中国证监会新闻发言人就《关于在科创板设置科创成长层 增强制度包容性适应性的意见》答记者问

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has implemented the "Opinions on Setting Up a Growth Layer in the Sci-Tech Innovation Board to Enhance Institutional Inclusiveness and Adaptability," aiming to better support technology innovation and improve the capital market's service capabilities for tech enterprises [1][2]. Summary by Sections Background of the "Sci-Tech Innovation Board Opinions" - The issuance of the "Sci-Tech Innovation Board Opinions" aligns with the directives from the 20th National Congress and the Central Financial Work Conference, emphasizing the need for a financial system that supports technological innovation [2][3]. Overall Reform Approach and Principles - The reform aims to comprehensively implement the central government's decisions on capital market support for technology innovation, focusing on creating a dedicated layer for growth-oriented tech companies, particularly those that are currently unprofitable [5]. - Key principles include: - Target and problem orientation to facilitate the integration of technology and industry innovation [5]. - Focus on key areas and comprehensive measures to support high-quality tech enterprises [5]. - Emphasis on stability and pilot programs to balance reform and risk management [5]. Considerations for Setting Up a Growth Layer - The establishment of a growth layer on the Sci-Tech Innovation Board is designed to serve tech companies with significant breakthroughs and large ongoing R&D investments, even if they are currently unprofitable [6]. - This initiative aims to enhance the capital market's support for tech innovation, stabilize market expectations, and provide a controlled environment for testing more inclusive policies [6]. Investor Protection Measures - The reform includes specific measures to strengthen the protection of small and medium investors, such as: - Designating a special identifier "U" for stocks of companies in the growth layer [7][8]. - Requiring regular disclosures from unprofitable companies regarding their financial status and risks [8]. - Enhancing risk assessment processes by securities firms and ensuring investors are well-informed [8]. Policies to Enhance Inclusiveness and Adaptability - Six key policy measures have been introduced to enhance the inclusiveness and adaptability for quality tech enterprises, including: - Introducing a professional institutional investor system to better identify quality tech firms [9]. - Implementing a pre-review mechanism for IPOs to protect sensitive information [10]. - Expanding the applicability of the fifth listing standard to more frontier technology sectors [11][12]. Implementation of the "Sci-Tech Innovation Board Opinions" - The CSRC is committed to ensuring the effective implementation of the "Sci-Tech Innovation Board Opinions" by balancing risk management and promoting high-quality development [13]. - Efforts will include enhancing communication with market participants and conducting investor education to foster a supportive environment for tech innovation [13].