科创板改革“1+6”配套业务规则落地 市场各方第一时间发声

Group 1 - The establishment of the "Science and Technology Growth Layer" on the STAR Market is aimed at providing a resilient pathway for high-quality companies in the core technology breakthrough or early industrialization phase, allowing capital to have more patience with potential stocks that may not be profitable in the short term [2][3] - The reform measures, including the reactivation of the fifth set of listing standards, are seen as a significant milestone that supports hard technology companies in listing and financing, thereby accelerating technological research and innovation product commercialization [2][3] - The "1+6" policy not only provides investors with a window to share in technological dividends but also guides capital towards national strategic needs, promoting a virtuous cycle of "technology-industry-finance" [3][4] Group 2 - The new regulations require individual investors participating in the growth layer to meet existing suitability requirements, enhancing information disclosure and risk warning for growth layer companies, thus protecting the rights of small investors [4][5] - The reforms are expected to continuously promote high-quality development in the technology finance market, effectively facilitating the formation of innovative capital and supporting the rapid growth of quality unprofitable technology companies [4][5] - The introduction of seasoned professional institutional investors and pre-IPO review mechanisms optimizes resource allocation efficiency and strengthens risk prevention, balancing support for hard technology with investor protection [5][6] Group 3 - The current scale of private equity investment funds in China has reached 10.96 trillion yuan, with venture capital funds at 3.41 trillion yuan, providing funding support for technology companies at various stages [7] - The "1+6" policy is viewed as a major upgrade of the STAR Market system, significantly enhancing the market's inclusivity for long-cycle, high-investment fields such as artificial intelligence and innovative pharmaceuticals [7][8] - The reforms are expected to enhance the STAR Market's attractiveness to quality companies and patient capital, providing a more precise and powerful funding support and resource allocation platform for technology innovation enterprises [8]