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Core Viewpoint - The article discusses the characteristics, applicability, and disclosure requirements of companies in the Sci-Tech Innovation Board's growth tier, emphasizing support for technology-driven firms that are not yet profitable but have significant potential for breakthroughs and commercial success [4][5][6]. Group 1: Characteristics of Sci-Tech Growth Tier Companies - Companies in the Sci-Tech growth tier are defined as technology-oriented firms that have made significant technological breakthroughs, possess broad commercial prospects, and maintain substantial R&D investments, while still being in a pre-profit stage at the time of listing [4]. Group 2: Applicability of Sci-Tech Growth Tier - The growth tier applies to both existing listed companies that have not yet turned a profit (referred to as "existing companies") and newly registered companies that are also unprofitable at the time of listing (referred to as "incremental companies"). Existing companies are included from the date the "Guidelines for Sci-Tech Growth Tier" are published, while incremental companies are included from their listing date [5]. Group 3: Criteria for Removal from Sci-Tech Growth Tier - The removal criteria for companies from the growth tier are based on a "new-old distinction." Incremental companies will be removed if they meet the first set of listing standards, 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 a positive net profit in the last year with revenue of no less than 100 million yuan. For existing companies, the removal condition remains that they must achieve profitability for the first time after listing [6]. Group 4: Investor Awareness of Removals - Investors can learn about a company's removal from the growth tier through the annual report, where companies will disclose their compliance with the removal conditions. The Shanghai Stock Exchange will also promptly announce the removal. Additionally, investors should check if the stock or depositary receipt's name has lost its special identifier, which is a "U" added to indicate its growth tier status [8]. Group 5: Trading Considerations for Investors - Investors participating in trading of newly registered growth tier stocks must sign a special risk disclosure document. However, existing stocks or depositary receipts are not subject to this requirement. All companies in the growth tier are unprofitable, and there are stricter disclosure requirements for these companies compared to other listed companies on the Sci-Tech board [9][10]. Group 6: Disclosure Requirements for Growth Tier Companies - The Shanghai Stock Exchange imposes stricter information disclosure requirements on growth tier companies, particularly in their annual and interim reports. Companies must disclose the reasons for their unprofitability and its impact on the business, and the lead underwriters are responsible for ongoing supervision and must provide conclusive opinions on the risks involved [11].