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Core Viewpoint - The article discusses the newly released "Guidelines for Self-Regulatory Supervision of Listed Companies on the Science and Technology Innovation Board - Growth Layer" by the Shanghai Stock Exchange, which aims to support technology companies that are in the growth phase and have not yet achieved profitability [3]. Summary by Sections Definition of Growth Layer Companies - The Growth Layer is designed to support technology companies that have significant technological breakthroughs, broad commercial prospects, and substantial ongoing R&D investments, but are still in the pre-profit stage at the time of listing [5]. Eligibility for Growth Layer Companies - The Growth Layer applies to both existing listed companies that have not yet achieved profitability (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 Layer from the date of the guideline's release, while incremental companies will be included from the date of their listing [6]. Conditions for Removal from the Growth Layer - The conditions for removal from the Growth Layer are defined as follows: 1. If a company has positive net profits for the last two years and a cumulative net profit of no less than 50 million yuan. 2. If a company has positive net profit for the last year and an operating income of no less than 100 million yuan. - For existing companies, the removal condition remains that they must achieve profitability for the first time after listing [8]. Investor Awareness of Removal - Investors can be informed about a company's removal from the Growth Layer through the annual report, where the company will disclose the conditions met for removal. The Shanghai Stock Exchange will also promptly announce the removal [9]. Special Marking for Growth Layer Stocks - To adequately reveal risks, stocks or depositary receipts from the Growth Layer will have a special marking ("U") added to their names. Companies that fail to disclose annual reports or receive negative audit opinions will not have their tier adjusted [10]. Trading Considerations for Investors - Investors participating in trading of newly registered Growth Layer stocks must sign a special risk disclosure document. However, existing stocks or depositary receipts are not subject to this requirement [12]. Information Disclosure Requirements - Companies in the Growth Layer are subject to stricter information disclosure requirements, particularly regarding the reasons for not being profitable and the impact on the company. The lead underwriters are responsible for ongoing supervision and must provide conclusive opinions on the risks disclosed [15][16].