3月22日，上海证券交易所官网公布了首批受理的科创板上市企业名单。虽然有2家医药相关企业入围，但均不是创新药企业。创新药的开发是需要大量资金投入来驱动的。
【编者按】科创板拓宽了创新型医药企业融资渠道， 未来生物制药板块也可能成为科创板的主力板块。但对于拟上市的创新药企业来说，在科创板，港交所，纳斯达克当中选择哪里上市可能是比较纠结的过程。
3yue22ri，shanghaizhengquanjiaoyisuoguanwanggongbuleshoupishoulidekechuangbanshangshiqiyemingdan。suiranyou2jiayiyaoxiangguanqiyeruwei，danjunbushichuangxinyaoqiye。chuangxinyaodekaifashixuyaodaliangzijintourulaiqudongde。deqinzuixinshujuxianshi：xianzaicongtoukaifayigexinyaoxuyaohaofei21.8yimeiyuan，zheigeshuzijihushi2010nian（11.8yimeiyuan）shihoude2bei(xiangjian：deqin2018zuixinshuju：shangshiyigexinyaoxu22yimeiyuan，xinyaoyanfatouzihuibaolvchuanglishixindi）。
zaijintian，xinyaoyanfabujinshiyixiangkejimijixingdegongzuo，gengshiyixiangxuyaozibenlianxujielidegongzuo。erkechuangbandesheli，jianfuzhezhichiyouzhikechuangqiyefazhandezhongren，shijingjizengzhangxinjiudongnengzhuanhuandezhongyaozhichililiang，congzhongyangdaodifang、congzhengjianhuidaojiaoyisuo，gejilingdaodoufeichangzhongshi，yixiedifanghaichutaileduikechuangbanshangshidezhichizhengce。
kechuangbantuokuanlechuangxinxingyiyaoqiyerongziqudao， weilaishengwuzhiyaobankuaiyekenengchengweikechuangbandezhulibankuai。youfenxishirenwei，kechuangbanyouwangduibiaonasidakechaowanyishizhideshengwuzhiyaobankuai。buguo，shichangshangchuanwenkechuangbanyaoqiuchengxiaoshangjinxingyidingbili（dayue2%~5%，zanweijutitoulu）degentou，shidequanshangxiangduibijiaojinshen，buganqingyi“tuipiao”。
duiyunishangshidechuangxinyaoqiyelaishuo，zaikechuangban，gangjiaosuo，nasidakedangzhongxuanzenalishangshikenengshibijiaojiujiedeguocheng。yixiazhuyaoshichanshulebutongzibenshichangdeshangshibiaozhunjishangshinanyichengdu。
不同资本市场的上市标准
shouxian，kechuangbanshangshigongyou5taobiaozhun，duiyuyanfaqudongxingdeshengwuyiyaoqiyeeryan，you2taobiaozhunfuhe。biaozhuneryaoqiugongsishizhibudediyu15yiyuan，zuijinyinianyingshoubudiyu2yi，zuijinsannianyanfatouruhejizhanzongyingshoudebilibudiyu15%；biaozhunwuyaoqiugongsishizhibudediyu40yiyuan，yiyaoqiyexuqudezhishaoyixiangyileixinyaoⅱqilinchuangshiyanpijian。zheiliangtaobiaozhunkeyishuoshiweimuqianchuangxinyaoxieqiye、 cro/cmo、qianyanliaofagongsishangshitigongbianli，tuokuanlerongziqudao 。
jutieryan，yixiashikechuangban、gangjiaosuoyijinasidakebutongshichangdeshangshibiaozhun，qizhongkechuangbanwei5taobiaozhunmanzuqiyijike，gangjiaosuoxuyaotongshimanzu4taobiaozhun，nasidakequanqiushichangwei4taobiaozhunmanzuqiyijike。
mouyiyaoxingyeyijishichangtouzizhegaosujizhe，chuangxinyaoqiyedeguzhiguoquyibanyiqizuijinyilunderongzichengyi10jisuan，yinciqiyeshizhinengfoumanzu，yehenrongyipanduan。yeyoutouzizhezhichu，kechuangbandekaitong，chuangxinyaoguzhitixizhuanbian。fengxianxiuzhengdexianjinliuzhexianfa（rnpv fa）gengweishihekechuangbanyunxuweiyinglideyanfaxingqiyeshangshi，zheijiangdailaiguzhitixidezhuanbian。
不同板块的上市难易程度
zuoweiquanqiudiyiremendekejigujizhongdi，nasidakexiangzhengzhexinjingji、xinkeji，zaiquanqiugupiaoshichangzhongyidubaochizhefanchuantongdexinruixingxiang。qizuidadefanchuantongtedianzaiyu：buzaiyiyanqian、gengguanxinmingtian，duishangshiqiyemeiyoushezhiyangedecaiwuyaoqiu，duonianlaixiyinlezhongduobeichuantongshichangjuzhimenwaidexinjishugongsi。
yuagushichangjindingduogecaiwuzhibiaobutong，nasidakeshangshibiaozhundezuidatedianjiushilinghuobiantong，bujinshezhilesangenandudeshichangcengji，haizaimeigecengjizhongtigonglebutongshangshibiaozhun。zheiyiweizhe，qiyezhiyaozaiyingli、jingzichanguimo、zichanguimo、shizhiguimo、yunyingshijiandengzhibiaozhongyoubufenzhibiaojiaoweilixiang，jiyoujihuishenqingshangshi，buxujiangsuoyouzhibiaodouzuodemianmianjudao。zaikechuangbanhegangjiaosuoweikaitongshengwukejigongsiipo“lvsetongdao”qian，qunasidakeshangshiduiyanfaxingyaoqilaishuoxianranshizuiyouxuanze。
youyuxiangganglianjiaosuoipoxinzheng，2018nianchuxianlediyijiazaimeiguheganggutongshigongkaishangshidezhongguoshengwuyiyaogongsi——baijishenzhou。zhishi，duiyubufenfugangipodechuangxinyaoqieryan，shangshihoudeshizhizouxiangbingbushishifenleguan。
gangjiaosuoshangshi6jiachuangxinyaoqishizhibiaoxian（danwei：yigangyuan）
科创板、纳斯达克还是港交所，究竟去哪儿？
duiqiyeeryan，xuanzequkechuangban、nasidakehaishigangjiaosuo，shizaixuanzebutongdeshangshilujing；erduizhengquanjiaoyisuoeryan，tamenbicizhijiancunzaijingzhengdeguanxi，youzhiqiye（biaode）shichengweitamensixiahuxiangjingzhengdeduixiang。birunasidakejinrizaiqijiaoyisuomuqiangshangweimouguoneidaniuchuangbandeqiyeshunliwanchengblunrongzidachule“zhuheyu”，jiushiyizhongyaoqiqianqushangshidezuofa。
congjinrigedaquanshangjubandekechuangbanshangshipeixunhuidefankuilaikan，xiangbiganggu，kechuangbanduiyijing“xiaoyouyingli”deqiyekenenggengyouxiyinli。birufudanzhangjiang，qiyijingzaiganggushangshi，qunianshixianyingli1.51yiyuan，tongbizengzhangchao100%；biruweixinshengwu，qiyanfadekangaiyaowuxidabenanyijingzai2014nianshangshi，2017nianjinruleguojiayibao，jiexialainijiezibenshichangjinyibutuidonghouxuguanxiankaifa。
erduiyuweiyingligongsieryan，ruguoshangshishiweilerongziyiqiushengcunkenengshizaimaozhegengdafengxian，wanyiqiyebunengtongguoshangshishouduanrongzichenggong，chuxianlikongjumian，shenzhituishi，fanerpeilefurenyouzhebing。youqishiduiyixiezhiqianshelideshihongchoujiagouhuozheviemoshi，yinjindetouzizhehenduodoushijingwaitouzizhe，houzhekenengduijingwaishichanggengshuxigengxinren，ziranyehuigengpianhaojingwaishichang。lingyimian，duiyuhongchougaiguoneikechuangbanshangshi，yexuyaokaolvewaidezixun、faxingchengben。
haiyoutouzizherenwei，butongjiaoyishichangduichuangxinyaoqideguanzhudianyousuobutong，biruduiyunasidakehegangjiaosuoeryan，touzizhexiangduigengjiaguanxinqiyedeshangbanchang（jilinchuangshuju）；erzaiagu，jibianshikechuangban，youyuzhongguotouzirenduifengxiandepianhao ，kenengyijiugengqingxiangyuguanxinqiyedexiabanchang（jicaiwushuju）。
suizhe《“jiankangzhongguo2030”guihuagangyao》defabuheyigaizhengcezongshenfazhan，woguoyiliaofuwuxingyeyezhengyinglaiyigexindeshengjijieduan，jishicong“guimo”xiang“jiazhi”debiange。yiliaochanyeyuxinjishuzhujianronghe，danchun“zouliang”deyiliaoxiangmubuzaishitouzishouxuan，daliang“weixuqiu”jiangzaixiaofeizhe“yongjiaotoupiao”xiachuju……ruhenenggouzhuanweiweian，jielidali，zuizhongzaizibenhandonghoude2019tuoyingerchu？
2019nian7yue25ri-27ri，yioudajiankangjiangzhuban“giis 2019disijiezhongguodajiankangchanyeshengjifenghui”，fenghuiyi“yanqijiantan——cong【guimo】dao【jiazhi】deyiliaobiange”weizhuti，weiraoyiliaodashuju、yiyaochuangxin、feigongyiliaohekejiyiliaosidaxifenlingyudeshichanghuanjing、touziredianhechanyebiangedenghuatizhankaitantao。yucitongshi，yioudajiankangjianghuizai3yue-4yueluxujuban：yiyaochuangxinchanyeshalong（3yue22ri）、yiliaodashujuchanyeshalong（3yue29ri）、feigongyiliaochanyeshalong（4yue26ri）、kejiyiliaochanyeshalong（4yue19ri）。huanyingdajiaguanzhu！
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