科创板重磅！32家企业入围

Core Viewpoint - The establishment of the "Science and Technology Innovation Growth Layer" in the STAR Market aims to support high-quality, unprofitable technology companies, enhancing the inclusiveness and adaptability of the capital market [2][4]. Group 1: Policy and Regulatory Changes - The China Securities Regulatory Commission (CSRC) emphasizes the need for a more inclusive and adaptable regulatory framework, focusing on deepening reforms in the STAR Market and the Growth Enterprise Market [2]. - The CSRC issued the "Opinions on Setting Up a Science and Technology Innovation Growth Layer in the STAR Market," which outlines the basic requirements for this new layer [4]. - The Shanghai Stock Exchange (SSE) has released supporting business rules to facilitate the implementation of the Growth Layer [2][4]. Group 2: Entry and Exit Criteria - The Growth Layer is designed to support unprofitable technology companies without imposing additional listing thresholds for them [4]. - A total of 32 existing unprofitable companies will automatically transition to the Growth Layer, while newly registered unprofitable companies will enter upon listing [4]. - The exit criteria for existing companies remain unchanged, requiring them to achieve profitability after listing, while new unprofitable companies will face stricter exit conditions [5]. Group 3: Investor Management and Disclosure - The reform does not introduce new trading thresholds for individual investors, maintaining the existing requirement of 500,000 yuan in assets and two years of investment experience [5]. - Investors must sign a risk disclosure agreement before investing in newly registered unprofitable technology companies in the Growth Layer [5]. - Companies in the Growth Layer are required to disclose risks related to unprofitability and technology development in their annual reports and interim announcements [5]. Group 4: Pre-Review Mechanism - The pre-review mechanism is a significant innovation aimed at protecting sensitive business information while allowing companies to seek guidance before formal IPO applications [8][9]. - Companies must justify the necessity of a pre-review, and the SSE will ensure compliance with the established rules during this process [8][9]. Group 5: Professional Investor Recognition - The SSE has introduced guidelines for recognizing "senior professional institutional investors," which will help identify high-quality technology companies [10][11]. - The criteria for recognition include governance structure, asset management scale, and investment experience in technology companies [11]. - The involvement of recognized professional investors is expected to enhance the credibility of companies and assist in identifying those with genuine growth potential [13].