Core Viewpoint - The Shanghai Stock Exchange has implemented a series of business rules to deepen the reform of the Sci-Tech Innovation Board, including the introduction of a "growth layer" for unprofitable companies, a pre-review mechanism for IPOs, and the establishment of criteria for professional institutional investors [1][2][4][10]. Group 1: Growth Layer for Unprofitable Companies - A total of 32 existing unprofitable companies will enter the growth layer from the date of the implementation of the "Growth Layer Guidelines" [2]. - New unprofitable companies will enter the growth layer from the date of their listing, with stricter exit conditions to encourage technological development and market expansion [4]. - The exit conditions for existing companies remain tied to achieving profitability, while new companies must meet either of two criteria: positive net profit for the last two years with a cumulative net profit of no less than 50 million or positive net profit for the last year with revenue of no less than 100 million [4]. Group 2: Pre-Review Mechanism for IPOs - The introduction of a pre-review mechanism aims to protect key technology companies from disclosing sensitive business information prematurely, which could adversely affect their operations [8]. - Companies applying for pre-review must justify the necessity of the request, and the review process will follow strict guidelines similar to formal IPO submissions [8][9]. - The pre-review process and results will not be publicly disclosed, but companies must disclose relevant inquiries and responses on the exchange's website upon formal application acceptance [9]. Group 3: Criteria for Professional Institutional Investors - The "Professional Institutional Investor Guidelines" have been established to enhance the identification of quality tech companies, encouraging self-identification and voluntary disclosure of professional investors [11]. - Criteria for recognition include having a sound governance structure, substantial asset management, and a good credit record, with specific investment experience requirements [12]. - The involvement of professional institutional investors is intended to provide market wisdom and enhance the credibility of companies seeking to list, without lowering the standards for IPO applications [13].
周末重磅!上交所发布,事关科创板“1+6”
证券时报·2025-07-13 07:06