Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued the "Opinions on Setting Up a Growth Tier in the Sci-Tech Innovation Board to Enhance Institutional Inclusiveness and Adaptability" to support unprofitable technology companies and improve the listing process for high-quality tech firms [1][2]. Group 1: Key Measures and Reforms - The establishment of the Sci-Tech Innovation Board Growth Tier aims to facilitate technology companies with significant breakthroughs and broad commercial prospects that are currently unprofitable [2]. - Six reform measures have been introduced, including the trial introduction of seasoned professional institutional investors for companies applying under the fifth listing standard, and the expansion of the applicable scope to include more frontier technology sectors such as artificial intelligence and commercial aerospace [1][2]. - The CSRC will enhance the pre-IPO review mechanism for quality tech firms to improve communication services provided by the stock exchange [1][2]. Group 2: Entry and Exit Conditions - All unprofitable technology companies will be included in the Growth Tier, with specific exit conditions based on profitability and revenue thresholds [2]. - New unprofitable companies can exit the Growth Tier if they meet certain criteria, such as achieving positive net profits for two consecutive years with a cumulative profit of no less than 50 million yuan, or having a positive net profit and revenue of at least 100 million yuan in the most recent year [2]. Group 3: Investor Protection and Regulation - The CSRC emphasizes the protection of investors' legal rights and interests, with a focus on establishing standards for seasoned professional institutional investors and enhancing disclosure requirements [2]. - A "blacklist" system will be implemented to combat illegal activities such as profit transfer and commercial corruption among institutional investors [2]. Group 4: Future Steps - The CSRC plans to work with the Shanghai Stock Exchange and relevant market participants to implement the reforms and enhance the attractiveness and competitiveness of the system [3].
科创成长层重点服务未盈利科技型企业 特点是技术有大突破、商业前景广、研发投入大
Zhong Guo Jing Ying Bao·2025-06-18 13:42