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, focusing on the support for technology companies that are not yet profitable but have significant technological breakthroughs and commercial potential [2][4]. Group 1: Definition and Scope - The Growth Layer is designed for technology companies that have made significant technological breakthroughs, have broad commercial prospects, and are in a stage of continuous R&D investment while still being unprofitable at the time of listing [4]. - 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") [5]. Group 2: Exit Conditions - Incremental companies will be removed from the Growth Layer if they meet the first set of listing standards of the Science and Technology Innovation Board, which includes 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 in the last year with revenue of no less than 100 million yuan [7]. - For existing companies, the exit condition remains that they must achieve profitability after listing [7]. Group 3: Investor Awareness - Investors can be informed about a company's exit from the Growth Layer through the company's annual report, which will include an announcement if the company meets the exit conditions [8]. - A special identifier "U" will be added to the stock or depositary receipt name to indicate that it has been removed from the Growth Layer [9]. Group 4: Information Disclosure Requirements - Companies in the Growth Layer are subject to stricter information disclosure requirements, including the need to explain the reasons for not being profitable and the impact on the company in their annual reports [14]. - The sponsoring institutions of these companies have a continuous supervisory obligation to ensure compliance with disclosure requirements and to report any significant adverse impacts on the company's technological innovation, R&D capabilities, or growth prospects [15].