Core Viewpoint - The China Securities Regulatory Commission (CSRC) has implemented the "Opinions on Setting Up a Growth Layer in the Sci-Tech Innovation Board" to enhance the inclusiveness and adaptability of the system, allowing unprofitable tech companies to list under the fifth set of standards [1][3]. Group 1: Establishment of the Growth Layer - The Sci-Tech Innovation Board will establish a Growth Layer specifically for tech companies that have significant technological breakthroughs, broad commercial prospects, and substantial ongoing R&D investment but are currently unprofitable [4]. - Unprofitable tech companies will be included in the Growth Layer, with specific criteria for their exit, such as achieving positive net profits for two consecutive years with a cumulative profit of at least 50 million yuan or a positive net profit in the last year with revenue exceeding 100 million yuan [4]. Group 2: Policy Measures - Six policy measures have been introduced to support high-quality tech companies, including the introduction of experienced institutional investors, a pre-IPO review mechanism, and expanding the applicability of the fifth set of standards to more frontier tech fields like AI and commercial aerospace [5]. - Additional measures focus on supporting ongoing unprofitable tech companies in fundraising activities, improving the institutional framework for listed companies, and enhancing the coordination of investment and financing functions in the market [5]. Group 3: Performance of the Sci-Tech Innovation Board - Over the past six years, the Sci-Tech Innovation Board has seen 588 listed companies with a total market capitalization exceeding 6.8 trillion yuan and cumulative fundraising surpassing 1 trillion yuan [6][7]. - In 2024, these companies reported a total operating revenue of 143 billion yuan and a net profit of approximately 486 billion yuan, with R&D expenditures totaling nearly 168 billion yuan, which is 3.45 times the net profit [7]. - The board has successfully listed 54 unprofitable companies, with 22 of them achieving profitability post-listing, and these companies collectively generated 174.48 billion yuan in revenue in 2024 [7][8].