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Core Viewpoint - The article discusses the newly released "Self-Regulatory Guidelines for the Science and Technology Innovation Board Listed 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 [2]. Group 1: Definition and Target Companies - The Growth Layer is designed for technology companies that have significant technological breakthroughs, broad commercial prospects, and substantial ongoing R&D investments, which are still 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 unprofitable companies at the time of listing (referred to as "incremental companies") [5]. Group 2: Conditions for Removal from the Growth Layer - 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, specifically if they achieve positive net profits for the last two years with a cumulative net profit of no less than 50 million yuan, or if they have a positive net profit in the last year with operating revenue of no less than 100 million yuan [7]. - Existing companies will continue to be removed based on achieving profitability after listing [7]. Group 3: Disclosure and Risk Management - Investors can monitor if a company has been removed from the Growth Layer through the company's annual report, which will include announcements regarding compliance with removal conditions [8]. - A special identifier "U" will be added to the stock or depositary receipt name to indicate that it belongs to the Growth Layer, ensuring transparency regarding the risks associated with these stocks [9]. - Companies in the Growth Layer are subject to stricter disclosure requirements, including the need to explain the reasons for their unprofitability and its impact on the company in their annual reports [14].