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上交所发布科创板“1+6”政策配套业务规则
Zhong Guo Zheng Quan Bao·2025-07-13 20:52

Core Viewpoint - The Shanghai Stock Exchange has implemented new business rules to enhance the inclusivity and adaptability of the Sci-Tech Innovation Board, particularly focusing on unprofitable technology companies and introducing a pre-review mechanism for IPOs [1][2]. Group 1: New Regulations and Guidelines - The newly released guidelines allow 32 existing unprofitable companies to enter the Sci-Tech Growth Layer immediately, while new unprofitable companies will enter upon listing [1][2]. - The reform does not impose additional listing thresholds for unprofitable companies, maintaining the existing conditions for inclusion and exclusion [2]. - The Sci-Tech Growth Layer aims to support technology companies with significant breakthroughs and substantial R&D investments, even if they are currently unprofitable [1][2]. Group 2: Investor Participation and Requirements - The investment threshold for individual investors remains unchanged, requiring assets of 500,000 yuan and two years of investment experience [2]. - Investors must sign a risk disclosure document before investing in newly registered unprofitable technology companies [2]. - Stocks in the Sci-Tech Growth Layer will be marked with a special identifier "U" [2]. Group 3: IPO Pre-Review Mechanism - A pre-review mechanism for IPO applications has been introduced for high-quality technology companies, modeled after international practices to improve the efficiency of the listing process [2][3]. - Companies can apply for a pre-review if early disclosure of business information could adversely affect their operations [3]. - The pre-review process will not be publicly disclosed until the formal IPO application is submitted [3]. Group 4: Professional Investor Standards - The criteria for recognizing senior professional institutional investors have been detailed, focusing on governance, asset management scale, and investment experience [4][5]. - Institutions must have invested in at least five technology companies that have listed on the Sci-Tech Innovation Board or ten on major exchanges in the last five years [4]. - The recognition of senior professional institutional investors serves as a reference for assessing a company's market acceptance and growth potential but does not alter the listing standards [5].