The China Securities Regulatory Commission's "Eight Measures for the STAR Market" reform has clarified the criteria for identifying "asset-light, high R&D investment" enterprises. Consequently, nine STAR Market companies, such as Cambricon and Dizal Pharmaceutical, have submitted refinancing applications totaling nearly 25 billion yuan. The funds will primarily support the research and development of chips and innovative drugs. This standard enhances the flexibility of corporate fund utilization, addresses the financing challenges faced by scientific and technological innovation enterprises, fosters resource concentration in the technological innovation sector, and ignites the innovation drive of listed companies. Despite over 100 eligible enterprises, only a handful have ventured into the new regulations thus far, owing to variations in corporate financing strategies and the adaptation phase to these new standards.