Adapting Institutions to Activate Technological Innovation
Securities Daily Reporter Zhang Shuxian
July 1, Junshi Bio announced that it would apply for the IPO on the ChiNext board, which will adopt the fifth set of listing standards. As the first company to go public since the resumption of the fifth set of listing standards, Junshi Bio's listing has significant implications for capital market rules and institutional adaptation.
From its inception, the ChiNext board allowed loss-making companies to list through the "market value + R&D" indicator. However, since Zhijiang Jin Tai went public two years ago, no company has adopted the fifth set of listing standards.
Today, the ChiNext board may see another company adopt the fifth set of listing standards, fully showcasing its inclusiveness and adaptability towards high-quality loss-making technology-based companies. This also further highlights the capital market's policy orientation in supporting technological innovation and serving new forms of production.
The fifth set of listing standards is an important embodiment of the ChiNext board's inclusive and adaptive nature, which is a crucial step in responding to the development laws of technology-based companies. Unlike traditional companies, technology-based companies often have characteristics such as high R&D investment, long cycles of profitability, and slow commercial validation.
For example, the average time it takes for new drug research to go from laboratory results to commercialization is 10-15 years, requiring continuous investments of tens of billions of yuan. During this period, capital market support is essential.
From the growth trajectories of the "Seven Giants" in the US tech industry, we can see that companies like Amazon and Tesla took several years to achieve their first profits after listing. Similarly, Apple and other leading technology companies experienced significant revenue declines or losses during their early stages. These experiences demonstrate that short-term profitability is not the core indicator for measuring the value of technology-based companies; instead, technological barriers, innovation potential, and market space are the key determinants of their long-term value.
The resumption of the fifth set of listing standards on the ChiNext board may drive a deeper transformation in capital market valuation logic. The traditional net profit-based valuation system is unable to accurately measure the technological value and growth returns of technology-based companies. In the future, "innovation value" will gradually become a consensus. This move will also provide "experimental space" for companies, allowing them to obtain long-term capital support from the capital market, iterate technologies, cultivate markets, and innovate.