上交所重磅发布！科创板改革“1+6”政策配套规则来了

Core Points - The Shanghai Stock Exchange (SSE) has officially released the "Guidelines for Self-Regulatory Supervision of Listed Companies in the Sci-Tech Innovation Board - Sci-Tech Growth Tier" to implement the "Opinions on Setting Up a Sci-Tech Growth Tier" by the China Securities Regulatory Commission (CSRC) [1][4] - A total of 32 unprofitable companies will enter the Sci-Tech Growth Tier immediately upon the implementation of the new guidelines, with no additional listing thresholds set for unprofitable enterprises [4][5] - The new guidelines maintain existing conditions for delisting existing companies while introducing stricter conditions for new unprofitable companies to encourage technological development [5][6] Group 1: Sci-Tech Growth Tier - The SSE has introduced the Sci-Tech Growth Tier to better serve technological innovation and new productive forces development, with a focus on protecting investors' rights [4][5] - The existing 32 unprofitable companies will be included in the Sci-Tech Growth Tier, with the largest projected loss for 2024 being approximately 4.978 billion for BeiGene [4][5] - New unprofitable companies will enter the tier upon listing, while existing companies must achieve profitability to avoid delisting [5] Group 2: IPO Pre-Review Mechanism - The SSE has established a pre-review mechanism for companies applying for IPOs on the Sci-Tech Innovation Board, particularly for those engaged in key technology development [6][7] - The pre-review process aims to enhance the quality and efficiency of formal IPO applications, with strict adherence to the established rules [7][8] - Companies must provide a justification for the necessity of the pre-review, and the SSE will ensure that the process aligns with existing IPO review mechanisms [6][7] Group 3: Professional Investor Standards - The SSE has released guidelines for identifying "senior professional institutional investors," encouraging companies to self-identify and disclose such investors [9][10] - The criteria for recognition include investment experience, holding period, compliance, and independence, with specific thresholds for investment amounts and duration [9][10] - The guidelines aim to enhance the quality of investment in the Sci-Tech Growth Tier by ensuring that recognized investors meet stringent standards [9][10]