上交所就科创成长层将配套两项业务规则 持续提升科创板服务科技创新能级

Core Viewpoint - The Shanghai Stock Exchange (SSE) has proposed two supporting business rules in response to the China Securities Regulatory Commission's guidelines for the Sci-Tech Innovation Board, focusing on enhancing the inclusivity and adaptability of the new Sci-Tech Growth Layer [1][2]. Group 1: Sci-Tech Growth Layer Guidelines - The Sci-Tech Growth Layer is designed to serve technology companies that have significant breakthroughs, broad commercial prospects, and substantial ongoing R&D investments, but are currently unprofitable [1]. - Both existing unprofitable companies and newly listed unprofitable companies will be included in the Sci-Tech Growth Layer [1]. - The criteria for removing companies from the growth layer will be aligned with the first set of listing standards of the Sci-Tech Innovation Board, while existing companies will maintain their removal criteria based on achieving profitability for the first time post-listing [1]. Group 2: Risk Disclosure and Information Quality - Stocks or depositary receipts of companies in the Sci-Tech Growth Layer will have special identification management, with a "U" added to their abbreviation [2]. - Investors in newly registered Sci-Tech Growth Layer companies must sign a special risk disclosure document, while existing unprofitable companies are exempt from this requirement [2]. - The guidelines mandate that companies disclose their unprofitable status and related risks in regular and interim reports, ensuring proper checks on abnormal stock fluctuations [2]. Group 3: Pre-Review Mechanism - The SSE plans to establish a pre-review mechanism for stock issuance and listing applications, allowing issuers to apply for pre-review if early disclosure of business technology information could adversely affect their operations [2]. - Issuers can decide whether to formally apply for listing based on the SSE's feedback from the pre-review, but the formal application will still be subject to existing rules and procedures [3]. - The SSE emphasizes that the pre-review is not a mandatory step in the listing process and does not replace the formal review after the application [3]. Group 4: Professional Investor System - The SSE is developing rules related to a professional institutional investor system, encouraging issuers applying under the fifth set of listing standards to voluntarily disclose information about professional institutional investors [3]. - The information disclosed about professional institutional investors will serve as a reference for the SSE in assessing the issuer's market recognition and growth potential, but it will not be a mandatory condition for listing [3].