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Core Viewpoint - The article discusses the newly released "Self-Regulatory Guidelines for the Science and Technology Innovation Board Listed Companies - 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][4]. Summary by Sections Definition of Growth Layer Companies - The Growth Layer is designed for technology companies that have significant technological breakthroughs, broad commercial prospects, and substantial ongoing R&D investments, but are still unprofitable at the time of listing [4]. Applicability of Growth Layer Companies - 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 their listing date [5]. Conditions for Removal from 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 with a cumulative net profit of no less than 50 million yuan. 2. If a company has positive net profit for the last year and revenue of no less than 100 million yuan. - For existing companies, the removal condition remains that they must achieve profitability after listing [7]. Investor Awareness of Removal - 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]. Special Marking for Growth Layer Stocks - To adequately disclose risks, stocks or depositary receipts of Growth Layer companies will have a special marking, indicated by adding a "U" to the stock or depositary receipt's abbreviation. Companies that fail to disclose annual reports or receive adverse audit opinions will not have their tier adjusted [9]. Trading Participation Considerations - 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]. Information Disclosure Requirements - The Shanghai Stock Exchange imposes stricter information disclosure requirements on Growth Layer companies, which must explain the reasons for being unprofitable and its impact in their annual reports. The sponsoring institutions must also fulfill their supervisory duties and disclose any significant adverse risks related to the company's technological innovation and growth prospects [14][15].