Since its launch, the Science and Technology Innovation Board (STAR Market) has been dedicated to serving the mission of high-level technological self-reliance and strength, focusing on supporting "hard technology" enterprises, and has gradually become a "new fulcrum" in promoting technological innovation and accelerating the realization of technological self-reliance and strength.

◆ By comparing with the intrinsic requirements of the "hard technology" positioning, the Shanghai Stock Exchange strictly scrutinizes "pseudo-tech" enterprises that lack core technology and insufficient technological innovation capabilities. Since the beginning of the year, the exchange has consulted the Science and Technology Innovation Advisory Committee on the issue of technological innovation attributes for over 100 projects. Since the opening of the board, more than 1,000 companies have been terminated from the review process for failing to meet the requirements of technological innovation attributes.

◆ At present, the Science and Technology Innovation Board (STAR Market) has become the preferred listing destination for China's "hard technology" enterprises. Among them, there are a national-level specialized and innovative "little giant" enterprise, a manufacturing single champion enterprise. Numerous STAR Market companies are involved in the "14th Five-Year Plan" national key R&D programs, covering multiple critical fields such as basic research, key instruments, and advanced materials.

◆For more than a year, the Sci-Tech Innovation Board (STAR Market) has essentially achieved its own developmental stage goals. The pilot registration system on the STAR Market has handed over the pricing choice to the market, truly practicing the essence of the registration system reform, and has profound implications for the overall deepening of the capital market reform.

In recent years, the Science and Technology Innovation Board (STAR Market) has focused on strengthening comprehensive supervision and preventing and resolving risks, taking prompt action against violations, imposing severe penalties on typical cases, implementing major illegal delistings in accordance with regulations and as quickly as possible, closely monitoring the "key minority," strictly preventing chaos, and continuously purifying the market ecosystem.

Article by Shanghai Securities News reporter 2024年上市公司三季报陆续披露，科创板公司凭借硬实力交出凸显韧劲与活力的“成绩单”。截至10月26日，143家已发布三季报的科创板公司中，有107家实现盈利，占比超过七成，新一代信息技术、高端装备制造、生物医药三大战略性新兴产业公司业绩领跑。将时钟回拨至2019年7月22日，随着首批25家科创板公司挂牌上市，设立科创板并试点注册制这一资本市场重大改革任务正式落地。2019年11月，习近平总书记在上海市考察时指出，设立科创板并试点注册制要坚守定位，提高上市公司质量，支持和鼓励“硬科技”企业上市，强化信息披露，合理引导预期，加强监管。作为全新的增量市场，科创板是资本市场不断深化改革、扎实提升服务实体经济质效的重要“试验田”。开市5年多来，科创板始终聚焦创新、聚力改革，以“试验田”之沃土服务“硬科技”企业成长，支持和鼓励科技创新企业上市。上海证券交易所（下称“上交所”）数据显示，截至10月24日，科创板共有上市公司576家，总市值6.14万亿元，在集成电路、生物医药、新能源等重点产业链凸显出示范效应和集聚效应。尤其是近两年，科创板盯住提质量、优信披、缮制度、促回报、强监管、防风险、育生态等关键词，以贯彻落实国家创新驱动发展战略为己任，在支持高水平科技自立自强、培育壮大新质生产力方面取得成效，推动资本市场全面深化改革的制度效应也不断积累。2024年4月以来，国务院办公厅发布《促进创业投资高质量发展的若干政策措施》（即“创投17条”），证监会制定实施《资本市场服务科技企业高水平发展的十六项措施》（即“科创16条”）、《关于深化科创板改革服务科技创新和新质生产力发展的八条措施》（即“科创板八条”），明确了科创板改革再出发的具体措施。中国证监会主要负责人近期在公开场合表示，资本市场将以支持优质创新企业为重点，增强制度包容性、适应性，改革优化发行上市制度，健全股权激励制度，着力培育壮大耐心资本，同时，促进完善创业投资、私募股权投资“募投管退”支持政策，引导更好投早、投小、投长期、投硬科技。改革没有完成时，发展永远在路上。科创板正进一步凝聚合力深化改革，进一步增强包容性，更好发挥“试验田”功能，从“试验田”走向高质量发展的“示范田”，推动资本市场服务创新驱动发展战略、服务高水平科技自立自强取得更大实效。

Aerial view of Zhangjiang Science City in Shanghai's Pudong New Area (taken on MM/DD/YYYY) by Fang Zhou / This magazine

Adhere to positioning and take multiple measures to systematically improve the quality of listed companies

Listed companies are the "cornerstone" and "pillar" of the national economy, representing the elite group of Chinese enterprises and an important micro foundation for high-quality economic development. Significantly enhancing the quality of listed companies has been one of the central tasks of capital market reforms in recent years. Since the launch of the STAR Market, comprehensive measures have been taken around "improving the quality of listed companies" to promote these companies in strengthening their foundations, enhancing governance levels, increasing returns and investment value, and aiding the capital market in moving towards a new stage of high-quality development. Emphasizing the "hard technology" characteristic, the STAR Market has expanded the sources of high-quality listed companies. Since its inception, the STAR Market has established five differentiated listing indicators and allowed eligible unprofitable enterprises, red chip companies, and companies with special equity structures to go public, meeting the financing needs of tech companies at different stages of development. In recent years, the construction of the STAR Market has consistently focused on enhancing the capital market's inclusiveness for technological innovation enterprises and supporting key core technological innovation. In [specific month], the China Securities Regulatory Commission (CSRC) issued the "Opinions on Strictly Controlling the Access to Issuance and Listing to Improve the Quality of Listed Companies from the Source (Trial)", further clarifying the need to improve the quality of listed companies from the source, requiring the STAR Market to emphasize "hard technology" characteristics and strengthen the requirements for technological attributes. Local governments have also introduced measures to support the development of "hard technology" enterprises. In [specific month], Shanghai launched the "Pujiang Light" initiative, using the establishment of the STAR Market as an opportunity to promote the high-quality development of tech enterprises in Shanghai; in [specific month], Shanghai upgraded the "Pujiang Light" initiative, proposing to prioritize supporting "hard technology" enterprises that break through key core technologies in new industries, new formats, and new technologies to list on the STAR Market. In [specific month], the "Eight Provisions of the STAR Market" were released, enhancing the institutional inclusiveness for high-quality unprofitable enterprises to list on the STAR Market, and explicitly supporting tech enterprises with key core technologies, large market potential, and prominent technological attributes to list on the STAR Market. Data shows that as of now, there have been [specific number] unprofitable enterprises listed on the STAR Market before going public. According to the semi-annual report of [specific year], among these companies, [specific number] had positive net profits, [specific number] had operating revenues exceeding 100 million yuan, and [specific number] had operating revenues exceeding 1 billion yuan. Wang Bo, Deputy General Manager of the Shanghai Stock Exchange, believes that since the launch of the STAR Market, it has continuously played the role of a "pilot field" for reforms, enhancing institutional inclusiveness and adaptability, and guiding the acceleration of factor resources towards technological innovation. In the view of Yang Chengzhang, Chief Economist of Shenwan Hongyuan Securities, the reform and development of the capital market have promoted the continuous innovation and development of enterprises and industries, linking enterprise growth, industrial development, and the capital market. Fully utilizing the market "toolbox" to enhance the investability of listed companies. The high-quality development of listed companies is the foundation for improving investability, and investability is also one of the criteria for testing the high-quality development of listed companies. In recent years, the STAR Market has encouraged listed companies to fully utilize market tools such as share buybacks, major shareholder增持, regular dividends, and mergers and acquisitions to enhance investability and establish and improve internal long-term mechanisms for enhancing value. Semi-annual report data for [specific year] shows that [specific number] STAR Market companies have joined the mid-term dividend team, far exceeding previous years, covering key industrial chain enterprises in high-end equipment manufacturing, artificial intelligence, innovative pharmaceuticals, and more. At the same time, [specific number] STAR Market companies have paid dividends continuously throughout the year, with trends of high R&D and heavy dividends becoming clearer. Since last year, the CSRC has fully implemented the registration system for restructuring on the basis of pilot programs in the "Two Innovations" sectors, extended the validity period of financial materials for share issuance-based restructuring, and introduced rules for directional convertible bond restructuring; it supports "Two Innovations" companies to acquire high-quality targets in the same industry or upstream/downstream, with synergistic effects on their main business, enhancing the "hard technology" and "Three Innovations and Four New" attributes of listed companies. After the release of the "Eight Provisions of the STAR Market", more than [specific number] STAR Market companies have announced industrial merger and acquisition plans within four months, with typical cases of mergers and acquisitions in the semiconductor and biopharmaceutical fields emerging frequently. Enhancing the sense of responsibility of listed companies and accelerating the formation of a market culture centered on investors. This year, the STAR Market has taken the lead in guiding listed companies to carry out the "Quality Improvement, Efficiency Enhancement, and Return Increase" special action, focusing on improving operational quality, increasing investor returns, accelerating the development of new productive forces, and strictly enforcing the responsibilities of the "key minority", and implementing specific measures that are actionable, operable, and verifiable. As of [specific date], a total of [specific number] companies on the Shanghai Stock Exchange have disclosed related announcements, including [specific number] on the main board and [specific number] on the STAR Market, covering a market value of over [specific amount] trillion yuan. Among the SSE Core Index and its constituent stocks, [specific number] STAR Market companies have disclosed action plans, and all STAR Market constituent companies have disclosed their action plans. STAR Market companies have also actively responded to investor concerns through performance briefings, roadshows, the Interactive Easy platform, and investor hotlines, introducing the latest corporate development strategies, business dynamics, and operational status. Currently, the STAR Market has organized and held [specific number] collective performance briefings on the theme of "Quality Improvement, Efficiency Enhancement, and Return Increase", with approximately [specific number] clicks, enhancing investors' understanding of corporate value. Comprehensive measures and steady progress in the construction of the STAR Market have cultivated a number of high-quality tech companies for the high-quality development of the capital market. From [specific year] to [specific year], the compound annual growth rates of operating revenue and profit for STAR Market companies were [specific percentage] and [specific percentage], respectively.

Support and encourage "hard tech" companies to go public, embrace diversity and inclusiveness, and diligently cultivate the "test field." 科创板开市以来，以服务高水平科技自立自强为使命，聚焦支持“硬科技”企业，逐步成为助力科技创新、加快实现科技自立自强的“新支点”。完善支持“硬科技”制度安排，推动科创板做优做强。针对科技创新企业特征，上交所落实以信息披露为核心的理念，精简优化发行条件，取消强制盈利等条件，设立以“预计市值+”为基准的多元化上市标准，允许未盈利企业、特殊股权结构企业、红筹企业上市。上交所相关负责人表示，科创板充分考虑中国特定发展阶段国情，将属于国家科技创新战略重点支持的领域、处于跟跑和追赶阶段的科创企业纳入支持范围，加强对经营模式、经营业绩、未来发展的综合研判，着力将有限资源配置到科技创新最需要的领域，有效提升了资本市场对科技创新的服务功能。优化科创属性评价指引，从源头提升申报企业质量。4月30日，中国证监会修订《科创属性评价指引（试行）》，这是该指引自2020年3月份首次发布以来第四次作出修订。此次修订聚焦以“硬指标”提升“硬科技”，将最近三年研发投入金额由“累计6000万元以上”调整为“累计8000万元以上”；将“应用于公司主营业务的发明专利5项”调整为“应用于公司主营业务并能够产业化的发明专利7项以上”；将最近三年营业收入复合增长率“达到20%”调整为“达到25%”。科创板以上市企业研发投入、发明专利数量及营业收入复合增长率等要求的适度提高，引导科创企业更加重视科研投入和科研成果产业化，促进申报企业质量进一步提升。一批在审科创企业重新对标对表审视自身的科创属性和“硬科技”质地，多家不达标企业主动“撤单”终止了科创板IPO申请。严把“硬科技”入口关，严审“伪科技”企业。在科创企业申报上市过程中，上交所突出审核问询的重大性、针对性，提高问询精准度，增加了对投资者价值判断的相关问询，同时更加明确审核边界和中介机构责任边界。具体而言，审核问询着重对发行人是否符合发行上市条件，信息披露的合规性、有效性进行把关、重点问询；针对审核问询回答及核查仍存在疑问的项目，上交所对相关保荐机构实施现场督导；对违规主体严肃惩戒，不允许“一撤了之”。通过对照“硬科技”定位的内在要求，上交所严审缺乏核心技术、科技创新能力不足的“伪科技”企业。2022年以来，共对超过50家次项目的科创属性问题向科技创新咨询委咨询，开板以来累计有超100家企业因不符合科创属性要求而终止审核。带动关键制度创新，提升资本市场服务科技企业高水平发展能级。围绕科创企业特点，科创板不断优化再融资、并购重组、股权激励等制度。提高融资便利性，引导上市公司将募集资金投向符合国家经济发展战略和产业导向的相关领域；推动科技型企业高效实施并购重组，优化“小额快速”审核机制；切实运用好股权激励机制及信息披露豁免制度，支持科技创新企业上市前设立股权激励计划，助力科创企业吸引稳定人才。今年10月，上交所细化“轻资产、高研发投入”企业的认定标准，鼓励科创板上市公司加大研发投入，提升科技创新能力。据统计，约有三成科创板公司同时满足两项标准，有望率先受益。目前，科创板已成为我国“硬科技”企业上市首选地。其中有341家国家级专精特新“小巨人”企业、49家制造业单项冠军企业。36家科创板公司参与“十四五”国家重点研发计划，覆盖基础科研、关键仪器、前沿材料等多个关键领域。“科创板逐步发挥出带动作用，资本市场其他板块新上市企业的科技含量也有一定程度上升。”北京大学光华管理学院教授何志毅认为，科创板拥抱科技创新不仅体现在自身的发展，也体现在对资本市场其他板块包容科技创新的引领上。与此同时，作为资本市场改革的“试验田”，科创板在再融资、并购重组、股权激励等一系列创新制度上先行先试，并将相关经验复制、推广到创业板改革、高质量建设北交所中，推动了资本市场各项改革平稳实施。4月19日，证监会发布“科创16条”，从上市融资、并购重组、债券发行、私募投资等方面全方位提出支持性举措，包括建立融资“绿色通道”、支持科技型企业股权融资、加强债券市场的精准支持、完善支持科技创新的配套制度等。证监会认为，近年来以支持科技发展为导向带动关键制度创新，支持科技创新的监管体系、市场生态逐步形成。“新生事物的生命力需要时间来检验，资本市场增量改革尤其如此。”上海交通大学上海高级金融学院学术副院长、金融学教授严弘表示，5年多以来，科创板基本上达到了自身发展的阶段性目标，科创板试点注册制将IPO定价选择权交给市场，真正践行了注册制改革的实质，对资本市场整体深化改革意义深远。

Overlooking Lingang Tech City in the Lingang New Area of Shanghai (taken on a certain date) by Fang Zhou / This magazine

Strict supervision and risk prevention promote high-quality development of the capital market 今年4月，国务院发布《关于加强监管防范风险推动资本市场高质量发展的若干意见》，提出到本世纪中叶“建成与金融强国相匹配的高质量资本市场”的发展蓝图，要求以强监管、防风险、促高质量发展为主线，以完善资本市场基础制度为重点，更好发挥资本市场功能作用，推进金融强国建设，服务中国式现代化大局。资本市场高质量发展必须全面加强监管、有效防范化解风险，稳为基调、严字当头，确保监管“长牙带刺”、有棱有角。开市5年多来，科创板从发行审核端、持续监管端对科创企业IPO作出全生命周期、全链条的审核监管安排，从源头入手，扼制苗头性问题。在发行审核方面，严把入口关，坚持“申报即担责”。科创板始终将支持关键核心技术创新、促进提升创新驱动发展能力作为板块建设首要任务，坚持严监严管，不断改进完善审核把关制度机制。一方面强化信息披露监管，突出防范财务造假、欺诈发行；一方面压严压实中介机构“看门人”责任，建立健全以上市公司质量为导向的保荐机构执业质量评价机制，加大依规处理力度，倒逼中介机构提升执业水平。科创板设立以来，审核注册环节共淘汰拟IPO企业超过280家；其中2022年以来淘汰超过120家，淘汰率平均约为39%，较前期提高10个百分点。近年，科创板持续监管累计发函、约谈持续督导中介机构超百家次。2022年以来，发行上市审核领域累计采取纪律处分12次、监管措施59次，占比较此前提高约30个百分点。在持续监管方面，紧盯重点公司重点事项加强风险研判。科创板坚守“硬科技”板块定位，强化募集资金、科创属性事项监管；以定期报告为抓手，做到年报审核“全面体检”，并深入摸排公司经营风险，加大科技手段在打假治假领域的应用；同时，不断强化临时公告信息披露监管。数据显示，科创板设立以来，公司首发募集资金总额超9000亿元，再融资总额超1500亿元，主要用于研发升级、产能扩建，截至2023年底募集资金整体使用进度达60%。仅2023年一年，科创板就累计发出各类函件超120份，督促公司加快募集资金投入进度，聚焦科创领域，深耕主营主业。同期，科创板坚持公司年报“全面体检”，累计发出定期报告审核问询函310份，报送总对总线索70份，同时大力推进科技监管，持续提高对财务造假、资金占用等违规线索的发现能力，督促公司详细披露信息，及时向投资者提示风险。在严打违法违规方面，坚持“零容忍”，抓早抓小净化市场生态。近年来，科创板以全面加强监管、防范化解风险为重点，对违规行为“露头就打”、典型个案“严惩重罚”，依规尽速实施重大违法退市，盯紧“关键少数”，严防乱象，持续净化市场生态。2023年4月21日，中国证监会对紫晶存储、泽达易盛送达《行政处罚决定书》，认定两公司存在欺诈发行、财务造假等重大违法行为，这成为科创板首批欺诈发行案件。上交所依规尽速对两公司启动重大违法强制退市，坚决将其从科创板市场清退。同时，紫晶存储案也成为2019年证券法修订后首例适用行政执法当事人承诺制度的案件，较高效率地保护了投资者的合法权益。此外，科创板还以定期报告审核为抓手，查处了罗普特、力源科技、卓锦股份等财务违规案件。2023年，科创板共做出17单纪律处分、41单书面警示、67单口头警示，充分发挥警示震慑作用。为提高上市公司合规意识，科创板紧盯上市公司实控人、控股股东、董监高等“关键少数”群体。5年中，共有约500人次科创板“关键少数”收到上交所的罚单，包括70余位科创板公司实际控制人、董事长等“一把手”。上交所相关负责人表示，接下来，科创板持续监管将继续发力，消除监管真空、提高监管质效，以严监管保障风险防控有力有效，以强监管助推上市公司质量提升，引导上市公司、中介机构等市场主体共同维护好科创板健康、规范的市场生态，不断推动资本市场高质量发展。

Visitors discuss at the 9th China (Shanghai) International Technology Import and Export Fair (date) Photo by Fang Zhou / This publication

(Reporter: Ye Guobiao, Ma Jingyu, Qi Doudou, Liang Yinyan) 来源：《瞭望》2024年第45期

监      制：李晓明
责任编辑：乐艳娜编      辑：张海鑫