Shenzhen Intellifusion Technologies (SH:688343) Di Yi Cai Jing·2025-07-13 11:12Core Viewpoint - The establishment of the "Science and Technology Innovation Growth Layer" and its accompanying reforms marks a new phase in China's capital market, enhancing support for technology innovation enterprises and improving market inclusivity and attractiveness [2][5]. Group 1: Policy Implementation - The Shanghai Stock Exchange has officially released the "Guidelines for Self-Regulatory Supervision of Listed Companies in the Science and Technology Innovation Board - Growth Layer" and other related rules, detailing the recognition standards for professional institutional investors and the pre-review mechanism [1][2]. - The "Science and Technology Innovation Growth Layer" aims to serve technology companies that have significant breakthroughs but are currently unprofitable, with 32 existing unprofitable companies set to enter this layer [3][4]. Group 2: Investor Participation - The reforms do not impose additional trading thresholds for individual investors in the growth layer, maintaining the existing requirement of 500,000 yuan in assets and two years of investment experience [5][6]. - The introduction of the "U" designation for unprofitable companies in the growth layer will help investors distinguish between existing and newly registered stocks [3][5]. Group 3: Risk Management and Disclosure - The guidelines emphasize risk-oriented information disclosure, requiring growth layer companies to adequately disclose risks related to unprofitability and technology development in their annual reports and announcements [4][8]. - The introduction of the "Senior Professional Institutional Investor" system aims to enhance the credibility of companies by involving reputable investment institutions in the review process [7][9]. Group 4: Pre-Review Mechanism - The new pre-review mechanism allows technology companies to manage sensitive information before formal IPO applications, reducing the risk of early disclosure impacting their competitive position [11][12]. - Companies applying for pre-review must justify the necessity of the request, and the Shanghai Stock Exchange will ensure compliance with established rules during the review process [12][13].