科创板科创成长层

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【金融头条】耗时仅88天!摩尔线程闪电过会!未盈利科创企业跑出“上市加速度”
Jing Ji Guan Cha Wang· 2025-09-27 02:56
经济观察报 记者 蔡越坤 9月26日,"国产GPU"第一股摩尔线程智能科技(北京)股份有限公司(下称"摩尔线程")首发申请成功通过上海证券交易所(下称"上交所")上市审核委 员会会议审议。 从6月30日科创板首发申请获上交所受理,到9月5日披露了首轮审核问询函回复、9月18日更新了第二轮审核问询函回复,再到9月19日公告上会日,摩尔线 程作为未盈利企业,不到3个月即行至IPO(首次公开发行)冲关"临门一脚",可谓跑出"火箭速度"。 这让周挺感到久违的振奋。作为一家科技类公司的CEO,周挺正全力推进公司的IPO进程。他所在的公司在过去三年净利润持续为负,但在2025年上半年已 出现减亏迹象。两年前,该公司曾启动上市筹备工作,却逢"8·27"新政(2023年8月27日,证监会明确"根据近期市场情况,阶段性收紧IPO节奏,促进投融 资两端的动态平衡")出台,IPO计划被迫搁置。 科创板自2019年设立以来,其第五套上市标准一直被视为未盈利硬科技企业登陆资本市场的重要通道。有着十多年从业经历的投行人士李波告诉经济观察报 记者,"8·27新政"发布之后,未盈利企业上市陷入停滞。 2025年6月,转机出现。6月18日,中 ...
解锁科创板新地图:“科创成长层”开通攻略在此!
申万宏源证券上海北京西路营业部· 2025-09-22 02:32
The 申斤宏源证券 SHENWAN HONGYUAN SECURITIES 解锁科创板新地图 "科创成长层"开通攻略在此! 科创成长层从哪儿来? 若您已开通科创板交易权限且风险承受能力测评结果为C4 (积极型) (含)以上,在签署科创成长层风险揭示书后方可 交易2025年7月13日新规发布后新上市的科创成长层股票或存 托凭证,若未签署仅可以交易2025年7月13日新规发布前已上 士かっつけた旦十月にはないというのであげたけど、 中的32多仔重木盆村的科则以下层反宗以仔托元此。 参与路径 申财有道APP/大赢家APP 首页 科创成长层 业务开通 业务办理 以申财有道为例: 业务办理首页 科创成长层 科创成长层 I 热门业务 账户管理 密码服务 权限开通 理财 相关协议 l 材别成长层 I 科创成长层是科创板内为未盈利科技型企业设 I 立的专门层次,旨在增强对前景广阔科技型企 科创板上海证券交易所科创板科创成长层企 业的包容性。符合条件的投资者可以要托证券 I 业股票投资风险揭示书 公司参与科创成长居股票或存托凭证交易, 权圆开通 (2 沪深ETF申赎业务 目 创新企业股票或存托 本人(本机构)已仔细阅读并接受 ...
信用账户科创板科创成长层交易权限开通指南
申万宏源证券上海北京西路营业部· 2025-09-11 02:51
重 要 通 知 信用账户科创板科创 成长 层 交易权限开通指南 科创板科创成长层 交易权限开通条件 01 科创板科创成长层即将上线。投资者开通信用账户科创板科创成长层交易权限需 要什么条件和流程呢?别急,往下看! 信用账户科创板科创成长层交易权限开通条件:除需符合融资融券客户准入标准 外,还应符合—— (1)普通账户科创板科创成长层资质审核通过并开通(或准予开通)。 (2)信用账户科创板(不含成长层)交易权限已开通。 (3)签署确认包含科创板科创成长层融资融券交易风险揭示条款的《融资融券交 易风险揭示书》。 交易权限开通流程 02 (一)申万宏源证券大赢家/申财有道手机APP线上申请开通流程: (1)一站式申请开通信用账户科创板(不含成长层)权限、科创成长层权限 通过普通资金账号、信用资金账号登录,菜单:【业务办理】-【科创板业务】。 选择信用账户,申请开通,系统将显示《融资融券交易风险揭示书》,需阅读15 秒以上,确认后,完成信用账户科创板(不含成长层)权限、科创成长层权限申 请。 < 8 业务办理首页 热门业务 账户管理 密码服务 权限开通 理财 Q 输入功能名称 国 ■ 休眠证券账户激活 密码服务 户 ...
解锁科创板新地图:“科创成长层”开通攻略在此!
申万宏源证券上海北京西路营业部· 2025-09-08 02:08
Core Viewpoint - The article discusses the launch of the "Science and Technology Innovation Growth Layer" on the STAR Market, aimed at supporting unprofitable but promising technology companies, with specific guidelines for investors to participate in trading these stocks [5][19]. Group 1: Introduction to the Growth Layer - The "Science and Technology Innovation Growth Layer" was officially established on July 13, 2025, by the Shanghai Stock Exchange, marking a new phase for unprofitable technology enterprises [5]. - This layer is designed to enhance inclusivity for technology companies with significant growth potential that are not yet profitable [9][17]. Group 2: Participation Guidelines - Investors who already have STAR Market trading permissions and have a risk tolerance assessment of C4 (active) or above can trade stocks or depositary receipts listed after the new regulations [7][11]. - For investors without STAR Market trading permissions, they must first meet the basic requirements and open trading permissions before signing the risk disclosure for the Growth Layer [11][12]. - Specific requirements for individual investors include maintaining an average asset of at least 500,000 RMB in their accounts over the past 20 trading days, having at least 24 months of trading experience, and passing a knowledge test on STAR Market trading [12]. Group 3: Identification and Labeling - Stocks from the Growth Layer will have a "U" identifier to indicate their unprofitable status, with new registered stocks labeled as "成" and existing stocks labeled as "成1" to differentiate between them [17].
解锁科创板新地图:“科创成长层”开通攻略在此!
申万宏源证券上海北京西路营业部· 2025-09-05 03:15
Core Viewpoint - The article discusses the launch of the "Science and Technology Innovation Growth Layer" on the STAR Market, aimed at supporting unprofitable but promising technology companies [5][19]. Summary by Sections Introduction to the Growth Layer - The "Science and Technology Innovation Growth Layer" was officially established on July 13, 2025, by the Shanghai Stock Exchange to support the development of unprofitable technology enterprises with significant growth potential [5]. Access Guidelines - Investors who already have STAR Market trading permissions and a risk tolerance assessment of C4 (active) or above can trade stocks or depositary receipts listed after the new regulations on July 13, 2025, after signing a risk disclosure statement [7][11]. - For those without STAR Market trading permissions, they must first meet the basic requirements and open trading permissions before signing the risk disclosure statement to participate in the Growth Layer [11]. Eligibility Requirements - Personal investors must have an average asset of no less than RMB 500,000 in their securities and funds accounts over the past 20 trading days, excluding funds and securities obtained through margin trading [12]. - Investors must have at least 24 months of trading experience and pass a knowledge test on STAR Market trading risks [12]. Trading Process - The trading process for the Growth Layer involves accessing the "Science and Technology Innovation Growth Layer" menu after opening permissions for the STAR Market [15]. - Stocks from the Growth Layer will have a "U" identifier to indicate their unprofitable status, with new registrations labeled as "成" and existing stocks labeled as "成1" [17]. Investment Characteristics - The Growth Layer focuses on unprofitable hard technology companies, characterized by high growth potential and volatility [19].
解锁科创板新地图:“科创成长层”开通攻略在此!
申万宏源证券上海北京西路营业部· 2025-09-04 02:32
Core Viewpoint - The article discusses the launch of the "Science and Technology Innovation Growth Layer" on the STAR Market, aimed at supporting unprofitable but promising technology companies [5]. Group 1: Introduction to the Growth Layer - The "Science and Technology Innovation Growth Layer" was officially established on July 13, 2025, by the Shanghai Stock Exchange, marking a significant step in supporting the development of technology enterprises that are not yet profitable but have strong growth potential [5]. - This layer is designed to enhance the inclusivity of the STAR Market for technology companies with promising futures [9]. Group 2: Access and Participation - Investors who already have STAR Market trading permissions and have a risk tolerance assessment result of C4 (active) or above can trade stocks or depositary receipts listed after the new regulations are published, provided they sign a risk disclosure statement [7]. - For investors who have not yet opened STAR Market trading permissions, they must first meet the basic requirements and then sign the risk disclosure statement to participate in the trading of stocks or depositary receipts in the Growth Layer [11]. Group 3: Requirements for Investors - Personal investors must meet several criteria to open trading permissions for the STAR Market, including maintaining an average asset of no less than 500,000 RMB in their securities and funds accounts over the past 20 trading days, having at least 24 months of trading experience, and passing a knowledge test on STAR Market trading risks [12]. - Investors must also demonstrate strong risk tolerance and risk control capabilities, with a minimum risk tolerance assessment result of C4 (active) [12]. Group 4: Identification of Growth Layer Stocks - Stocks of companies in the Growth Layer will have a "U" identifier to indicate their unprofitable status, with new registered stocks labeled as "成" and existing stocks labeled as "成1" to differentiate between new and existing listings [17].
解锁科创板新地图:“科创成长层”开通攻略在此!
申万宏源证券上海北京西路营业部· 2025-08-29 02:45
Core Viewpoint - The article discusses the launch of the "Science and Technology Innovation Growth Layer" on the STAR Market, aimed at supporting unprofitable but promising technology companies [5]. Group 1: Introduction to the Growth Layer - The "Science and Technology Innovation Growth Layer" was officially established on July 13, 2025, by the Shanghai Stock Exchange, marking a new phase for the STAR Market [5]. - This layer is designed to enhance inclusivity for technology companies that are not yet profitable but have significant growth potential [9]. Group 2: Access and Participation - Investors who already have STAR Market trading permissions and meet a risk tolerance assessment of C4 (active type) or above can trade stocks or depositary receipts listed after the new regulations [7]. - For investors without STAR Market trading permissions, they must first meet the basic requirements and then sign a risk disclosure statement to participate in the Growth Layer [11]. Group 3: Eligibility Requirements - Personal investors must have an average asset of no less than 500,000 RMB in their securities and funds accounts over the past 20 trading days, excluding funds and securities obtained through margin trading [12]. - Investors must have at least 24 months of trading experience and pass a knowledge test on STAR Market trading risks [12]. Group 4: Identification of Growth Layer Stocks - Stocks from the Growth Layer will have a "U" identifier to indicate their unprofitable status, with new registered stocks labeled as "成" and existing stocks labeled as "成1" [17].
最新2期 | 沪深北交易所发行上市审核动态.PDF
梧桐树下V· 2025-08-28 05:00
Core Viewpoint - The article discusses the recent updates and changes in the registration-based IPO and asset restructuring regulations in China, highlighting the efforts to enhance the inclusivity and adaptability of the system for technology-oriented companies [5][7][8]. Summary by Sections 1. Review Overview - As of June 30, 2025, the Beijing Stock Exchange received 115 applications for public offerings, with 12 approved by the listing committee and 7 registered by the CSRC, raising a total of 1.923 billion yuan [20]. - The Shenzhen Stock Exchange processed 32 initial public offering (IPO) applications in the first half of 2025, with 11 from the main board and 21 from the ChiNext board [15]. - The Shanghai Stock Exchange revised its major asset restructuring review rules, introducing a simplified review process for certain transactions [8][9]. 2. Policy Updates - The CSRC issued the "Opinions on Setting Up a Growth Tier on the Sci-Tech Innovation Board," aimed at enhancing the system's inclusivity for unprofitable companies and improving investor protection [5]. - The "Major Asset Restructuring Management Measures" were amended to allow for installment payments for share acquisitions and to introduce a simplified review process for certain transactions [7]. - The Shanghai Stock Exchange's updated rules specify conditions for simplified reviews and establish a negative list for eligible transactions [9]. 3. Regulatory Dynamics - The article outlines the self-regulatory implementation status and case studies related to the issuance and underwriting supervision [4]. - It emphasizes the importance of compliance with disclosure requirements and the responsibilities of companies and their advisors during the IPO process [22][24]. 4. Common Questions - The article provides guidance on pre-application consultations, emphasizing the importance of clarity and efficiency in communication between issuers and the exchange [22][23].
解锁科创板新地图:“科创成长层”开通攻略在此!
申万宏源证券上海北京西路营业部· 2025-08-14 02:53
Core Viewpoint - The article discusses the establishment and operational guidelines of the "Science and Technology Innovation Growth Layer" on the STAR Market, aimed at supporting unprofitable but promising technology companies [5][19]. Group 1: Introduction to the Science and Technology Innovation Growth Layer - The Science and Technology Innovation Growth Layer was officially launched on July 13, 2025, by the Shanghai Stock Exchange, with the goal of fostering the development of unprofitable technology enterprises with significant growth potential [5]. - This layer is designed to enhance the inclusivity for technology companies that are not yet profitable but have strong future prospects [9][17]. Group 2: Access and Participation Guidelines - Investors who already have STAR Market trading permissions and possess a risk tolerance assessment of C4 (active) or above can trade stocks or depositary receipts listed after the new regulations on July 13, 2025, after signing a risk disclosure statement [7][11]. - For investors who have not yet opened STAR Market trading permissions, they must first meet the basic requirements and then sign the risk disclosure statement to participate in the trading of stocks or depositary receipts in the Growth Layer [11][12]. Group 3: Eligibility Criteria for Individual Investors - To qualify for trading permissions on the STAR Market, individual investors must have an average asset of no less than RMB 500,000 in their securities and funds accounts over the past 20 trading days, excluding funds and securities obtained through margin trading [12]. - Investors must also have at least 24 months of trading experience and pass a knowledge test regarding STAR Market trading risks [12]. Group 4: Identification and Labeling of Stocks - Stocks in the Science and Technology Innovation Growth Layer will have a "U" identifier to indicate their unprofitable status, with new registered stocks labeled as "成" and existing stocks labeled as "成1" to differentiate between new and existing listings [17].
解锁科创板新地图:“科创成长层”开通攻略在此!
申万宏源证券上海北京西路营业部· 2025-08-11 01:54
Core Viewpoint - The article discusses the launch of the "Science and Technology Innovation Growth Layer" on the STAR Market, aimed at supporting unprofitable but promising technology companies, with specific guidelines for investors to participate in trading these stocks [5][19]. Group 1: Introduction to the Growth Layer - The "Science and Technology Innovation Growth Layer" was officially established on July 13, 2025, by the Shanghai Stock Exchange, marking a new phase for unprofitable technology enterprises [5]. - This layer is designed to enhance inclusivity for technology companies with significant growth potential that are not yet profitable [9][17]. Group 2: Participation Guidelines - Investors who already have STAR Market trading permissions and have a risk tolerance assessment of C4 (active) or above can trade stocks or depositary receipts listed after the new regulations [7][11]. - For investors without STAR Market trading permissions, they must first meet the basic requirements and open trading permissions before signing the risk disclosure document for the Growth Layer [11][12]. Group 3: Eligibility Criteria - To open trading permissions for the STAR Market, investors must have an average asset of at least 500,000 RMB in their securities and funds accounts over the past 20 trading days, excluding funds and securities obtained through margin trading [12]. - Investors must have at least 24 months of trading experience and pass a knowledge test regarding STAR Market trading risks [12]. Group 4: Stock Identification - Stocks from the Growth Layer will have a "U" identifier to indicate their unprofitable status, with new registered stocks labeled as "成" and existing stocks labeled as "成1" to differentiate between them [17].