经济日报金观平：为硬科技企业打造专属“孵化器”

Core Viewpoint - The China Securities Regulatory Commission has introduced a new policy to establish a "Science and Technology Growth Layer" on the Sci-Tech Innovation Board, aimed at creating a dedicated capital "incubator" for unprofitable hard-tech companies, marking a significant step in the reform of the technology finance system in China [1][2]. Group 1: Policy Objectives - The Science and Technology Growth Layer is designed to serve technology companies that have made significant breakthroughs, possess broad commercial prospects, and are continuously investing in R&D, but are currently unprofitable [2]. - This initiative aims to break the "profit-only" mindset by incorporating all existing and newly registered unprofitable tech companies into a tiered management system, which is a form of "precise positioning" rather than merely lowering thresholds [2]. Group 2: Risk Management and Investor Protection - Companies in the Science and Technology Growth Layer are required to regularly disclose the reasons for their unprofitability and its impact on the business, ensuring that individual investors meet suitability management requirements for trading [2]. - This reflects a unique approach to risk control in China, akin to providing investors with a "risk disclosure statement," allowing the market to embrace innovation while maintaining risk safeguards [2]. Group 3: Institutional Enhancements - The introduction of six new measures on the Sci-Tech Innovation Board will enhance institutional inclusivity and adaptability, facilitating capital access for tech companies at different growth stages [2]. - New measures include the introduction of seasoned professional institutional investors to inject "market wisdom" into the review process, a pilot pre-IPO review mechanism to protect technological security while accelerating review efficiency, and expanding the applicability of the fifth listing standard to include sectors like artificial intelligence and commercial aerospace [2]. Group 4: Long-term Implications - In the short term, the Science and Technology Growth Layer will provide a capital progression space for unprofitable companies, while in the long term, it will drive capital towards hard technology, positioning the capital market as a hub for innovation capital formation [3]. - The establishment of the Science and Technology Growth Layer is seen as a testing ground for broader registration system reforms, with the potential to create a positive cycle between technology and capital as investors begin to value R&D investments over short-term profits [3]. Group 5: Regulatory Considerations - The success of this reform will depend on detailed execution, emphasizing that inclusivity should not come at the expense of regulation, with a focus on combating illegal activities such as profit transfer and commercial corruption [3]. - The construction of the Science and Technology Growth Layer must avoid becoming a refuge for problematic companies, ensuring strict enforcement against fraudulent activities and financial misconduct [3].