measures," three unprofitable companies have had their IPO applications accepted, indicating a shift in the capital market's approach to supporting hard technology enterprises [7]. - The article notes that the acceptance of Shanghai Super Silicon's IPO reflects the capital market's commitment to embracing hard technology companies that represent new productive forces [7]. Group 3: Policy and Market Trends - The "Eight Measures" aim to improve the identification mechanism for technology companies and support high-quality unprofitable tech firms in listing on the Sci-Tech Innovation Board [3][9]. - The article emphasizes that the global consensus is shifting from a focus on profitability to valuing innovation, as seen in the performance of major tech companies in the U.S. [10]. - As of now, 54 companies listed on the Sci-Tech Innovation Board were unprofitable at the time of their IPO, with a total fundraising of 202.731 billion yuan and a combined market value of 1.43 trillion yuan as of May 2025 [11][12]. Group 4: Future Outlook - The article suggests that the reforms in the capital market, particularly the Sci-Tech Innovation Board, will continue to evolve, providing a more inclusive environment for technology innovation and industry development [16].

Core Viewpoint - The acceptance of Shanghai Super Silicon's IPO application on the Sci-Tech Innovation Board marks a significant step in embracing unprofitable technology companies, reflecting the capital market's commitment to supporting hard technology enterprises and new productive forces [1][2]. Group 1: Company Overview - Shanghai Super Silicon is one of the earliest companies in China engaged in large-size silicon wafers for integrated circuits and is recognized as a national high-tech enterprise [2]. - The company plans to raise 4.965 billion yuan for projects related to the production of 300mm thin silicon epitaxial wafers and high-end semiconductor silicon material research and development [2]. - As of the end of 2024, Shanghai Super Silicon is still in a loss-making state [2]. Group 2: Industry Context - Since the introduction of the "Sci-Tech Innovation Board Eight Measures," three unprofitable companies have had their IPO applications accepted by the Shanghai Stock Exchange [2]. - The acceptance of Shanghai Super Silicon's IPO application indicates a broader trend of the capital market welcoming hard technology enterprises, with ten other unprofitable companies currently undergoing IPO reviews [2][8]. - The Sci-Tech Innovation Board has seen a total of 54 companies go public while unprofitable, primarily in the new generation information technology and biopharmaceutical sectors [5][6]. Group 3: Policy Support - The "Sci-Tech Innovation Board Eight Measures" aims to enhance the identification mechanism for technology companies and support high-quality unprofitable tech firms in going public [1][8]. - Recent policies have been implemented to provide a more inclusive environment for unprofitable companies, signaling a commitment to fostering innovation and technological advancement [8][9]. - The China Securities Regulatory Commission emphasizes the need for effective market mechanisms combined with proactive government support to facilitate the listing of quality unprofitable tech companies [9][10].