科创板改革进一步增强制度包容性适应性

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released 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][2]. Group 1: Establishment of the Growth Layer - The Growth Layer is designed to serve tech companies with significant technological breakthroughs and broad commercial prospects that are currently unprofitable [2]. - Companies in the Growth Layer will have a special stock designation "U" (Unprofitable) [2]. - New unprofitable tech companies can be removed from the Growth Layer if they meet specific profit and revenue criteria [2]. Group 2: Rationale for the Growth Layer - The establishment of the Growth Layer aims to reinforce the capital market's support for technological innovation and stabilize market expectations [2]. - It provides a controlled "experimental space" for more inclusive policy measures and facilitates better risk identification for investors [2]. Group 3: Reform Measures - Six reform measures have been introduced to enhance the inclusiveness of the system for quality tech companies [4]. - The first measure involves introducing a pilot program for seasoned professional institutional investors to assess the innovation attributes and future potential of companies [4]. - The second measure is a pilot IPO pre-review mechanism to improve communication services for quality tech companies [5][6]. - The third measure expands the applicability of the fifth set of standards to include more frontier technology sectors such as artificial intelligence and commercial aerospace [6]. Group 4: Additional Policies - Additional policies support unprofitable tech companies in conducting capital increases for existing shareholders and improving the institutional mechanisms for supporting listed companies [7].