People's Daily | First Batch of Newly Registered Companies Listed on Sci-Tech Innovation Board's STAR Market Growth Tier

Wang Yinxin

On October 28, with the sound of a gong, three unprofitable companies were listed on the Shanghai Stock Exchange. This marks the first batch of newly registered unprofitable companies since the "1+6" reform of the STAR Market (Science and Technology Innovation Board) in June this year, and also the first batch of newly registered companies to be listed on the STAR Market's "Science and Technology Growth" tier.

At the Lujiazui Forum in June this year, the Chairman of the China Securities Regulatory Commission (CSRC), Wu Qing, announced the "1+6" policy measures to deepen the reform of the STAR Market, clearly proposing the establishment of the Science and Technology Growth tier and the restart of the application of the fifth set of listing standards for unprofitable companies on the STAR Market.

The Science and Technology Growth tier of the STAR Market is specifically targeted at technology-driven companies that have made significant breakthroughs in technology, have a broad commercial outlook, and have significant ongoing R&D investment, but are still in the unprofitable stage. The three companies listed this time—Wuhan Heyuan Biotechnology Co., Ltd., Xi'an Yisiwei Materials Technology Co., Ltd., and Guangzhou Bibet Pharmaceutical Co., Ltd.—focus on key technological frontiers such as biopharmaceuticals and integrated circuits. At the time of listing, all three were unprofitable and will enter the Science and Technology Growth tier of the STAR Market after their listings.

"Designed to be more inclusive, the Science and Technology Growth tier of the STAR Market plays an important role in supporting technological innovation and the development of new productive forces in the capital market. It is a major measure to further deepen the reform of the capital market and enhance its attractiveness and inclusiveness. The listing of these three unprofitable companies sends a clear recovery signal and is of great significance in broadening financing channels for technology companies and strengthening market confidence", industry insiders believe.

Since its launch in 2019, the STAR Market has adhered to its positioning as a platform for "hard technology." As of October 28, the STAR Market has supported the listing of 592 companies in high-tech industries and strategic emerging industries, including new-generation information technology, biomedicine, high-end equipment, new energy, new materials, and energy conservation and environmental protection. Among these, 383 companies have been selected for the national list of specialized and innovative "Little Giants", 63 companies have been recognized as "Industry Champions" in manufacturing, and 51 companies' main products have been recognized as "Industry Champion" products. Of the 57 unprofitable companies listed, 22 have achieved profitability post-listing and have been "delisted from the U-board", with an average of 4 companies achieving this each year. Among the 22 companies listed under the fifth set of standards, 21 companies have already had 48 of their drug or vaccine products approved for sale.

Editor: Liu Wenxin