Core Points - The Shanghai Stock Exchange has officially implemented further reforms to the Sci-Tech Innovation Board, including five business guidelines aimed at enhancing self-regulation and facilitating the growth of technology companies [1][2] - The newly established "Sci-Tech Growth Layer" will accommodate 32 existing unprofitable companies, while new unprofitable companies will enter upon listing [1] - The reforms aim to balance investment and financing while better supporting technological innovation, as highlighted in the recent guidelines from the China Securities Regulatory Commission [1] Group 1 - The conditions for delisting from the Sci-Tech Growth Layer have been clarified, requiring existing companies to achieve profitability for the first time post-listing, while new unprofitable companies must meet stricter criteria [2] - The guidelines mandate that companies disclose risks related to unprofitability and technology development in their annual reports and interim announcements [2] - The investment threshold for individual investors remains unchanged, requiring assets of 500,000 yuan and two years of investment experience [2] Group 2 - The introduction of an IPO pre-review mechanism aims to protect companies from disclosing sensitive business information prematurely, which could adversely affect their operations [2] - The pre-review guidelines specify the conditions under which a company can apply for pre-review, emphasizing the need for a valid reason for the request [2][3] - Issuers and sponsors must complete internal procedures and obtain necessary documentation from the China Securities Regulatory Commission before submitting pre-review applications [3]
科创板成长层规则发布 个人投资者门槛未变 32家未盈利企业进入科创成长层
Shen Zhen Shang Bao·2025-07-13 22:32