科创板改革落地，32家存量未盈利公司今起进入科创成长层

Core Viewpoint - The Shanghai Stock Exchange has implemented new self-regulatory guidelines for the Science and Technology Innovation Board (STAR Market), specifically the "Guidelines for the STAR Market Growth Layer," aimed at enhancing support for technology-driven companies, particularly those in the pre-profit stage [1][2]. Group 1: Guidelines Implementation - The new guidelines include five supporting business rules, with a focus on daily supervision of companies in the STAR Market Growth Layer [1]. - The guidelines do not impose additional listing thresholds for unprofitable companies, allowing 32 existing unprofitable firms to enter the Growth Layer immediately upon implementation [1][5]. Group 2: Targeted Support - The Growth Layer is designed to support technology companies that have made significant technological breakthroughs, possess broad commercial prospects, and have substantial ongoing R&D investments, even if they are unprofitable at the time of listing [3][4]. Group 3: Inclusion Criteria - The Growth Layer encompasses both existing unprofitable companies (referred to as "stock companies") and newly registered unprofitable companies (referred to as "incremental companies"). Existing companies will be included from the date of guideline implementation, while new companies will be included from their listing date [5][6]. Group 4: Delisting Conditions - The delisting conditions are differentiated for existing and new companies. Incremental companies must meet the first set of STAR Market listing standards to be delisted, while existing companies will only be delisted after achieving profitability for the first time post-listing [7]. Group 5: Information Disclosure - The guidelines emphasize enhanced information disclosure requirements, mandating companies to explain the reasons for their unprofitability and the associated risks in their annual reports. Companies must also disclose any significant risks or negative events in a timely manner [9][10]. Group 6: Special Risk Identification - Stocks in the Growth Layer will have a special identifier "U" added to their trading names to signify their status. Investors must sign a risk disclosure agreement before trading these stocks, although existing stocks prior to the reform will not be affected [11].