设置“科创成长层”为哪般

Core Viewpoint - The establishment of the Sci-Tech Growth Layer on the STAR Market represents a significant reform aimed at enhancing the inclusivity and adaptability of the capital market to support technological innovation [1][2]. Group 1: Sci-Tech Growth Layer Overview - The Sci-Tech Growth Layer is designed to serve technology companies that have made significant breakthroughs, possess strong commercial prospects, and have substantial ongoing R&D investments, even if they are currently unprofitable [1][2]. - As of now, 54 unprofitable companies have been listed on the STAR Market, with 22 of them achieving profitability post-listing. In 2024, these companies collectively generated a revenue of 174.48 billion yuan [1]. Group 2: Capital Market Adaptation - The creation of the Sci-Tech Growth Layer aims to inject capital into more hard-tech enterprises, addressing the uncertainty in performance and long profitability cycles of tech companies [2]. - The new evaluation paradigm prioritizes "technological value over short-term profitability," breaking traditional listing standards that hinder tech companies. This allows for a more targeted allocation of resources to high-growth companies with core technologies [2]. Group 3: Risk Management and Investor Protection - The reform employs a cautious strategy of "incremental pilot + old-new distinction," where all unprofitable tech companies are included in the Sci-Tech Growth Layer, with specific conditions for exiting the layer [3]. - The centralized management of unprofitable companies in the Sci-Tech Growth Layer provides a controlled environment for policy experimentation while implementing investor protection mechanisms to help investors better identify risks [3]. Group 4: Future Outlook - The reform requires a balance between tolerating "burning money for R&D" and preventing speculative risks, which will be crucial for assessing the success of the reform [4].