Core Viewpoint - The introduction of the IPO pre-review mechanism on the Sci-Tech Innovation Board aims to enhance the efficiency of the listing review process while protecting the core business secrets of high-quality technology companies, without lowering the listing threshold [1][3]. Summary by Relevant Sections IPO Pre-Review Mechanism - The IPO pre-review mechanism is not a universal channel and has strict eligibility criteria, serving as an upgrade to the IPO consultation communication system [1]. - It allows eligible companies to apply for a pre-review of their application documents before formally submitting an IPO application, with the process and results kept confidential [1][2]. Benefits for Companies - This mechanism acts as a rehearsal for the IPO process, providing companies with confidence and reducing unnecessary steps before the formal application [2]. - Companies that have updated their application documents based on pre-review feedback may avoid repeated inquiries from the exchange, potentially shortening the IPO timeline for high-quality firms [2][3]. Targeted Support for High-Quality Tech Companies - The mechanism is specifically designed for technology companies engaged in critical core technology development or other specific circumstances, ensuring that sensitive business information is not disclosed prematurely [3]. - The pre-review mechanism reflects a commitment to investor-centric principles by providing a preliminary assessment of the investment value of technology firms [3]. Implications for the Market - The availability of the pre-review mechanism is expected to alleviate "listing anxiety" for high-quality technology companies, potentially leading to a wave of listings in the hard technology sector [4].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has introduced the "Science and Technology Innovation Board Growth Layer" to enhance the inclusivity and adaptability of the system, along with six reform measures [1][2]. Group 1: Introduction of the Growth Layer - The Shanghai Stock Exchange (SSE) has officially launched the "Growth Layer" for the Science and Technology Innovation Board, following the CSRC's guidelines [2]. - A total of 32 existing unprofitable companies will enter the Growth Layer immediately upon the implementation of the guidelines [3][4]. Group 2: Trading and Investment Conditions - The trading terminals will differentiate between existing and newly registered Growth Layer stocks by adding special identifiers "U" for Growth Layer stocks [5]. - The investment threshold for individual investors remains at 500,000 yuan in assets and two years of investment experience [6]. - Investors must sign a specific risk disclosure document before investing in newly registered unprofitable technology companies [7]. Group 3: Exit Conditions and Regulations - The exit conditions for the Growth Layer will implement a "new and old distinction," maintaining existing conditions for current companies while raising the exit criteria for newly registered unprofitable companies [8]. - The SSE will enhance regulatory oversight before and after a company is delisted, focusing on daily supervision and abnormal trading [8]. Group 4: Pre-Review Mechanism and Professional Investor Standards - A pre-review mechanism for IPOs has been introduced to protect sensitive business information for key technology companies [9]. - The "Senior Professional Institutional Investor Guidelines" have been established to refine the criteria for identifying qualified institutional investors [10][11]. - The SSE emphasizes that the recognition of senior professional institutional investors is only a reference for assessing market acceptance and growth potential, without affecting the listing standards [12]. Group 5: Enhanced Risk Disclosure - The SSE has revised the risk disclosure guidelines to better inform investors about the risks associated with investing in unprofitable companies [14]. - Ordinary investors must sign a risk disclosure document when applying for trading permissions on the Growth Layer, and existing investors must also sign this document to trade newly registered stocks [15].

Market Overview - The three major indices in the Shanghai and Shenzhen markets showed mixed performance, with total trading volume dropping below 1.5 trillion yuan [1] - The U.S. has postponed the implementation of reciprocal tariffs from July 9 to August 1, targeting major Asian export economies like Japan and South Korea [1] - The market's reaction to tariff news has weakened, indicating a need for caution regarding unexpected changes that could increase market volatility [1] Policy and Regulatory Updates - The Shanghai Stock Exchange has released new self-regulatory guidelines for the Sci-Tech Innovation Board, enhancing the inclusivity of unprofitable tech companies and shortening the financing path for quality enterprises [2] - The new rules maintain the asset and experience thresholds for individual investors while requiring them to sign risk disclosure agreements for trading newly registered companies [2] - The Ministry of Finance has issued a notice to guide insurance funds towards long-term stable investments, establishing a three-year performance evaluation mechanism starting in 2025 [2][3] Trade Performance - In the first half of the year, China's total goods trade reached 21.79 trillion yuan, a year-on-year increase of 2.9%, with exports at 13 trillion yuan (up 7.2%) and imports at 8.79 trillion yuan (down 2.7%) [3] - All trade metrics showed positive year-on-year growth in June, indicating resilience in China's foreign trade despite a complex international environment [3] Market Recap - On July 14, the A-share market saw mixed results, with the Shanghai Composite Index rising by 0.27% to 3519.65 points, while the Shenzhen Component Index fell by 0.11% to 10684.52 points [4] - The market capitalization of various sectors varied, with machinery, utilities, and comprehensive sectors leading gains, while real estate, media, and non-bank financials faced declines [4] Capital Flow - The market turnover was recorded at 14.81 billion yuan, showing a decrease from the previous trading day [5] - The margin trading balance increased to 1.88 trillion yuan, indicating a rise in leveraged trading activity [5]

Group 1 - The Shanghai Stock Exchange (SSE) is committed to implementing the China Securities Regulatory Commission (CSRC) directives and advancing the "Science and Technology Innovation Board" (STAR Market) reforms, including the new policies and business rules [2][3] - The newly established "Science and Technology Growth Layer" aims to support technology companies that are in the pre-profit stage but have significant technological breakthroughs and commercial potential [3][4] - The SSE has introduced a pre-review mechanism for Initial Public Offerings (IPOs) to enhance the quality and efficiency of the review process for high-quality technology enterprises [4][5] Group 2 - The "Science and Technology Growth Layer" will not impose additional listing thresholds for unprofitable companies, allowing existing unprofitable firms to transition into this layer immediately upon the guideline's implementation [3][4] - The new guidelines specify that the exit conditions for existing companies remain unchanged, while new unprofitable companies will have stricter exit criteria based on profitability and revenue metrics [3][4] - The SSE has implemented a special identifier "U" for stocks in the Science and Technology Growth Layer to help investors distinguish between existing and newly registered stocks [4][6] Group 3 - The "Senior Professional Institutional Investor" guidelines have been released, which detail the criteria for institutional investors participating in the STAR Market, emphasizing their professional judgment capabilities [7][8] - Institutional investors must maintain a significant stake in the issuing company for at least 24 months prior to the IPO application, ensuring they do not engage in sudden investments [7][8] - The introduction of senior professional institutional investors is expected to enhance the accountability and credibility of investments in technology firms, aiding regulatory bodies in identifying companies with genuine growth potential [8]

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].

Core Points - The Shanghai Stock Exchange (SSE) has officially released the "Guidelines for Self-Regulatory Supervision of Listed Companies in the Sci-Tech Innovation Board - Sci-Tech Growth Tier" to implement the "Opinions on Setting Up a Sci-Tech Growth Tier" by the China Securities Regulatory Commission (CSRC) [1][4] - A total of 32 unprofitable companies will enter the Sci-Tech Growth Tier immediately upon the implementation of the new guidelines, with no additional listing thresholds set for unprofitable enterprises [4][5] - The new guidelines maintain existing conditions for delisting existing companies while introducing stricter conditions for new unprofitable companies to encourage technological development [5][6] Group 1: Sci-Tech Growth Tier - The SSE has introduced the Sci-Tech Growth Tier to better serve technological innovation and new productive forces development, with a focus on protecting investors' rights [4][5] - The existing 32 unprofitable companies will be included in the Sci-Tech Growth Tier, with the largest projected loss for 2024 being approximately 4.978 billion for BeiGene [4][5] - New unprofitable companies will enter the tier upon listing, while existing companies must achieve profitability to avoid delisting [5] Group 2: IPO Pre-Review Mechanism - The SSE has established a pre-review mechanism for companies applying for IPOs on the Sci-Tech Innovation Board, particularly for those engaged in key technology development [6][7] - The pre-review process aims to enhance the quality and efficiency of formal IPO applications, with strict adherence to the established rules [7][8] - Companies must provide a justification for the necessity of the pre-review, and the SSE will ensure that the process aligns with existing IPO review mechanisms [6][7] Group 3: Professional Investor Standards - The SSE has released guidelines for identifying "senior professional institutional investors," encouraging companies to self-identify and disclose such investors [9][10] - The criteria for recognition include investment experience, holding period, compliance, and independence, with specific thresholds for investment amounts and duration [9][10] - The guidelines aim to enhance the quality of investment in the Sci-Tech Growth Tier by ensuring that recognized investors meet stringent standards [9][10]

Core Viewpoint - The Shanghai Stock Exchange (SSE) has officially released the "Guidelines for Pre-Review of IPO Applications" to enhance the quality of IPO application documents and improve review efficiency, particularly for high-quality technology enterprises [1][2][3]. Group 1: Pre-Review Mechanism - The pre-review mechanism aims to optimize the allocation of review resources and strengthen risk prevention, reflecting a balance between supporting "hard technology" and protecting investors [3]. - The SSE has established a pre-review system for IPO applications, which allows eligible technology enterprises to apply for pre-review before formally submitting their IPO applications [2][4]. Group 2: Implementation and Quality Improvement - The SSE emphasizes the importance of accurately identifying the applicable scenarios for pre-review, particularly for technology enterprises facing potential negative impacts from early disclosure of business information [4][5]. - Issuers are required to prepare high-quality pre-review application documents that are true, accurate, and complete, in accordance with relevant regulations [5]. Group 3: Review Process and Disclosure Management - The SSE will conduct the pre-review process in accordance with formal review procedures, providing feedback to issuers and sponsors, but the review opinions do not constitute a pre-confirmation of compliance with listing conditions [5]. - During the pre-review period, related application documents and processes will not be disclosed to the public, but issuers must disclose relevant inquiries and responses on the SSE website upon formal application submission [5].

Core Viewpoint - The establishment of the "Science and Technology Innovation Growth Layer" and its accompanying reforms marks a new phase in China's capital market, enhancing support for technology innovation enterprises and improving market inclusivity and attractiveness [2][5]. Group 1: Policy Implementation - The Shanghai Stock Exchange has officially released the "Guidelines for Self-Regulatory Supervision of Listed Companies in the Science and Technology Innovation Board - Growth Layer" and other related rules, detailing the recognition standards for professional institutional investors and the pre-review mechanism [1][2]. - The "Science and Technology Innovation Growth Layer" aims to serve technology companies that have significant breakthroughs but are currently unprofitable, with 32 existing unprofitable companies set to enter this layer [3][4]. Group 2: Investor Participation - The reforms do not impose additional trading thresholds for individual investors in the growth layer, maintaining the existing requirement of 500,000 yuan in assets and two years of investment experience [5][6]. - The introduction of the "U" designation for unprofitable companies in the growth layer will help investors distinguish between existing and newly registered stocks [3][5]. Group 3: Risk Management and Disclosure - The guidelines emphasize risk-oriented information disclosure, requiring growth layer companies to adequately disclose risks related to unprofitability and technology development in their annual reports and announcements [4][8]. - The introduction of the "Senior Professional Institutional Investor" system aims to enhance the credibility of companies by involving reputable investment institutions in the review process [7][9]. Group 4: Pre-Review Mechanism - The new pre-review mechanism allows technology companies to manage sensitive information before formal IPO applications, reducing the risk of early disclosure impacting their competitive position [11][12]. - Companies applying for pre-review must justify the necessity of the request, and the Shanghai Stock Exchange will ensure compliance with established rules during the review process [12][13].

Core Viewpoint - The Shanghai Stock Exchange (SSE) has officially released the "Guidelines for the Growth Layer of the Sci-Tech Innovation Board" and related business rules to enhance the inclusiveness and adaptability of the system, further deepening the reform of the Sci-Tech Innovation Board [2] Group 1: New Guidelines and Rules - The SSE has introduced three new business guidelines: "Self-Regulatory Guidelines for Sci-Tech Innovation Board Listed Companies No. 5 - Growth Layer," "Issuance and Listing Review Rules Application Guidelines No. 7 - Pre-Review," and "Issuance and Listing Review Rules Application Guidelines No. 8 - Senior Professional Institutional Investors" [2] - Two existing business guidelines have been revised: "Member Management Business Guidelines No. 2 - Essential Clauses of Risk Disclosure" and "Securities Trading Business Guidelines No. 6 - Special Securities Identification" [2] Group 2: Pre-Review Mechanism - The "Pre-Review Guidelines" introduce a pre-review mechanism for IPOs on the Sci-Tech Innovation Board to reduce the adverse impact of early disclosure of business technology information and listing plans on companies [4] - The pre-review mechanism applies to companies engaged in key core technology development or other specific circumstances, requiring issuers to justify the necessity of the pre-review [4] - The SSE will conduct the pre-review process strictly according to formal review procedures, providing feedback to issuers and sponsors, but this does not constitute a pre-confirmation of compliance with listing conditions [5] Group 3: Growth Layer Implementation - The SSE will focus on maintaining the positioning of the Growth Layer, implementing "new and old separation" for delisting conditions, enhancing risk-oriented information disclosure, and strengthening investor suitability management [7] - There are no additional listing thresholds for unprofitable companies to enter the Growth Layer; existing unprofitable companies will automatically enter upon the implementation of the new guidelines [7] - New registered unprofitable companies will enter the Growth Layer upon listing, and stocks in this layer will have a special identifier "U" to help investors distinguish between existing and new registered stocks [7] Group 4: Investor Participation - There are no new trading thresholds for individual investors participating in the Growth Layer; the existing requirement remains at "500,000 yuan in assets + 2 years of experience" [8] - Investors must sign a specific risk disclosure document before investing in newly registered unprofitable technology companies in the Growth Layer [8] Group 5: Senior Professional Institutional Investors - The SSE has established the "Senior Professional Institutional Investors Guidelines" to enhance the identification mechanism for quality technology companies [10] - The guidelines specify the criteria for recognizing senior professional institutional investors, including governance structure, asset management scale, and investment experience [12] - The recognition of senior professional institutional investors will serve as a reference for assessing whether issuers meet market recognition and growth requirements, without affecting the review standards or speed [13]

Core Viewpoint - The article discusses the Shanghai Stock Exchange's (SSE) new guidelines for the Sci-Tech Innovation Board's growth tier, aimed at enhancing regulatory inclusivity and supporting technological innovation and new productive forces in China [1][2]. Group 1: Background - The establishment of the Sci-Tech Innovation Board and the pilot registration system has been ongoing for six years, with continuous reforms enhancing its ability to support technological innovation [2]. - The China Securities Regulatory Commission (CSRC) issued the "Sci-Tech Innovation Board Opinions" on June 18, 2025, which further defines the role of the growth tier in promoting balanced investment and financing [2]. Group 2: Main Content - The "Guidelines for Self-Regulation of Sci-Tech Innovation Board Listed Companies - Growth Tier" consists of 12 articles focusing on five main areas [3]. - The growth tier is designed to support technology companies that are in the pre-profit stage but have significant technological breakthroughs and commercial potential [3][4]. - The guidelines specify the scope of the growth tier, including existing unprofitable companies and newly registered companies that are unprofitable at the time of listing [3][4]. - Conditions and procedures for exiting the growth tier are detailed, with a focus on minimizing the impact on existing companies and investors [4]. - Enhanced information disclosure requirements are mandated for growth tier companies, including the need to explain reasons for unprofitability and associated risks [4][5]. - Special risk disclosure measures are implemented, including a unique identifier "U" for stocks in the growth tier, requiring investors to sign a risk disclosure agreement before trading [4][11]. Group 3: Public Opinion and Adoption - The SSE received 20 suggestions during the public consultation period from June 18 to June 25, 2025, and has incorporated relevant feedback into the guidelines [5]. Group 4: Implementation and Future Steps - The SSE plans to focus on four key areas to ensure the effective implementation of the growth tier guidelines, including maintaining the tier's focus on supporting quality unprofitable technology companies [18]. - The SSE will enhance regulatory oversight and investor protection, ensuring that the new guidelines are effectively communicated and understood by market participants [30].