The Science and Technology Innovation Board mainly serves scientific and technological innovation enterprises, which are oriented to the world's advanced technology and major national needs, operate businesses in line with national strategies, and are committed to seeking breakthroughs in the field of core technologies, with relatively high market recognition. At present, the Science and Technology Innovation Board mainly serves high-tech industries and strategic emerging industries such as the new generation of information technology, high-end equipment, new materials, new energy, energy conservation and environmental protection, and biomedicine, and is committed to promoting the deep integration of the new generation of information technology and manufacturing.

◆ Scope of enterprises on the Science and Technology Innovation Board

(1) The new generation of information technology industry, including semiconductors and integrated circuits, electronic information, next-generation information networks, artificial intelligence, big data, cloud computing, emerging software, Internet, Internet of Things and intelligent hardware.

(2) High-end equipment industry, mainly including intelligent manufacturing, aerospace, advanced rail transit, marine engineering equipment and related technical services.

(3) The new materials industry mainly includes advanced steel materials, advanced non-ferrous metal materials, advanced petrochemical new materials, advanced inorganic non-metallic materials, high-performance composite materials, cutting-edge new materials and related technical services.

(4) New energy industry, mainly including advanced nuclear power, large-scale wind power, high-efficiency photoelectric solar thermal, high-efficiency energy storage and related technical services.

(5) Energy conservation and environmental protection industry, mainly including high-efficiency and energy-saving products and equipment, advanced environmental protection technology and equipment, advanced environmental protection products, resource recycling, new energy vehicles, key parts of new energy vehicles, power batteries and related technical services.

(6) The biomedical industry mainly includes biological products, high-end chemicals, high-end medical equipment and devices and related technical services.

◆ Conditions for the issuance of the Science and Technology Innovation Board

(1) Going concern.

A company limited by shares that wants to be listed on the STAR Market must be established in accordance with the law and have been in continuous operation for more than 3 years. If a limited liability company is converted into a company limited by shares according to the original net book value, the continuous operation time should be calculated from the date of establishment of the limited liability company, and there are not too many requirements for the profitability of the enterprise, and the enterprises that are not profitable or have uncovered losses are allowed to go public.

(3) Accounting basis and internal control system.

The issuer has a sound internal control system and standardized accounting foundations, and the certified public accountant issues an audit report with an unqualified opinion and an internal control assurance report with unqualified conclusions.

(3) Business integrity

The issuer's assets are complete, its business, personnel, finances and institutions are independent, there is no intra-industry competition that may have a material adverse impact on the business, the independence of the enterprise will not be adversely affected, and there are no unfair related party transactions.

There has been no change in the issuer's main business and control in the past two years, and there have been no major adverse changes in directors, senior management and core technical personnel.

There are no major ownership disputes over the issuer's main assets, core technologies and trademarks, no major debt repayment risks, no major guarantees, litigation, arbitration and other matters, no major changes in the business environment, and no other adverse factors affecting the company's continuing operations.

(4) Legal compliance.

The issuer, its controlling shareholder and actual controller have not committed any criminal offenses of corruption, bribery, embezzlement of property, misappropriation of property or undermining the order of the socialist market economy in the past three years, and have not committed fraudulent issuance, illegal disclosure of material information or other major violations that endanger national security, public safety, production safety, ecological safety, public safety and health, and the directors, supervisors and senior management have not been subject to administrative penalties, filed for investigation, or have been placed on file for investigation without a clear conclusion.

◆ Cancellation of some of the current issuance conditions

In addition to the above-mentioned provisions of the CSRC, issuers applying for listing on the STAR Market must meet the following conditions:

(1) The total share capital after issuance shall not be less than 30 million yuan;

(2) The proportion of publicly issued shares in the company's total shares shall not be less than 25%; If the total share capital of the company exceeds 400 million yuan, the proportion of public shares in the company's total shares shall not be less than 10%.

◆ Market capitalization and financial standards for listing on the STAR Market

If an issuer wants to apply for listing on the STAR Market, it must meet at least one of the following market capitalization criteria and financial criteria, as shown in Table 4-3.

The net profit in Table 4-3 mainly looks at the values before and after deducting non-recurring gains and losses, whichever is the lowest, and the net profit, operating income and net cash flow from operating activities refer to the audited values. The design of the listing conditions of China's science and technology innovation board refers to the experience of mature foreign capital markets, and combines with the situation of China's capital market, with market value as the core, and at the same time refers to indicators such as operating income, net profit, proportion of R&D investment and cash flow from operating activities to judge whether the enterprise meets the listing conditions.