A wave of substantial hard-tech companies has recently debuted on A-shares, bringing fresh faces to the market. These include Unitree Technology, often hailed as the "first humanoid robot stock," and Green Control Transmission, a leader in new energy commercial vehicle electric drive systems. Their listings are accelerating the technological upgrade of China's capital market.

Wind data shows that over 100 companies have been newly listed or are pending issuance so far this year, with more than 80% landing or planning to list on the Beijing Stock Exchange, ChiNext, or the STAR Market. These companies span hard-tech sectors such as artificial intelligence, robotics, and semiconductors. This trend reflects the accumulation of China's industrial strength and the positive outcomes of high-quality development in the capital market. An increasing number of hard-tech enterprises with core technologies are leveraging the capital market to achieve healthy growth.

Where to Begin the Journey

Newly listed or soon-to-be-listed hard-tech companies should recognize that entering the capital market is merely the start of market scrutiny. Only by continuing to "root downward" can they "flourish."

Anchoring Core Technologies to Strengthen the Industrial Base

The "hard" in hard-tech lies in technological barriers. For instance, Unitree Technology has a self-developed and self-manufactured rate of over 90% for its core components. Many other hard-tech firms have also overcome key challenges in niche areas, securing control over their development. Companies must understand that listing is not an endpoint but a new beginning for technological and market breakthroughs. In fast-evolving frontier fields like embodied intelligence and semiconductors, enterprises must continuously increase R&D investment and make advances in core algorithms and key components to turn first-mover advantages into lasting success.

Facing Market Scrutiny for Sustainable Value Creation

High valuations from capital essentially reflect a forward pricing of a company's future profitability, indicating market optimism about the industry's prospects. However, this also imposes high demands on a company's ability to deliver on its operational promises. Currently, some hard-tech enterprises still generate revenue primarily from specific scenarios like scientific research and education. The key to determining market valuation lies in the commercial shift from the lab to the factory floor and into everyday life. Companies should wisely use financing resources to accelerate the transformation of technological achievements into productive forces, meeting market expectations with stable earnings growth to secure long-term investor trust.

Deepening Capital Market Reforms for Stability

To support the steady progress of hard-tech enterprises, capital market reforms must continue to deepen. Given the long R&D cycles and complex technological paths of hard-tech, it is essential to improve long-term fund assessment mechanisms, guiding capital to bravely invest and stay committed over the long haul. With the power of the capital market, more hard-tech companies will cultivate deep technological roots, stand firm at the forefront of industry, and drive China's push for high-level technological self-reliance.