Favorable "1+6" policies for commercial spaceflight: Capital is being precisely channeled into the commercial spaceflight sector.

Focusing on scientific and technological innovation and implementing precise policies

In his speech, Chairman Wu Qing stated that the reform will focus on deepening the reform of the Science and Technology Innovation Board and the Growth Enterprise Market, better leverage the role of the Science and Technology Innovation Board as a "test field," and coordinate the comprehensive reform of investment and financing with the protection of investors' rights and interests. The goal is to build a capital market ecosystem that is more conducive to supporting comprehensive innovation.

Detailed Explanation of the "1+6" Policy: Commercial Spaceflight Directly Benefits

1. "1": Establishing a Science and Technology Innovation Growth Tier & Restarting the Fifth Set of Standards

The Science and Technology Innovation Board (STAR ​​Market) will add a "Science and Technology Innovation Growth Tier" and restart allowing unprofitable companies to apply the fifth set of listing standards. These standards aim to serve high-quality science and technology innovation companies with significant technological breakthroughs, sustained high R&D investment, and broad commercial prospects (specifically covering the commercial aerospace sector), and will be complemented by strengthened information disclosure and investor suitability management requirements.

II. "6": Six supporting reform measures

1. Pilot program to introduce professional institutional investors:For companies that are subject to the fifth set of standards (such as unprofitable commercial space companies), a pilot program will be launched to involve experienced professional institutional investors to enhance the professionalism of valuations.

2. Pilot program for pre-review of IPOs of high-quality technology companies:Establishing a pre-IPO review mechanism is expected to accelerate the listing review process for leading companies in the commercial aerospace industry.

3. Expand the scope of application of the fifth set of standards:The fifth set of standards explicitly includes more cutting-edge fields such as commercial aerospace, artificial intelligence, and low-altitude economy within its support scope, opening the door to the capital market for high-quality enterprises in these strategic emerging industries.

4. Support capital increases and share expansions for unprofitable companies currently under review:Unprofitable technology companies (including commercial aerospace companies) that are in the process of listing are allowed to increase their capital through existing shareholders, thus alleviating their pre-listing funding pressure.

5. Optimize refinancing and strategic investor identification:Improve the refinancing system for companies listed on the Science and Technology Innovation Board and the criteria for identifying strategic investors, and facilitate the continued financing of listed commercial aerospace companies.

6. Increase investment and risk management tools:Enrich the investment products and risk management tools available on the Science and Technology Innovation Board, and enhance the market's attractiveness to investing in high-risk, high-growth sectors such as commercial aerospace.

Significant implications for the commercial space industry

This round of policy adjustments constitutes a substantial and significant benefit to the commercial space industry, including the following aspects:

1. Listing standards have been adjusted:The inclusion of commercial aerospace in the fifth set of listing standards for the Science and Technology Innovation Board (STAR ​​Market) means that leading commercial aerospace companies with advanced technology, clear market prospects, but not yet profitable (such as rocket development, satellite manufacturing, and application companies) will gain valuable domestic listing opportunities, no longer subject to the rigid constraints of traditional profitability indicators. This resolves the core contradiction faced by the industry: a long profitability cycle (typically 5-8 years) and an urgent need for listing and financing.

2. Opening up financing channels throughout the entire life cycle:From IPO pre-review (accelerating listing) to the introduction of strategic investors (optimizing valuation) and convenient refinancing after listing, the policy package has built a full-chain capital market support system for commercial aerospace companies, spanning from startup to maturity.

3. Guide capital to be precisely invested in core technologies:The policy emphasizes support for companies that have made significant technological breakthroughs, which aligns closely with the commercial aerospace industry's need to tackle key technological challenges in areas such as reusable rockets, mass production and networking of satellites, and critical payloads. This will help guide social capital to flow more effectively to the forefront of industrial innovation.

Market Outlook

The "1+6" policy is a key measure for the capital market to respond to the national strategy of supporting the development of commercial aerospace, opening up a financing channel worth hundreds of billions of yuan for the industry. Technologically leading commercial aerospace companies are expected to usher in a period of value reassessment and rapid development. At the same time, the strengthened information disclosure and other supporting requirements also place higher demands on the transparency of corporate operations and investors' risk awareness.

With the implementation of detailed policies, investment and financing in the commercial aerospace sector are expected to surge significantly. Data shows that financing in China's commercial aerospace sector exceeded 15 billion yuan in 2023, and with strong policy support, the industry's financing scale is expected to achieve breakthrough growth by 2025. The ability to capitalize on this policy dividend and achieve a virtuous cycle of technology and capital will be crucial for commercial aerospace companies in the next stage of competition.