投教精品 | 一图读懂科创成长层

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 still unprofitable at the time of listing [2]. Group 1: Definition and Target Companies - The Growth Layer is designed to support technology companies that have significant technological breakthroughs, broad commercial prospects, and substantial ongoing R&D investments, while still being in an unprofitable stage at the time of listing [4]. Group 2: Applicability of the Growth Layer - The Growth Layer applies to both existing unprofitable companies listed 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"). 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 [5]. Group 3: 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 after listing [7]. Group 4: Investor Awareness and Information Disclosure - Investors can be informed about a company's removal from the Growth Layer through the company's annual report, which will include an announcement if the company meets the removal conditions. The Shanghai Stock Exchange will also promptly update the status of the company [8]. - A special identifier "U" will be added to the stock or depositary receipt name to indicate that it is a Growth Layer stock. Companies that fail to disclose annual reports or receive negative audit opinions will not have their status adjusted [9]. Group 5: 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 affected by this requirement [11]. Group 6: Information Disclosure Requirements - The Shanghai Stock Exchange imposes stricter information disclosure requirements on Growth Layer companies, which must explain the reasons for their unprofitability and its impact in their annual reports. The sponsoring institutions must also fulfill their supervisory responsibilities and disclose any significant adverse risks related to the company's technological innovation and growth prospects [14][15].