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解锁科创板新地图:“科创成长层”开通攻略在此!
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!
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].
投教宣传|一图看懂科创板科创成长层证券特殊标识
Core Viewpoint - The article discusses the recent regulatory changes by the Shanghai Stock Exchange regarding the special identification of securities in the Sci-Tech Innovation Board's growth tier, particularly focusing on the "U" designation for unprofitable companies [2][4]. Summary by Sections New Regulations on Special Identification - The Shanghai Stock Exchange has introduced a special identification system for securities to alert investors about specific situations related to the issuer [4]. - All unprofitable companies listed in the newly established Sci-Tech Innovation Board growth tier will have a "U" added to their stock abbreviation [4]. Differentiation Between New and Existing Companies - To help investors distinguish between existing and newly registered companies in the growth tier, the exchange has optimized the display on trading terminals [5]. - Newly registered stocks will have a label "成" with a prompt indicating "新注册科创成长层股票" (Newly Registered Growth Tier Stocks), while existing stocks will have a label "成1" with a prompt indicating "存量科创成长层股票" (Existing Growth Tier Stocks) [5]. Other Common Special Identifications - Additional special identifications include: 1. "D" for companies issuing depositary receipts [6]. 2. "N" for stocks on their first trading day after an IPO or transfer to the Sci-Tech Innovation Board [6]. 3. "C" for stocks during the second to fifth trading days post-IPO or transfer [6]. 4. "W" for companies with differential voting rights, which will be removed once the arrangement is no longer in place [6].
投教宣传|一图看懂科创板科创成长层投资者适当性管理
Core Viewpoint - The article discusses the new regulations regarding the investor suitability requirements for participating in the Sci-Tech Innovation Board's Growth Layer, emphasizing that there are no new trading thresholds for individual investors [2][3]. Summary by Sections - **Investor Participation Requirements** Individual investors can participate in the trading of stocks or depositary receipts in the Sci-Tech Innovation Board's Growth Layer without additional trading thresholds, provided they meet the basic suitability requirements, which include having an average daily asset of no less than RMB 500,000 in their securities and funds accounts over the past 20 trading days, excluding funds and securities borrowed through margin trading, and having at least 24 months of trading experience [3]. - **Risk Disclosure for New Unprofitable Tech Companies** Ordinary investors must sign a specific risk disclosure document before investing in newly registered unprofitable tech companies within the Growth Layer. This includes signing the "Sci-Tech Innovation Board Stock Investor Risk Disclosure" for first-time applicants and the "Growth Layer Investment Risk Disclosure" for those wishing to trade stocks of newly registered companies [5][6]. - **Existing Investors and Risk Disclosure** Existing investors who have already opened trading permissions for the Sci-Tech Innovation Board must sign the "Growth Layer Risk Disclosure" before participating in the trading of newly registered stocks in the Growth Layer [6]. - **Investment in Existing Unprofitable Companies** Investors looking to invest in existing unprofitable companies listed on the Sci-Tech Innovation Board prior to the issuance of the Growth Layer guidelines do not need to sign the "Growth Layer Risk Disclosure." However, they must have opened trading permissions for the Sci-Tech Innovation Board [8].
中国结算要求券商报送科创成长层风险揭示书签署情况
Huan Qiu Wang· 2025-07-16 02:51
Group 1 - The China Securities Depository and Clearing Corporation has issued an urgent document requiring brokerages to report the signing status of risk disclosure statements for the Sci-Tech Innovation Board's growth tier, aimed at enhancing investor suitability management [1][3] - Starting from September 22, 2025, accounts of ordinary investors who have signed the risk disclosure will be marked as "C", while those who have not will be marked as "K". Existing accounts will also be uniformly marked as "K" after September 19, 2025 [3] - The Shanghai Stock Exchange has released essential clauses for risk disclosure statements to help investors understand the risks associated with investing in unprofitable companies, reinforcing the responsibilities of brokerages in investor suitability management [3][4] Group 2 - Brokerages are required to inform investors about the suitability management requirements and risk characteristics of growth tier stocks through various communication methods, ensuring investors are well-informed about trading risks [4] - Some brokerages have already integrated features in their trading apps to facilitate the opening of trading permissions for the growth tier, allowing investors to sign risk disclosure statements digitally [4]
A股大消息!“特急”文件,来了!
Zhong Guo Ji Jin Bao· 2025-07-15 14:54
Core Points - China Securities Depository and Clearing Corporation has issued an urgent document requiring brokerages to report the signing status of risk disclosure statements for the Sci-Tech Innovation Board's growth tier [1] - The notice aims to implement the guidelines for enhancing the adaptability of the Sci-Tech Innovation Board and its growth tier, supporting appropriate investor management [1] - Starting from September 22, 2025, brokerages must categorize accounts of ordinary investors who have signed the risk disclosure as type C, while those who have not signed will be categorized as type K [1] - Existing investors' accounts will be uniformly categorized as type K after the end of trading on September 19, 2025 [1] Regulatory Framework - The Shanghai Stock Exchange has established mandatory clauses for the risk disclosure statement for stocks in the growth tier, effective from July 13 [2] - Brokerages are required to inform ordinary investors of the risks associated with new registered growth tier stocks before they can participate in trading [2] - Investors must sign the risk disclosure statement in paper or electronic form; brokerages cannot accept orders from those who have not signed [2] Investor Education - Brokerages are expected to provide comprehensive risk warnings and investor education through various channels, including SMS, phone calls, and trading software notifications [2] - Several brokerages have already integrated features in their apps to facilitate the opening of trading permissions for the growth tier, allowing investors to sign the risk disclosure statement online [2] - Investment advisors are actively reminding clients with Sci-Tech Innovation Board permissions to sign new agreements to trade growth tier stocks [2]
A股大消息!“特急”文件,来了!
中国基金报· 2025-07-15 14:41
Core Viewpoint - The article discusses the recent requirements set by China Securities Depository and Clearing Corporation Limited for brokerages to report the signing status of risk disclosure documents for the Sci-Tech Innovation Board's growth tier, aimed at enhancing investor suitability management and protecting investor rights [1][2]. Group 1: Regulatory Requirements - China Securities Depository and Clearing Corporation Limited has mandated that starting from September 22, 2025, brokerages must categorize accounts of investors who have signed the risk disclosure document for the growth tier as "C" [1]. - For new ordinary investors who have not signed the risk disclosure document, their accounts will be categorized as "K," indicating they cannot invest in newly registered growth tier stocks [1]. - Existing investors' accounts will be uniformly marked as "K" after the end of trading on September 19, 2025, if they have not signed the risk disclosure document [1]. Group 2: Risk Disclosure and Investor Education - On July 13, the Shanghai Stock Exchange released mandatory clauses for the risk disclosure document for growth tier stocks, aimed at helping investors understand the risks associated with investing in unprofitable companies [2]. - Brokerages are required to inform ordinary investors of the risks before they can participate in the subscription or trading of new growth tier stocks, and must obtain a signed risk disclosure document [2]. - Brokerages are encouraged to utilize multiple channels for risk education, including SMS, phone calls, and pop-up notifications in trading software, to ensure investors are well-informed about the risks [2]. Group 3: Implementation by Brokerages - Several brokerages have already integrated a "Open Growth Tier" section in their apps, allowing investors to sign the risk disclosure document and gain trading permissions for the growth tier [3]. - Brokerage advisors are actively reminding clients with existing Sci-Tech Innovation Board permissions to sign the new agreement to trade growth tier stocks [3].
最新!中国结算,向券商发送急件!
券商中国· 2025-07-15 13:43
Core Viewpoint - The article discusses the implementation of a new risk disclosure requirement for investors in the Sci-Tech Innovation Board's growth tier, effective from September 22, 2025, aimed at enhancing investor suitability management [1][3]. Group 1: Notification and Implementation - China Securities Depository and Clearing Corporation has sent a notification regarding the signing of risk disclosure agreements for the Sci-Tech Innovation Board's growth tier [1]. - From September 22, 2025, investors who have signed the risk disclosure will have their accounts marked as category C, while those who have not will be marked as category K [2][3]. - Existing investors' accounts will be uniformly marked as category K after the end of trading on September 19 [4]. Group 2: Broker Actions and Technical Preparations - Several brokerage firms have already launched features in their apps to allow online signing of the risk disclosure agreements and to enable trading permissions for the growth tier [5][6]. - Brokerages are required to prepare their systems and processes to comply with the new regulations and to report their readiness to the Shanghai Stock Exchange [4][6]. Group 3: Investor Requirements - Ordinary investors must sign the risk disclosure agreement to open trading permissions for the Sci-Tech Innovation Board, and to participate in new registered growth tier stocks [7]. - Investors trading stocks that were listed before the notification and have not yet achieved profitability are exempt from signing the risk disclosure [8]. Group 4: Risk Education and Management - Brokerages are mandated to provide comprehensive risk education and management for investors, utilizing various communication channels to inform them about the risks associated with the growth tier stocks [8].
科创板“1+6”配套规则正式落地
第一财经· 2025-07-13 11:57
Core Viewpoint - The establishment of the "Science and Technology Innovation Growth Layer" and the accompanying six reform measures mark a new phase in China's capital market, enhancing its service to technology innovation enterprises and increasing market inclusivity and attractiveness [2][4]. Group 1: Regulatory Changes - The Shanghai Stock Exchange has officially released the "Guidelines for Self-Regulatory Supervision of Listed Companies on the Science and Technology Innovation Board No. 5 - Science and Technology Innovation Growth Layer" and related guidelines, which detail the recognition standards for seasoned professional institutional investors and the pre-review mechanism [1][4]. - The new guidelines specify that the growth layer will primarily serve technology companies that have significant technological breakthroughs and broad commercial prospects but are currently unprofitable [4][5]. Group 2: Investor Impact - The introduction of the growth layer provides investors with a window to share in technological dividends and directs capital towards national strategic needs, fostering a virtuous cycle of "technology-industry-finance" [2][5]. - The growth layer allows for better risk identification for investors, particularly in managing unprofitable technology companies, thus enabling more rational investment decisions [6][11]. Group 3: Market Dynamics - The reform does not impose additional listing thresholds for unprofitable companies, allowing 32 existing unprofitable companies to enter the growth layer immediately upon the guideline's implementation [3][4]. - New unprofitable companies will enter the growth layer upon listing, with stricter exit conditions compared to existing companies, requiring positive net profits in the last two years or significant revenue thresholds [4][5]. Group 4: Professional Investor Guidelines - The newly introduced "Guidelines for Seasoned Professional Institutional Investors" clarify the recognition criteria, focusing on investment experience, compliance, and independence [9][10]. - Institutional investors must have a solid governance structure, manage substantial assets, and have a good track record, with specific requirements for investment in technology companies [9][10]. Group 5: Pre-Review Mechanism - The pre-review mechanism allows technology companies to manage sensitive information before formal IPO applications, reducing the risk of early disclosure impacting their competitive position [13][14]. - Companies applying for pre-review must justify the necessity of the request, and the Shanghai Stock Exchange will ensure compliance with the established rules [13][14].
科创板1加6配套规则正式落地,细化资深专业机构投资者认定标准
Xin Lang Cai Jing· 2025-07-13 11:42
Core Viewpoint - The implementation of the "1+6" supporting rules for the Sci-Tech Innovation Board marks a significant step in enhancing the inclusivity and attractiveness of China's capital market for technology innovation enterprises [1] Group 1: Regulatory Developments - The Shanghai Stock Exchange officially released several guidelines, including the "Guidelines for Self-Regulatory Supervision of Sci-Tech Innovation Board Listed Companies No. 5 - Sci-Tech Growth Layer" and the "Pre-Review Guidelines" [1] - New guidelines were introduced to define the criteria for recognizing seasoned professional institutional investors, focusing on investment experience, compliance operations, investment duration, shareholding scale, and independence [1] Group 2: Market Impact - The establishment of the "Sci-Tech Growth Layer" is seen as a move to meet the investment needs of different risk appetite investors, thereby enriching the market structure of the Sci-Tech Innovation Board [1] - The new policies are expected to guide capital towards areas aligned with national strategic needs, promoting a virtuous cycle of "technology-industry-finance" [1]