A股IPO，大消息！

Core Viewpoint - The Shanghai Stock Exchange (SSE) has officially released the "Guidelines for the Growth Layer of the Sci-Tech Innovation Board" and related business rules to enhance the inclusiveness and adaptability of the system, further deepening the reform of the Sci-Tech Innovation Board [2] Group 1: New Guidelines and Rules - The SSE has introduced three new business guidelines: "Self-Regulatory Guidelines for Sci-Tech Innovation Board Listed Companies No. 5 - Growth Layer," "Issuance and Listing Review Rules Application Guidelines No. 7 - Pre-Review," and "Issuance and Listing Review Rules Application Guidelines No. 8 - Senior Professional Institutional Investors" [2] - Two existing business guidelines have been revised: "Member Management Business Guidelines No. 2 - Essential Clauses of Risk Disclosure" and "Securities Trading Business Guidelines No. 6 - Special Securities Identification" [2] Group 2: Pre-Review Mechanism - The "Pre-Review Guidelines" introduce a pre-review mechanism for IPOs on the Sci-Tech Innovation Board to reduce the adverse impact of early disclosure of business technology information and listing plans on companies [4] - The pre-review mechanism applies to companies engaged in key core technology development or other specific circumstances, requiring issuers to justify the necessity of the pre-review [4] - The SSE will conduct the pre-review process strictly according to formal review procedures, providing feedback to issuers and sponsors, but this does not constitute a pre-confirmation of compliance with listing conditions [5] Group 3: Growth Layer Implementation - The SSE will focus on maintaining the positioning of the Growth Layer, implementing "new and old separation" for delisting conditions, enhancing risk-oriented information disclosure, and strengthening investor suitability management [7] - There are no additional listing thresholds for unprofitable companies to enter the Growth Layer; existing unprofitable companies will automatically enter upon the implementation of the new guidelines [7] - New registered unprofitable companies will enter the Growth Layer upon listing, and stocks in this layer will have a special identifier "U" to help investors distinguish between existing and new registered stocks [7] Group 4: Investor Participation - There are no new trading thresholds for individual investors participating in the Growth Layer; the existing requirement remains at "500,000 yuan in assets + 2 years of experience" [8] - Investors must sign a specific risk disclosure document before investing in newly registered unprofitable technology companies in the Growth Layer [8] Group 5: Senior Professional Institutional Investors - The SSE has established the "Senior Professional Institutional Investors Guidelines" to enhance the identification mechanism for quality technology companies [10] - The guidelines specify the criteria for recognizing senior professional institutional investors, including governance structure, asset management scale, and investment experience [12] - The recognition of senior professional institutional investors will serve as a reference for assessing whether issuers meet market recognition and growth requirements, without affecting the review standards or speed [13]