周末重磅！上交所发布，事关科创板“1+6”

Core Viewpoint - The Shanghai Stock Exchange has implemented a series of business rules to deepen the reform of the Sci-Tech Innovation Board, including the introduction of a "growth layer" for unprofitable companies, a pre-review mechanism for IPOs, and guidelines for professional institutional investors [1][2][6]. Group 1: Growth Layer Implementation - The new "growth layer" will accommodate 32 existing unprofitable companies and any new unprofitable companies will enter this layer upon listing [2]. - The exit criteria for existing companies will remain based on achieving profitability, while new companies must meet stricter conditions to exit the growth layer [3]. - The growth layer aims to support technology companies with significant breakthroughs and substantial R&D investments, even if they are currently unprofitable [3][5]. Group 2: Pre-Review Mechanism - A pre-review mechanism for IPOs has been introduced to prevent early disclosure of sensitive business information that could harm companies [6][7]. - Companies applying for pre-review must justify the necessity of this process, and the review will follow strict procedures similar to formal IPO applications [6][7]. - The pre-review process aims to enhance the quality of formal applications and improve the efficiency of the review process [7]. Group 3: Professional Institutional Investors - The guidelines for recognizing professional institutional investors have been clarified, encouraging companies to disclose information about these investors voluntarily [8][9]. - Criteria for identifying professional institutional investors include having a solid governance structure, significant asset management, and a good track record [9][10]. - The involvement of professional institutional investors is intended to provide market wisdom and enhance the credibility of companies seeking to list on the Sci-Tech Innovation Board [10].