媒体视点 | 科创板“1+6”政策配套规则来了！资本市场支持科创再迎重磅改革

Core Viewpoint - The introduction of the "Science and Technology Innovation Growth Layer" aims to enhance the adaptability and support effectiveness of the capital market for technology innovation companies, particularly those that are currently unprofitable [1][4][5] Group 1: Introduction of the Growth Layer - The Shanghai Stock Exchange officially released the "Guidelines for the Science and Technology Innovation Growth Layer," allowing 32 existing unprofitable companies to enter this new layer [1][2] - This initiative is part of a broader reform to deepen the Science and Technology Innovation Board, enhancing the inclusivity of the market for technology innovation enterprises [1][3] Group 2: Target Companies and Conditions - The Growth Layer primarily serves technology companies that have significant breakthroughs, broad commercial prospects, and substantial ongoing R&D investments but are currently unprofitable [4] - Companies that are unprofitable at the time of listing will be included in the Growth Layer, with the 32 existing unprofitable companies entering immediately upon the guideline's implementation [4] - The exit conditions for these companies remain unchanged, requiring them to achieve profitability for the first time after listing [4] Group 3: Impact on the Market - Over the past six years, 54 unprofitable companies have successfully listed on the Science and Technology Innovation Board, generating a total revenue of 1,744.79 billion yuan in 2024, with 26 of these companies exceeding 1 billion yuan in revenue [4] - The establishment of the Growth Layer is expected to enhance market inclusivity and provide a more suitable capital market platform for technology innovation companies at different development stages [5] Group 4: Introduction of Professional Institutional Investors - Alongside the Growth Layer guidelines, the introduction of a system for professional institutional investors aims to enhance the efficiency of capital market resource allocation by leveraging their expertise [6][9] - This system will consider the investment of professional institutional investors as a reference during the review process for companies applying under the fifth set of listing standards [6][7] Group 5: Comparison with International Practices - The introduction of the professional institutional investor system is inspired by successful practices in international markets, such as the Hong Kong Stock Exchange, where similar mechanisms have led to significant growth in listed companies [8][9] - Unlike international practices, this reform in the domestic market is a pilot program specifically for companies applying under the fifth set of standards, and the involvement of professional institutional investors will not constitute a new listing requirement [8][9]