上交所明确科创成长层标准推动改革落地

Core Viewpoint - The Shanghai Stock Exchange (SSE) has released the "Guidelines for Self-Regulatory Supervision of Listed Companies No. 5 - Sci-Tech Growth Tier" to implement the China Securities Regulatory Commission's (CSRC) opinions on establishing a Sci-Tech Growth Tier, aiming to enhance the inclusiveness and adaptability of the system for technology-driven enterprises [1][2]. Group 1: Key Aspects of the Reform - The reform focuses on supporting high-quality, unprofitable technology companies, maintaining existing listing thresholds for these firms while allowing 32 existing unprofitable companies to enter the Sci-Tech Growth Tier immediately upon the guideline's implementation [2][3]. - The exit conditions for existing companies remain unchanged, requiring them to achieve profitability for the first time post-listing, while new unprofitable companies will have heightened exit conditions to encourage faster technological development and market expansion [2][3]. - The SSE emphasizes risk-oriented information disclosure, mandating that companies disclose risks related to unprofitability and technology development in their annual reports and interim announcements [3]. Group 2: Investor Management and Regulatory Measures - There are no new trading thresholds for individual investors in the Sci-Tech Growth Tier, maintaining the existing requirement of 500,000 yuan in assets and two years of investment experience [3][4]. - A pre-review mechanism for IPOs of high-quality technology companies has been introduced, aimed at improving the quality of application documents and enhancing the overall efficiency of the stock issuance and listing review process [3][4]. - The SSE is committed to implementing the reform effectively, focusing on the coordination of new rules with market practices and enhancing investor protection to maintain market stability [4].