上交所发布《科创成长层指引》 明确具体定位、纳入调出条件等

Group 1 - The core viewpoint of the article is the introduction of the "Guidelines for the Growth Layer of the Sci-Tech Innovation Board," which aims to enhance the regulatory framework for companies in this layer, protect investor rights, and better support technological innovation and new productivity development [1][2] - The guidelines consist of 12 articles and focus on five main areas, including the specific positioning of the growth layer, the conditions for inclusion and exclusion, information disclosure requirements, and risk disclosure [2][3] Group 2 - The growth layer is designed to support technology companies that have made significant breakthroughs, have broad commercial prospects, invest heavily in R&D, and are unprofitable at the time of listing [2][3] - The guidelines specify that existing unprofitable companies will be included in the growth layer from the date of the guidelines' release, while newly registered unprofitable companies will be included from their listing date [3][4] - The conditions for removal from the growth layer are defined, with new companies needing to meet the first set of listing standards, while existing companies must achieve profitability for the first time after listing [3][6] - Companies in the growth layer are required to disclose reasons for their unprofitability and the impact on various aspects of their business in their annual reports, along with timely updates on any risks or negative events [3][7] - A special identification system will be implemented for stocks or depositary receipts in the growth layer, marked with a "U," and investors must sign a risk disclosure document before trading [3][8]