上交所发布通知称， 为了落实《中国证监会关于在科创板设置科创成长层 增强制度包容性适应性的意 见》（以下简称《科创板意见》），规范科创板科创成长层上市公司日常监管，保护投资者合法权益， 更好服务科技创新和新质生产力发展，上海证券交易所（以下简称本所）起草了《上海证券交易所科创 板上市公司自律监管指引第5号——科创成长层》（以下简称《科创成长层指引》），现将有关情况说 明如下。 一、起草背景 设立科创板并试点注册制六年来，在中国证监会的领导下，本所坚守科创板板块定位，深化各项制度机 制创新，改革效应不断放大。特别是，"科创板八条"发布实施一年来，科创板改革"再出发"，服务科技 创新和新质生产力发展的能力持续增强。2025年6月18日，中国证监会发布《科创板意见》，进一步 发挥科创板"试验田"作用，设置科创成长层，在促进投融资平衡的基础上更好发挥支持科技创新功能作 用。《科创成长层指引》细化落实《科创板意见》要求，明确科创成长层的具体定位、纳入调出条件、 信息披露要求等。 二、主要内容 《科创成长层指引》共12条，主要包括5方面内容，具体如下： 一是明确科创成长层定位，科创成长层精准支持技术实现较大突破、商业前景 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 科创板"1+6"政策配套业务规则来了！ 7月13日，上交所正式发布实施进一步深化科创板改革配套业务规则，包括《科创板上市公司自律监管 指引第5号——科创成长层》（以下简称《科创成长层指引》）、《发行上市审核规则适用指引第7号 ——预先审阅》（以下简称《预先审阅指引》）、《发行上市审核规则适用指引第8号——资深专业机 构投资者》（以下简称《资深专业机构投资者指引》）3项业务指引，以及修订的《会员管理业务指南 第2号——风险揭示书必备条款》和《证券交易业务指南第6号——证券特殊标识》2项业务指南。 6月18日，中国证监会正式发布《关于在科创板设置科创成长层 增强制度包容性适应性的意见》（以下 简称《科创板意见》或"科创板改革'1+6'政策"），推出一揽子更具包容性、适应性的制度改革。上交 所推出系列配套业务规则，旨在落实《科创板意见》。 根据配套业务规则，科创板存量32家未盈利企业将自《科创成长层指引》发布实施之日起进入科创成长 层，新注册的未盈利企业将自上市之日起进入；借鉴境外市场的经验，在科创板试点引入IPO预先审阅 机制，开展关键核心技术攻关或者符合其他特定 ...

科创板"1+6"政策配套业务规则来了！ 7月13日，上交所正式发布实施进一步深化科创板改革配套业务规则，包括《科创板上市公司自律监管指引第5 号——科创成长层》（以下简称《科创成长层指引》）、《发行上市审核规则适用指引第7号——预先审阅》 （以下简称《预先审阅指引》）、《发行上市审核规则适用指引第8号——资深专业机构投资者》（以下简称 《资深专业机构投资者指引》）3项业务指引，以及修订的《会员管理业务指南第2号——风险揭示书必备条 款》和《证券交易业务指南第6号——证券特殊标识》2项业务指南。 6月18日，中国证监会正式发布《关于在科创板设置科创成长层 增强制度包容性适应性的意见》（以下简称 《科创板意见》或"科创板改革'1+6'政策"），推出一揽子更具包容性、适应性的制度改革。上交所推出系列 配套业务规则，旨在落实《科创板意见》。 根据配套业务规则，科创板存量32家未盈利企业将自《科创成长层指引》发布实施之日起进入科创成长层，新 注册的未盈利企业将自上市之日起进入；借鉴境外市场的经验，在科创板试点引入IPO预先审阅机制，开展关 键核心技术攻关或者符合其他特定情形的科技型企业，因过早披露业务技术信息、上市计划 ...

Group 1 - The core idea of the news is the introduction of a system for seasoned professional institutional investors in the Sci-Tech Innovation Board to enhance the identification and judgment of the technological attributes and commercial prospects of tech companies [1][2] - The introduction of seasoned professional institutional investors aims to address the valuation challenges faced by unprofitable tech companies, which often have high R&D costs and long commercialization cycles [1][2] - The system is expected to help improve the identification of quality tech companies by leveraging the expertise and investment experience of seasoned professional institutional investors [1][2] Group 2 - The Shanghai Stock Exchange is developing relevant business rules to define the standards for recognizing seasoned professional institutional investors and to strengthen self-regulation [2] - The trial implementation of this system is based on successful practices from mature overseas markets, where private equity and venture capital have played crucial roles in the commercialization of advanced technologies [2][4] - The system will initially be limited to companies meeting the fifth set of listing standards, and the involvement of seasoned professional institutional investors will serve as a reference for the review process rather than a new listing condition [3][4] Group 3 - The introduction of seasoned professional institutional investors is expected to stabilize the stock market by encouraging long-term investments and reducing capital volatility [3][5] - The Hong Kong Stock Exchange has implemented a similar system, which has shown positive results in terms of revenue growth and reduced losses for companies listed under specific rules [4] - The growth of diverse investment entities, including private equity and venture capital, has provided significant funding support for tech companies at various stages of development [5]

Core Viewpoint - The introduction of seasoned institutional investors in the Sci-Tech Innovation Board (STAR Market) aims to enhance the evaluation of unprofitable companies' technological attributes and commercial prospects, addressing issues such as information asymmetry and valuation difficulties [1][2][4]. Group 1: Introduction of Institutional Investors - The Shanghai Stock Exchange announced a meeting to review the listing application of Wuhan Heyuan Biotechnology Co., marking the first company to be reviewed under the new fifth set of standards for unprofitable enterprises [1]. - The "1+6" policy measures introduced by the China Securities Regulatory Commission (CSRC) emphasize the role of seasoned institutional investors in providing market validation for companies' technological capabilities and business prospects [2][3]. Group 2: Impact on Market Dynamics - Experts believe that while the introduction of institutional investors may not reverse the trend of resource concentration towards leading firms, it does provide development space for smaller institutions [4][5]. - The policy aims to mitigate the risks associated with unprofitable companies by leveraging the expertise of institutional investors, which can help in setting appropriate IPO pricing and reducing irrational market fluctuations [2][3]. Group 3: Regulatory Considerations - Concerns regarding potential conflicts of interest due to institutional investors acting as both shareholders and endorsers have been raised, prompting the Shanghai Stock Exchange to enhance regulatory measures and establish a "blacklist" system to prevent misconduct [1][7]. - Recommendations include developing specific legal provisions to regulate the behavior of institutional investors and ensuring thorough due diligence to prevent the over-packaging of companies [6][7].

Core Viewpoint - The introduction of a professional institutional investor system aims to enhance the identification and evaluation of high-quality technology enterprises in China's Sci-Tech Innovation Board, addressing the challenges of assessing the innovation attributes and commercial prospects of tech companies [1][2]. Group 1: Introduction of Professional Institutional Investors - The China Securities Regulatory Commission (CSRC) has proposed a pilot program to introduce professional institutional investors for companies meeting the fifth set of listing standards on the Sci-Tech Innovation Board [2][4]. - This initiative is designed to provide a new pathway for investors to discover the investment value of enterprises while improving the market mechanism for identifying quality tech firms [2][4]. Group 2: Characteristics of Tech Enterprises - Early-stage, unprofitable tech companies often face high R&D costs, long application cycles, and significant commercialization risks, leading to uncertainty in their ongoing operations and profitability [2][3]. - Successful identification of these companies can lead to exponential growth, making the assessment of investment risks and values challenging [2][3]. Group 3: Advantages of Professional Institutional Investors - Professional institutional investors possess specialized judgment capabilities regarding the innovation attributes and future development potential of tech companies, particularly those with core technologies [3][5]. - The backing of professional investors can reduce risks and provide market validation for a company's technological strength and commercial prospects [5]. Group 4: Market Practices and Statistics - The Hong Kong Stock Exchange has successfully implemented a similar system since 2018, with significant growth in revenue and net profit for companies listed under specific rules [4]. - As of the end of 2024, 67 companies were listed under the relevant rules, with an average of 3 professional investors per company, holding an average of 21% of shares collectively [4]. Group 5: Industry Implications - The introduction of this system may reshape the competitive landscape of the VC/PE industry, favoring capital-rich and technically adept leading institutions [6]. - There is a need for clear standards and regulatory oversight regarding the identification and behavior of professional institutional investors to ensure effective implementation [6].

精准识别优质科技型企业将迎来新"帮手"。6月18日，证监会发布《关于在科创板设置科创成长层增强 制度包容性适应性的意见》(简称《科创板意见》，即科创板深化改革"1+6"政策措施)，对于适用科创 板第五套上市标准的企业，试点引入资深专业机构投资者制度。 在市场人士看来，试点引入资深专业机构投资者制度，有助于发挥市场化机构的优势，精准识别优质科 技型企业，提高定价效率，提高资本市场资源配置的精准性；同时，有助于引导长期资本投早、投小、 投长期、投硬科技。 水木资本董事长、母基金研究中心创始人唐劲草在接受《证券日报》记者采访时表示，这一制度创新是 资本市场支持科技创新的关键一步，其成效取决于配套细则的精准落地和配套机制的协同优化。未来需 持续关注资深专业机构投资者的行为规范、市场定价效率的变化，以及未盈利企业的长期发展，确保政 策既能提升资源配置效率，又能有效保护中小投资者合法权益。 发挥专业机构独特优势 弥补传统审核机制短板 去年6月份，证监会发布的《关于深化科创板改革服务科技创新和新质生产力发展的八条措施》提出， 进一步完善科技型企业精准识别机制，发挥好市场机制作用。 对于如何发挥市场化力量精准识别科技型企业， ...

Group 1 - The core idea of the news is the introduction of a system for professional institutional investors in the Sci-Tech Innovation Board to enhance the identification and evaluation of technology companies' innovation attributes and business prospects [1][2] - The introduction of professional institutional investors aims to address the valuation challenges faced by unprofitable technology companies, which often have high R&D costs and long commercialization cycles [1][2] - The system is expected to help improve the identification of quality technology companies by leveraging the expertise and investment experience of professional institutional investors [1][2] Group 2 - The Shanghai Stock Exchange is developing relevant business rules to define the standards for recognizing professional institutional investors and to strengthen self-regulation [2] - The trial implementation of this system is based on successful practices from mature overseas markets, where private equity and venture capital have played crucial roles in commercializing advanced technologies [2][3] - The system will initially be limited to companies meeting the fifth set of listing standards, serving as a reference for review rather than a new listing condition [3] Group 3 - The introduction of professional institutional investors is seen as a way to attract long-term capital into the market, stabilizing the stock market and reducing capital volatility [3][4] - The Hong Kong Stock Exchange has implemented a similar system since 2018, which has shown positive results in terms of revenue growth and reduced losses for companies listed under specific rules [4] - The growth of diverse investment entities, including government investment funds and private equity, has been supported by national policies promoting technological innovation [5]

科创板作为资本市场"硬科技"企业阵地，迎来了新一轮重要改革。 在2025年陆家嘴论坛期间，证监会推出了一系列提升资本市场制度包容性、适应性的举措。其中，科创 板"1+6"政策成为市场关注的焦点，在六项改革措施中，第一项便是对于适用科创板第五套上市标准的 企业，试点引入资深专业机构投资者制度。 据了解，此项改革是借鉴了境外市场有关做法，希望借助机构投资者的专业判断、"真金白银"投入，帮 助审核机构、中小投资者更好地判断企业的科创属性、商业前景。 "资深专业投资者具备对研发管线、技术壁垒的深度研判能力，可减少信息不对称。" 东吴证券首席经 济学家芦哲对第一财经表示，一方面包括高端科技研发成功率、专利布局等关键指标的专业评估，可避 免市场因短期盈利缺失导致的低估问题。 芦哲称，另一方面，专业投资者具有定价锚定效应，前期对于同类公司的入股价格和持股比例可作为 IPO定价参考，降低发行估值泡沫或破发风险，此前第五套标准企业上市后投资回报率差异大，专业投 资者的介入有望缩小非理性波动。 探索"硬科技"企业识别的解法 近年来，资本市场的改革始终围绕强化"含科量"在展开，但科技创新的发展日新月异，如何精准识别和 判断科技型企 ...

Core Viewpoint - The introduction of the "1+6" policy by the China Securities Regulatory Commission (CSRC) aims to facilitate the listing of loss-making companies on the Sci-Tech Innovation Board (STAR Market), addressing the challenges faced by tech firms in securing funding and going public [2][4]. Group 1: Policy Overview - The "1+6" policy includes the establishment of a Sci-Tech Growth Layer on the STAR Market, allowing companies with losses or zero revenue to list [2][4]. - Currently, there are 30 companies marked with a "U" indicating they are in the Sci-Tech Growth Layer, which allows for listing despite losses [4]. - New regulations require companies registered after the new rules to meet stricter criteria to remove the "U" mark, compared to previous standards [6]. Group 2: Listing Standards - The first standard for listing requires companies to be profitable in the last two years with a total profit of at least 50 million yuan, or to have a profit and revenue of at least 100 million yuan in the last year [7]. - The fifth standard allows companies with losses and zero revenue to list, provided they have a market value of over 4 billion yuan and meet other specific criteria [9][10]. - Currently, 20 companies have utilized the fifth standard for listing, primarily in the biopharmaceutical sector [12][13]. Group 3: New Measures - The policy introduces six reform measures, including expanding the fifth standard to support more frontier technology sectors like artificial intelligence and commercial aerospace [8][17]. - A new mechanism for pre-IPO review is being piloted to protect sensitive information for high-quality tech companies [22][23]. - Companies can now raise funds from existing shareholders during the IPO process, which is beneficial for those lacking self-sustaining financial capabilities [24][25]. Group 4: Investment and Oversight - The introduction of a system for professional institutional investors aims to enhance the evaluation of companies that qualify for the fifth standard, ensuring better judgment on their future prospects [19][20]. - The CSRC emphasizes the need for strict regulatory measures to prevent fraudulent activities and protect investor rights, ensuring that companies meet multiple criteria for listing [28].