科创板改革“1+6”新政：新老划断，明确科创成长层调出条件

Core Viewpoint - The recent developments in the "1+6" policy reform for the Sci-Tech Innovation Board (STAR Market) aim to enhance the inclusivity and adaptability of the system, particularly for technology-driven companies, aligning with national innovation strategies [4][15]. Group 1: Policy Implementation - On July 13, the Shanghai Stock Exchange (SSE) launched the "Guidelines for Self-Regulatory Supervision of STAR Market Listed Companies No. 5 - Sci-Tech Growth Tier" along with a series of supporting business rules [2]. - The SSE emphasized that the reform measures are pragmatic and stable, focusing on promoting a balance between investment and financing [3]. Group 2: Sci-Tech Growth Tier Guidelines - The "Sci-Tech Growth Tier Guidelines" consist of 12 articles covering five main areas: defining the Sci-Tech Growth Tier, specifying its scope, detailing the conditions and procedures for removal, and enhancing information disclosure and risk warning requirements [5]. - The guidelines specifically support technology companies that have significant breakthroughs, broad commercial prospects, substantial R&D investment, and are in a pre-profit stage [5][6]. Group 3: Conditions for Removal - The removal conditions for new companies (incremental companies) require compliance with the first set of listing standards, while existing companies (stock companies) will continue to be removed upon achieving profitability for the first time after listing [7][8]. Group 4: Information Disclosure and Risk Management - The guidelines strengthen information disclosure and risk warning requirements, mandating companies to disclose reasons for not being profitable and related risks in their annual reports [8]. - Special identification management will be applied to stocks or depositary receipts of the Sci-Tech Growth Tier, with a "U" added to their abbreviations [8]. Group 5: Investor Requirements - Investors in newly registered unprofitable technology companies must sign a specific risk disclosure document before investing [9]. - There are no new trading thresholds for individual investors, maintaining the existing requirement of having 500,000 yuan in assets and two years of investment experience [8]. Group 6: Pre-Review Mechanism - A pre-review mechanism for IPOs of high-quality technology companies has been introduced, aimed at improving the quality of application documents and the overall efficiency of the listing review process [10][11]. - The SSE has set specific criteria for identifying qualified professional institutional investors, which will help in recognizing quality technology companies [11][12]. Group 7: Future Directions - The SSE plans to take responsibility for implementing the reforms, ensuring the effective rollout of the "Sci-Tech Board Opinions" and supporting business rules [13]. - Continuous efforts will be made to promote understanding of the reforms among market participants and enhance investor protection [14].