“1+6”配套规则正式发布，32家企业进入科创成长层

Core Points - The China Securities Regulatory Commission (CSRC) is focusing on enhancing the inclusiveness and adaptability of the system, aiming to deepen reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market [1] - The CSRC has issued guidelines for establishing a Sci-Tech Growth Tier to better support high-quality, unprofitable technology companies, allowing 32 existing unprofitable firms to enter this tier [1][2] - The reform does not impose additional listing thresholds for unprofitable companies, facilitating their access to capital markets [1][2] Group 1 - The Sci-Tech Growth Tier aims to support technology companies at different development stages, providing them with early access to capital markets [3] - The pre-review mechanism is a significant innovation, allowing companies to apply for pre-review under specific conditions to protect sensitive business information [3][4] - The Shanghai Stock Exchange (SSE) will conduct reviews based on formal procedures, ensuring transparency and market supervision during the pre-review phase [4] Group 2 - The SSE has established guidelines for identifying qualified institutional investors, encouraging companies to disclose information about these investors voluntarily [5] - The criteria for recognizing qualified institutional investors have been refined, focusing on their governance structure, asset management scale, and investment experience [5][6] - The introduction of qualified institutional investors is expected to create a binding effect, helping regulators and the market identify genuinely high-potential companies [6]