科创板重磅改革，最新解读来了！

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has introduced the "Science and Technology Innovation Board Growth Layer" to enhance the inclusivity and adaptability of the system for high-quality technology enterprises, particularly those that are currently unprofitable [1][2]. Group 1: Establishment of the Growth Layer - The Growth Layer is designed to serve technology companies that have significant technological breakthroughs, broad commercial prospects, and substantial ongoing R&D investments, which are currently unprofitable [2]. - Both existing unprofitable companies and newly listed unprofitable companies will be included in the Growth Layer [2]. Group 2: Regulatory Mechanisms - The Shanghai Stock Exchange (SSE) has established mechanisms focusing on three main areas: implementation standards and procedures, risk disclosure enhancement, and improvement of information disclosure quality [3][4][5]. - The rules specify the criteria for companies to enter or exit the Growth Layer, ensuring that existing listed companies are not adversely affected [4]. - Companies in the Growth Layer will have their stocks or depositary receipts marked with a special identifier "U," and investors must sign a risk disclosure document when investing in newly registered companies [5]. Group 3: Expansion of the Fifth Set of Standards - The expansion of the Fifth Set of Standards will support companies in emerging fields such as artificial intelligence, commercial aerospace, and low-altitude economy, which are crucial for future industrial growth [8]. - The Fifth Set of Standards is aimed at high-quality enterprises that have significant technological advantages and large market potential, with a focus on those that have achieved preliminary results [8]. Group 4: Pre-Review Mechanism for IPO Applications - The introduction of a pre-review mechanism for IPO applications allows qualified technology companies to have their application documents reviewed by the SSE before formal submission, enhancing the quality and efficiency of the application process [9][10]. - This mechanism is similar to practices in mature overseas markets, which have been well-received by technology companies seeking a more favorable listing environment [9][10]. Group 5: Ongoing Oversight and Disclosure Requirements - The SSE will maintain strict standards for the review process, ensuring that the quality of the review and the rights of investors are protected, regardless of whether a company has undergone pre-review [11]. - Companies are still required to fulfill all information disclosure obligations, including disclosing inquiries and responses from the pre-review phase when they formally submit their IPO applications [10][11].