科创板深化改革“1+6”政策落地 更好服务优质科技企业

Core Viewpoint - The implementation of the "1+6" policy measures for the Science and Technology Innovation Board (STAR Market) aims to enhance the inclusiveness and adaptability of the system, better serving technological innovation and the development of new productive forces [1][6]. Group 1: Policy Measures - The "STAR Market Opinions" introduces a new "growth layer" to accommodate unprofitable technology companies, allowing them to list under the fifth set of standards [2][4]. - A total of 32 existing unprofitable technology companies are expected to be included in the new growth layer, marking them as the first batch of companies under this new framework [2][4]. Group 2: Investor Protection - The reform emphasizes risk disclosure and investor protection, including the introduction of a special identifier "U" for stocks of growth layer companies, and requiring regular disclosures about the reasons for unprofitability [3][8]. - Securities firms are mandated to enhance risk assessment for investors and ensure they are fully informed about the risks associated with investing in growth layer companies [3][8]. Group 3: Institutional Innovations - The reform includes six key measures, such as introducing a system for experienced institutional investors and a pre-review mechanism for IPOs, aimed at improving the identification of quality technology companies [4][5]. - The pre-review mechanism allows eligible companies to submit documents for review before officially applying for an IPO, thereby protecting sensitive information [5][6]. Group 4: Market Stability and Regulation - The reform is designed to enhance the STAR Market's inclusiveness and adaptability without leading to a large-scale expansion, maintaining strict entry standards for listings [7][8]. - The regulatory framework will focus on balancing reform with risk prevention and strong oversight, ensuring high-quality development and compliance among listed companies [8].