皮海洲：科创成长层来了，有关配套制度还应尽快跟上

Core Points - The establishment of the "Science and Technology Innovation Growth Tier" is a significant move to support the development of technology-oriented enterprises, allowing even unprofitable companies to go public [2][4] - The implementation of the "Growth Tier Guidelines" on July 13 marks the official launch of this new tier, which includes 32 existing unprofitable companies [1][2] - The growth tier aims to enhance the inclusiveness of the Chinese stock market and support new productive forces [2] Investment Thresholds - The current investment threshold for the growth tier remains the same as the Sci-Tech Innovation Board, requiring investors to have assets of 500,000 yuan and two years of experience [3] - It is suggested that the investment threshold for new investors should be increased to 800,000 or 1,000,000 yuan after a transition period of six months for existing investors [3] Shareholder Regulations - There is a need to improve the shareholder reduction system for companies listed in the growth tier, prohibiting the reduction of original shares held by shareholders until the company exits the growth tier [4] - This measure aims to protect public investors from the risks associated with unprofitable companies transferring their risks through share reductions [4] Delisting System - A delisting system should be established for the growth tier, limiting the time unprofitable companies can remain listed to a maximum of five years [4] - Companies that fail to achieve profitability within this timeframe should be delisted to maintain the growth tier's integrity and purpose [4]