投教宣传｜一图读懂科创成长层

Core Viewpoint - The article discusses the newly released "Self-Regulatory Guidelines for the Science and Technology Innovation Board Listed Companies - Guideline No. 5: Science and Technology Innovation Growth Tier," which aims to support technology companies that are in the pre-profit stage but have significant technological breakthroughs and commercial potential [3]. Summary by Sections Definition of Science and Technology Innovation Growth Tier - The Science and Technology Innovation Growth Tier is designed for technology companies that have made significant technological breakthroughs, possess broad commercial prospects, and have substantial ongoing R&D investments, while still being in a pre-profit stage at the time of listing [4]. Applicability of Growth Tier Companies - The guidelines apply to both existing listed companies that have not yet turned a profit (referred to as "existing companies") and newly registered companies that are also unprofitable at the time of listing (referred to as "incremental companies"). Existing companies will be included in the growth tier from the date of the guideline's release, while incremental companies will be included from their listing date [5]. Criteria for Removal from Growth Tier - The removal criteria for companies from the growth tier are based on a "new and old distinction." To encourage incremental companies to accelerate technological development and market expansion, the removal conditions are aligned with the first set of listing standards for the Science and Technology Innovation Board. Companies will be removed if they meet one of the following conditions: (1) both net profits in the last two years are positive and cumulative net profit is not less than 50 million yuan, or (2) net profit is positive in the last year and operating revenue is not less than 100 million yuan [6]. Investor Awareness of Removal from Growth Tier - Investors can monitor company annual reports, which will disclose any companies that meet the criteria for removal from the growth tier. The Shanghai Stock Exchange will promptly announce the removal of companies from the growth tier. Additionally, investors can check if the stock or depositary receipt's name has removed the special identifier "U," which indicates its growth tier status [10][11]. Participation Considerations for Investors - Investors participating in trading of newly registered growth tier stocks must sign a special risk disclosure document. However, existing stocks or depositary receipts on the Science and Technology Innovation Board prior to the reform are not affected [13]. Information Disclosure Requirements - Companies in the growth tier are subject to stricter information disclosure requirements compared to other listed companies on the Science and Technology Innovation Board. They must adequately disclose the reasons for not being profitable and the impact on the company in their annual reports, along with a risk warning prominently displayed [15]. Additionally, the sponsoring institutions responsible for ongoing supervision must fulfill their duties as per the listing rules and report any significant adverse impacts on the company's technological innovation, R&D capabilities, growth prospects, or profit improvement [16].