科创板为何要设科创成长层？证监会详细解读

Core Viewpoint - The China Securities Regulatory Commission (CSRC) announced significant reforms to the Sci-Tech Innovation Board (STAR Market), including the establishment of a "Sci-Tech Growth Layer" to support high-quality, unprofitable technology companies seeking to go public [1][2]. Group 1: Reform Details - The "1+6" policy measures aim to enhance the inclusivity and adaptability of the STAR Market, with the Sci-Tech Growth Layer being a key highlight [1][2]. - The new layer will focus on technology companies with significant breakthroughs, broad commercial prospects, and substantial ongoing R&D investments, even if they are currently unprofitable [2]. - The CSRC has previously implemented various policies to support technological innovation, including the "16 Technology Measures," "8 STAR Market Measures," and "6 Merger Measures" [1]. Group 2: Implementation and Investor Protection - The "Sci-Tech Growth Layer" will include all existing and newly registered unprofitable technology companies, providing a structured environment for their management [2]. - Specific requirements for companies in the Sci-Tech Growth Layer include enhanced information disclosure, risk warnings, and a special identifier "U" for their stock names [3]. - The CSRC emphasizes the importance of protecting the rights of small and medium investors while ensuring the quality of listed companies by maintaining strict entry standards [3].