独角兽吹响集结号！科创成长层闪亮登场，未盈利企业IPO“跑起来”

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is set to restart the fifth standard for the Sci-Tech Innovation Board (STAR Market) and officially implement the third standard for the Growth Enterprise Market (GEM), aiming to support high-quality, unprofitable innovative companies in their listing efforts, thereby enhancing the service for technological innovation and new productivity development [2][4]. Group 1: Policy Changes - The introduction of the Sci-Tech Growth Layer is a significant move to enhance the inclusiveness and adaptability of the system, providing a more precise financing platform for technology innovation enterprises [2][5]. - The "1+6" policy measures for deepening the reform of the STAR Market include the establishment of the Sci-Tech Growth Layer and six innovative reform measures aimed at supporting unprofitable technology companies [4][5]. Group 2: Market Impact - Since its establishment, the STAR Market has successfully listed 54 unprofitable companies, with 22 of them achieving profitability post-listing, indicating a positive trend in the market's support for innovative firms [6]. - The creation of the Sci-Tech Growth Layer is expected to attract more high-quality unicorn companies to the capital market, enhancing the efficiency of pre-IPO communication services [7]. Group 3: Implementation Challenges - Despite the existing inclusiveness of the new system, there are areas that require further refinement, such as optimizing reduction rules, balancing risks, and improving supporting mechanisms to ensure effective and fair implementation [3][8]. - The need for differentiated rules for share reduction based on the development stage and industry characteristics of companies in the Sci-Tech Growth Layer is emphasized to avoid a one-size-fits-all approach [8][9].