<p>（第一财经）4 月 13 日——中国证券监管机构发布新指引，进一步推进深圳证券交易所创业板的改革，允许尚未盈利的公司提交首次公开募股申请。</p>
<p>根据中国证券监督管理委员会 4 月 10 日发布的最新规定，市场估值不低于 30 亿元人民币（约合 4.391 亿美元）、上一年营业收入至少为 2 亿元人民币（约合 2930 万美元）、且过去三年营业收入年复合增长率超过 30% 的新兴行业亏损企业现在可以在创业板申请 IPO。</p>
<p>此外，未来行业的亏损企业如果市场估值不低于 40 亿元人民币，过去一年营业收入不低于 2 亿元人民币，过去三年研发投入不低于 1 亿元人民币，且过去三年累计研发支出占营业收入的比例超过 15%，也将被允许在创业板上市，根据新规则。</p>
<p>北京大学光华管理学院院长田轩对第一财经表示，创业板改革的整体力度超出了预期。</p>
<p>田轩指出，第一个指标非常适合新兴行业的快速增长，能够准确识别早期商业化阶段的硬科技企业，这些企业虽然营业收入较小，但增长潜力巨大。第二个指标则关注未来行业的长期投资特征，能够筛选出研发投入占营业收入比例高、技术壁垒深厚但短期内尚未实现盈利的战略科技企业。</p>
<p>西南证券总经理杨宇松对第一财经表示，“市场估值 + 营业收入 + 增长或研发” 的组合精准匹配了从事新兴和未来行业公司的发展特征。他指出，一些在中国大陆准备或已经在香港上市并符合第四个标准的新兴企业可能会回归大陆股市。</p>
<p>杨宇松警告说：“短期内申请数量突然激增的可能性不大。毕竟，上市是一个系统工程，企业需要首先完成规范治理和财务整改等流程。”</p>
<p>杨宇松表示，大规模估值泡沫的可能性不高，但某些公司的高估值风险可能存在，因此投资者应做出全面判断。</p>
<p>与上海证券交易所科创板的成长层不同，符合第四个标准的企业的交易与其他企业相同，只是标记为 “U” 标记。</p>
<p>新措施还指出，地方政府可以将计划在创业板上市的企业信息提供给证监会和深交所。但这些信息仅作为审核的参考，而不是上市的必要程序。</p>
<p>杨宇松表示，通过地方政府的信息发布机制，可以推进 IPO 的辅导和规范工作，使专业中介机构更早介入，从而提高 IPO 项目的质量，增强审核效率，更好地将区域优势产业与资本市场结合起来。</p>
<p>但他提醒，所有企业应遵循市场化筛选原则，并应建立和完善信息推送机制下企业的动态管理和退出机制。</p>
<p>编辑：Futura Costaglione</p>

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<p>中国证券监管机构已为深圳证券交易所的创业板推出新指引，允许新兴行业的亏损企业申请首次公开募股（IPO）。公司必须具备至少 30 亿元人民币的市值和 2 亿元人民币的营业收入，并且在过去三年内的增长率超过 30%。未来行业的公司可以申请，要求市值达到 40 亿元人民币，研发投资为 1 亿元人民币，且研发支出占收入的比例超过 15%。专家表示，这一改革与科技公司的增长特征相符，但仍需警惕过度估值风险</p>

<p>(Yicai) April 13 -- China’s securities watchdog has issued new guidelines to further the reform of the Shenzhen Stock Exchange’s ChiNext technology board, allowing it to accept initial public offering applications from companies that are yet to turn profitable.</p>
<div class="lb-trans"><p>（第一财经）4 月 13 日——中国证券监管机构发布新指引，进一步推进深圳证券交易所创业板的改革，允许尚未盈利的公司提交首次公开募股申请。</p>
</div><p>Unprofitable firms in emerging industries with an estimated market capitalization of no less than CNY3 billion (USD439.1 million), an operating revenue of at least CNY200 million (USD29.3 million) in the previous year, and an operating revenue compound annual growth rate of over 30 percent in the previous three years can now file for an IPO on the ChiNext board, according to the latest regulations issued by the China Securities Regulatory Commission on April 10.</p>
<div class="lb-trans"><p>根据中国证券监督管理委员会 4 月 10 日发布的最新规定，市场估值不低于 30 亿元人民币（约合 4.391 亿美元）、上一年营业收入至少为 2 亿元人民币（约合 2930 万美元）、且过去三年营业收入年复合增长率超过 30% 的新兴行业亏损企业现在可以在创业板申请 IPO。</p>
</div><p>Moreover, unprofitable enterprises in future industries will also be allowed to go public on the ChiNext board if they have an estimated market cap of no less than CNY4 billion, an operating revenue of no less than CNY200 million in the past year, investment in research and development in the previous three years of no less than CNY100 million, and cumulative R&amp;D spending in the past three years accounting for over 15 percent of the operating revenue in the period, per the new rules.</p>
<div class="lb-trans"><p>此外，未来行业的亏损企业如果市场估值不低于 40 亿元人民币，过去一年营业收入不低于 2 亿元人民币，过去三年研发投入不低于 1 亿元人民币，且过去三年累计研发支出占营业收入的比例超过 15%，也将被允许在创业板上市，根据新规则。</p>
</div><p>The overall intensity of the ChiNext reform has exceeded expectations, Tian Xuan, dean of Peking University’s Guanghua School of Management, told Yicai.</p>
<div class="lb-trans"><p>北京大学光华管理学院院长田轩对第一财经表示，创业板改革的整体力度超出了预期。</p>
</div><p>The first indicator is well-suited for the rapid growth of emerging industries and can accurately identify hard-tech enterprises in the early stage of commercialization with small operating revenue but high growth, Tian noted. The second one focuses on the long-term investment characteristics of future industries and can screen out strategic technology enterprises with a high percentage of R&amp;D investment in their operating revenue and with deep technological barriers but short-term profits yet to materialize, he added.</p>
<div class="lb-trans"><p>田轩指出，第一个指标非常适合新兴行业的快速增长，能够准确识别早期商业化阶段的硬科技企业，这些企业虽然营业收入较小，但增长潜力巨大。第二个指标则关注未来行业的长期投资特征，能够筛选出研发投入占营业收入比例高、技术壁垒深厚但短期内尚未实现盈利的战略科技企业。</p>
</div><p>The combination of ‘market cap + operating revenue + growth or R&amp;D’ precisely matches the development characteristics of companies engaged in emerging and future industries, Yang Yusong, general manager of Southwest Securities, told Yicai. Some emerging firms in the Chinese mainland that are preparing for or have already listed in Hong Kong and meet the fourth criterion may return to the mainland stock market, he noted.</p>
<div class="lb-trans"><p>西南证券总经理杨宇松对第一财经表示，“市场估值 + 营业收入 + 增长或研发” 的组合精准匹配了从事新兴和未来行业公司的发展特征。他指出，一些在中国大陆准备或已经在香港上市并符合第四个标准的新兴企业可能会回归大陆股市。</p>
</div><p>“It is unlikely that there will be a sudden surge in applications in the short term,” Yang warned. “After all, going public is a systematic project, and enterprises need to first complete processes such as standardized governance and financial rectification.”</p>
<div class="lb-trans"><p>杨宇松警告说：“短期内申请数量突然激增的可能性不大。毕竟，上市是一个系统工程，企业需要首先完成规范治理和财务整改等流程。”</p>
</div><p>The possibility of a large-scale valuation bubble is not high, Yang said. But there may be a risk of overvaluation for some companies, so investors should make a comprehensive judgment, he pointed out.</p>
<div class="lb-trans"><p>杨宇松表示，大规模估值泡沫的可能性不高，但某些公司的高估值风险可能存在，因此投资者应做出全面判断。</p>
</div><p>Unlike the growth layer of the Shanghai Stock Exchange’s Star Market technology board, the trading of enterprises that meet the fourth criterion is the same as that of other enterprises, except that they are labeled with a ‘U’ mark.</p>
<div class="lb-trans"><p>与上海证券交易所科创板的成长层不同，符合第四个标准的企业的交易与其他企业相同，只是标记为 “U” 标记。</p>
</div><p>The new measures also stated that local governments can hand information on enterprises planning to list on the ChiNext board to the CSRC and the SZSE. But such information is only used as a reference for review and not a necessary procedure for listing.</p>
<div class="lb-trans"><p>新措施还指出，地方政府可以将计划在创业板上市的企业信息提供给证监会和深交所。但这些信息仅作为审核的参考，而不是上市的必要程序。</p>
</div><p>Through the local governments’ information release mechanism, the tutoring and standardization work for IPOs can be moved forward, allowing professional intermediary institutions to get involved earlier, which can improve the quality of IPO projects, enhance the efficiency of review, and better integrate regional advantageous industries with the capital market, Yang said.</p>
<div class="lb-trans"><p>杨宇松表示，通过地方政府的信息发布机制，可以推进 IPO 的辅导和规范工作，使专业中介机构更早介入，从而提高 IPO 项目的质量，增强审核效率，更好地将区域优势产业与资本市场结合起来。</p>
</div><p>But he reminded that all enterprises should adhere to the principle of market-based screening, and a dynamic management and exit mechanism for firms under the information push mechanism should be established and improved.</p>
<div class="lb-trans"><p>但他提醒，所有企业应遵循市场化筛选原则，并应建立和完善信息推送机制下企业的动态管理和退出机制。</p>
</div><p>Editor: Futura Costaglione</p>
<div class="lb-trans"><p>编辑：Futura Costaglione</p>
</div>

深圳证券交易所的创业板开始接受未盈利公司的首次公开募股（IPO）申请