科创板迎新一轮改革，“1+6”细则出炉

Core Viewpoint - The establishment of the Sci-Tech Innovation Board's "Growth Layer" aims to enhance the inclusivity and adaptability of the system for unprofitable technology companies with significant technological breakthroughs and strong commercial prospects, thereby providing a more precise financing platform for these firms [1][3]. Summary by Sections Introduction of the Growth Layer - The new "Growth Layer" will include all unprofitable technology companies, allowing them to access capital markets despite their current lack of profitability [3][4]. - This initiative is expected to attract social capital towards technology innovation, facilitating the transformation of scientific achievements and optimizing industrial structure [1][3]. Reform Measures - Six reform measures have been introduced alongside the Growth Layer, including the introduction of seasoned professional institutional investors for companies under the fifth listing standard [2][8]. - The scope of the fifth listing standard will be expanded to include more frontier technology sectors such as artificial intelligence and commercial aerospace [10][11]. Conditions for Exiting the Growth Layer - New unprofitable technology companies can exit the Growth Layer if they meet specific profitability criteria, such as achieving positive net profits over the last two years or having a positive net profit with revenue exceeding 100 million yuan in the last year [4][11]. Investor Protection and Risk Disclosure - The reforms include measures for risk disclosure and investor protection, such as adding a "U" (Unprofitable) designation to the stock names of companies in the Growth Layer and requiring enhanced risk assessments by securities firms [4][5]. Future Development Paths - Future development of the Growth Layer should focus on improving institutional frameworks, enhancing collaboration with other capital market segments, and fostering deep integration with the technology innovation ecosystem [5].