On August 5th, SZSE held the 26th session of "Chuangxianghui" event in Hangzhou, hosting a thematic symposium centered on the current status and future of innovative drugs and how capital markets support the high-quality industry development. Representatives from over 50 units including the leading listed companies, key pre-IPO enterprises, research institutions, and market organizations in the bio-pharmaceutical sector participated in the event.

Under the theme "Genetic Reconstruction, Evolving Toward Innovation", the event highlighted how China's bio-pharmaceutical industry is accelerating the formation of new quality productivity and embarking on a new journey from "imitation-innovation integration" to "original innovation leadership". Participants engaged in in-depth discussions on industry regulatory policies, international collaboration, product differentiation, AI-driven drug development, financing and valuation, and intellectual property protection. There was a consensus among attendees that the bio-pharmaceutical industry is a strategic emerging sector vital to national welfare, people's livelihoods and security. In recent years, China's bio-pharmaceutical sector has strengthened foundational research and technological innovation capabilities, firmly securing the lifeline of industrial development in our own hands and reshaping the global market landscape at an accelerated pace. Through the journey from technological catch-up to rule-making, our bio-pharmaceutical industry has reached a historic inflection point for innovation-driven development, marking a transition from a "generic drug powerhouse" to an "innovative drug leader". The triple resonance of policy, technology and capital is propelling the industry into a golden era of "quantitative and qualitative growth". Chinese companies should explore international partnership pathways and value transformation models for the R&D of innovative drugs. We should use the capital markets to help pharmaceutical enterprises integrate resources, optimize layouts, and enhance global competitiveness, thus injecting new momentum into the innovation-driven and high-quality development of China's bio-pharmaceutical industry.

Some participants pointed out that our bio-pharmaceutical industry represents a crucial field for cultivating "new quality productivity". Over the past decade, with the support from industrial policies, capital markets and other key factors, the industry has achieved a significant transformation from "follower" to "leader" by taking innovative drugs as a major breakthrough and actively aligning with international standards. Other attendees noted that while the industry is expected to maintain long-term positive growth, the increasingly fierce market competition requires innovative drug companies to strengthen differentiated pipeline strategies on the foundation of quality assurance. They emphasized that we should do well in intellectual property protection and other risk management, pursue international cooperation through various approaches, and actively apply advanced technologies such as AI in R&D to further enhance the global influence of China's innovative drugs. Additional participants expressed that the bio-pharmaceutical sector is a typical technology-intensive and capital-intensive industry characterized by long R&D cycles and substantial upfront investments. To build enduring value in innovative drugs and accelerate industry development, they stressed the need for capital markets to provide further support across all dimensions.

An SZSE official stated that innovation originates from technology, thrives through industry, and matures with capital. Capital markets possess a unique incentive-compatible mechanism featuring risk-sharing, benefit-sharing, and ecosystem co-construction. Establishing an innovation ecosystem centered around capital markets and enhancing the efficiency of innovation capital formation is of paramount significance. In recent years, SZSE has built a full life-cycle service chain covering pre-IPO, IPO, and post-IPO stages. Among them, the Scientific Achievements and Intellectual Property Rights Trade Center facilitates the transformation and commercialization of scientific research achievements, including intellectual property transactions. The V-Next platform links startups with private equity and venture capital firms. The Peiyutong system supports local pre-IPO enterprises in their listing preparations. The Chenzhangtong platform serves listed companies and supports various mergers and acquisitions with sound industrial logic. Recently, the ChiNext Board officially implemented its third listing standard, enabling high-quality innovative companies including those in bio-pharmaceuticals and medical devices to go public even if not yet profitable, further enhancing the capital market's inclusiveness and adaptability. Moving forward, SZSE will continue leveraging our functional advantages to further enhance support for the integrated development of technological innovation and industrial innovation in bio-pharmaceuticals and other sectors related to new quality productivity. Through these efforts, we aim to contribute to building a modern industrial system and better serve national strategies and high-quality development.