重要改革落地！科创成长层来了

Core Viewpoint - The establishment of the Science and Technology Innovation Board (STAR Market) Growth Layer is a significant step towards enhancing the inclusivity and adaptability of China's capital market, providing a tailored platform for early-stage technology innovation companies, especially those that are not yet profitable [2][7][8]. Group 1: Key Contents of the Growth Layer Guidelines - The Growth Layer is designed to support technology companies that have made significant technological breakthroughs, have broad commercial prospects, and are in the R&D phase while being unprofitable at the time of listing [3]. - The scope of the Growth Layer includes existing unprofitable STAR Market companies and newly registered companies that are unprofitable at the time of listing. Existing companies will be included from the date of the guideline's release, while new companies will be included upon listing [3]. - The conditions and procedures for removal from the Growth Layer have been clarified, with a focus on accelerating R&D and market expansion for new companies. Existing companies will only be removed upon their first profitable report after listing [3][4]. - Enhanced information disclosure requirements mandate that companies in the Growth Layer fully disclose reasons for their unprofitability and related risks in their annual reports, while also ensuring that intermediary institutions are responsible for identifying and urging companies to disclose such risks [4]. - Special risk disclosure measures will be implemented, including a unique identifier for stocks in the Growth Layer, requiring investors to sign a risk disclosure agreement before trading [5]. Group 2: Market Reactions and Implications - The establishment of the Growth Layer is seen as a crucial move by the state to support technology innovation, enhancing the capital market's ability to serve the real economy and providing a more suitable platform for technology companies at different development stages [7]. - Experts believe that the Growth Layer will lead to an increase in the number of technology companies joining the STAR Market, expanding its coverage in the technology innovation sector and creating a more diverse market environment [7]. - The new policies are expected to significantly improve the capital market's inclusivity for technology innovation, providing critical financing channels for unprofitable companies with core technologies and commercial potential [8]. - The introduction of seasoned professional institutional investors and pre-IPO review mechanisms is anticipated to optimize resource allocation and strengthen risk control, balancing support for "hard technology" with investor protection [8].