投教精品 | 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 Listing Companies, Guideline No. 5 - Growth Layer" by the Shanghai Stock Exchange, which aims to support technology companies that are in the growth phase and still unprofitable at the time of listing [3]. Group 1: Definition and Scope - The Growth Layer is designed to support technology companies that have significant technological breakthroughs, broad commercial prospects, and substantial ongoing R&D investments, even if they are unprofitable at the time of listing [5]. - The Growth Layer applies to both existing unprofitable companies on the Science and Technology Innovation Board (referred to as "existing companies") and newly registered companies that are unprofitable at the time of listing (referred to as "incremental companies") [6]. Group 2: Exit Conditions - The exit conditions for incremental companies are based on meeting the first set of listing standards, which include either having positive net profits for the last two years with a cumulative net profit of no less than 50 million yuan or having positive net profit for the last year with operating revenue of no less than 100 million yuan [8]. - For existing companies, the exit condition remains that they must achieve profitability for the first time after listing [8]. Group 3: Disclosure and Monitoring - Investors can learn about a company's exit from the Growth Layer through its annual report, which will include an announcement if the company meets the exit conditions [9]. - The Shanghai Stock Exchange will mark stocks or depositary receipts from the Growth Layer with a special identifier "U" to indicate their status [10]. - There are stricter disclosure requirements for Growth Layer companies, which must explain the reasons for their unprofitability and its impact in their annual reports, along with risk warnings prominently displayed [15]. Group 4: Investor Participation - Investors participating in trading of newly registered Growth Layer stocks must sign a special risk disclosure document, while existing stocks are not subject to this requirement [12]. - Companies in the Growth Layer must conduct checks and disclose any abnormal trading fluctuations before and after any tier adjustments [16].