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刚刚!证监会最新发声!
证券时报·2025-06-18 07:59

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued the "Opinions on Setting Up a Growth Tier in the Sci-Tech Innovation Board to Enhance Institutional Inclusiveness and Adaptability," aiming to deepen capital market reforms and better serve technological innovation and new productivity development [1][10]. Summary by Sections Background of the Opinions - The issuance of the "Opinions" aligns with the directives from the 20th National Congress and various central financial meetings, emphasizing the need for a financial system that supports comprehensive innovation [8][10]. - The CSRC has previously implemented several policies to enhance the institutional framework supporting technological innovation, including the "Sixteen Policies for Technology" and the "Eight Policies for the Sci-Tech Innovation Board" [8][10]. Key Reforms Introduced - The establishment of a dedicated growth tier within the Sci-Tech Innovation Board aims to support technology companies that are currently unprofitable but have significant potential [12]. - Six major reform measures have been introduced to enhance the inclusiveness and adaptability of the system for high-quality technology companies [15][17]. Specific Reform Measures 1. Introduction of a professional institutional investor system for companies applying under the fifth listing standard of the Sci-Tech Innovation Board [15][16]. 2. Pilot pre-IPO review mechanism for quality technology companies to improve communication and service efficiency [15][16]. 3. Expansion of the fifth listing standard to include more frontier technology sectors such as artificial intelligence and commercial aerospace [15][17]. 4. Support for unprofitable technology companies to conduct capital increases targeting existing shareholders [15][17]. 5. Improvement of institutional mechanisms supporting the development of listed companies on the Sci-Tech Innovation Board [15][17]. 6. Coordination of investment and financing functions within the market [15][17]. Investor Protection Measures - The reform includes specific measures to enhance investor protection, such as special identification for stocks of companies in the growth tier and requirements for regular disclosures regarding unprofitability [13][15]. - Emphasis on risk disclosure and investor education to ensure that investors are well-informed about the risks associated with investing in these companies [13][15]. Implementation and Future Steps - The CSRC will work closely with the Shanghai Stock Exchange and relevant market participants to ensure the effective implementation of these reforms [6][18]. - Continuous monitoring and risk management will be prioritized to maintain market stability while promoting high-quality development [18].