科创成长层

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科创成长层:大胆创新,小范围求证
Guo Ji Jin Rong Bao· 2025-06-20 08:29
Core Viewpoint - The recent announcement by the China Securities Regulatory Commission (CSRC) regarding the establishment of a "Growth Layer" in the Sci-Tech Innovation Board (STAR Market) is a significant reform aimed at enhancing the inclusivity and adaptability of the listing system for high-tech companies, particularly those in emerging fields like artificial intelligence and commercial aerospace [1][3]. Summary by Relevant Sections Introduction of the Growth Layer - The Growth Layer will apply the fifth set of listing standards, allowing unprofitable companies to go public, thereby addressing the financing challenges faced by high R&D investment firms [3][4]. - The establishment of this layer is seen as a timely response to the challenges posed by external pressures on China's high-tech sector, particularly from Western countries [3]. Achievements and Challenges of the STAR Market - Over the past six years, 54 unprofitable companies have successfully listed on the STAR Market, generating a total revenue of 174.48 billion yuan, with 26 companies exceeding 1 billion yuan in revenue [4]. - Among these, 22 companies have achieved profitability post-listing, indicating a long-term growth trajectory despite high R&D expenditures totaling 163.93 billion yuan [4]. Regulatory Innovations - The Growth Layer introduces innovative regulatory measures, including a shortened review process and a pilot IPO pre-review mechanism, to accommodate companies at different development stages [4]. - Clear standards for inclusion and exclusion from the Growth Layer have been established, along with operational procedures to ensure minimal impact on existing listed companies [4]. Risk Management Considerations - The regulatory framework emphasizes risk awareness, requiring investors in new Growth Layer companies to sign a specialized risk disclosure agreement [5]. - Companies are mandated to disclose their unprofitability and associated risks in regular and interim reports, with increased accountability for intermediary institutions [5]. Potential Challenges Ahead - The Growth Layer may face challenges such as difficulties in valuing unprofitable companies, high delisting risks, and potentially insufficient trading activity [5]. - Maintaining a balance between the interests of unprofitable companies and investors will require stringent information disclosure and appropriate accountability mechanisms [5].
未盈利企业也能上市,这事怎么看?
Jing Ji Wang· 2025-06-20 02:58
本刊记者 郑扬波 6月18日,中国证监会主席吴清在2025陆家嘴论坛上宣布,加力推出进一步深化改革的"1+6"政策措施。 这一消息如巨石投入平静湖面,瞬间在财经圈激起千层浪,大家纷纷热议:"科创成长层"到底是什么?为何要重启"未盈利企业"上市?这一系列政策又释 放了什么信号? 先来说说"1",即要在科创板设置"科创成长层"。啥是科创成长层?打个比方,"科创成长层"就像在科创板这所大学里新开了个"实验班"。"实验班"的企 业,都是技术有较大突破、商业前景广阔的"硬科技"企业。 同时,成功上市进入科创成长层的企业,监管层也会在其股票简称后统一加上"U"标识,并且提高了新注册未盈利科技型企业摘除特殊标识"U"的标准。 这就像一个显眼的"警示灯",提醒投资者:这家科创企业上市时门槛较低,可能处于亏损状态,投资时需要更加谨慎。 从这些改革措施能明显看出,监管层正在引导市场,从单纯关注企业当下盈利状况,向学会评估企业未来价值转变。 以往,企业上市,盈利状况是至关重要的考量指标,未盈利企业想上市,难度堪比登天。但今后不同了,只要符合"科创成长层"的要求,即便还没赚钱, 也有机会上市,发行股票募集资金,获得更多融资机会。 再 ...
证监会推出科创板“预科班”,解决尚未盈利但前景广阔“硬科技”公司融资难题|资本市场
清华金融评论· 2025-06-19 11:16
Core Viewpoint - The introduction of the "Science and Technology Innovation Board Opinions" by the China Securities Regulatory Commission (CSRC) aims to address the long-standing issue of unprofitable technology companies being forced to list abroad, potentially allowing A-shares to cultivate their own high-tech "unicorns" [1][2]. Summary by Sections Policy Introduction - The CSRC has formulated the "Opinions on Setting Up a Science and Technology Innovation Growth Tier," which opens the door for unprofitable hard technology companies to go public [2]. - The key aspect of the policy is the establishment of a growth tier that permits companies with technological breakthroughs and high R&D investments, but without profits, to list [2]. Market Dynamics - The policy addresses the dilemma faced by A-shares, where high-potential tech companies often choose to list in Hong Kong or the U.S. due to the lack of suitable pathways in the domestic market [2]. - The introduction of the growth tier is seen as a solution to the challenge of allowing innovative companies to access capital while managing the inherent risks associated with technology investments [2]. Investment Opportunities - Companies in the growth tier will initially carry a "U" designation, indicating they are unprofitable, but can still raise funds through public offerings [3]. - Investors who buy shares in these "U" companies may see substantial returns if the companies achieve profitability and graduate from the growth tier [4]. Implementation Timeline - The consultation period for the "Science and Technology Innovation Board Opinions" is set for just seven days, from June 18 to June 25, 2025, with plans for implementation by early July [4]. Historical Context - The article references previous discussions and analyses regarding the development of the Science and Technology Innovation Board since its inception in June 2019, highlighting its role in promoting technological innovation and capital market inclusivity [5].
今日国内外头条新闻
Sou Hu Cai Jing· 2025-06-19 10:29
Group 1 - Hainan Province will issue childcare consumption vouchers starting from June 19, 2025, to promote inclusive and standardized development of childcare services, targeting infants under 4 years old [2] - A job fair for 2025 graduates was held at Hainan University, featuring 93 employers offering 2,059 positions across various industries, as part of the "100-day sprint" initiative to enhance employment opportunities for graduates [2] Group 2 - The People's Bank of China announced eight major financial opening measures at the 2025 Lujiazui Forum, including the establishment of a digital RMB international operation center and personal credit institutions [3] - The China Securities Regulatory Commission (CSRC) introduced the "1 + 6" policy measures to deepen reforms, including the creation of a new growth tier for innovative companies [3] - The CSRC will allow qualified foreign investors to participate in ETF options trading starting October 9, 2025, and expand their participation in commodity futures and options trading from June 20, 2025 [3] Group 3 - The Ministry of Agriculture reported that as of June 18, the national summer grain wheat harvest was nearly complete, with a progress rate of 96% [3] - The Ministry of Emergency Management initiated a Level IV flood emergency response for several provinces on June 18, deploying three working groups to assist in flood relief efforts [3] Group 4 - The Chinese Ministry of Foreign Affairs reported that 791 citizens have been safely relocated from Iran, with over 1,000 others in the process of evacuation [3]
武汉首提建设全国科技金融中心:3000亿耐心资本引领,多项创新举措首试首发
2 1 Shi Ji Jing Ji Bao Dao· 2025-06-19 09:33
Core Viewpoint - Wuhan is accelerating the construction of a technology finance system that aligns with technological innovation, aiming to establish itself as a national technology finance center by 2027 through a comprehensive action plan [1][2]. Group 1: Action Plan Overview - The action plan outlines five major actions: nurturing patient capital, improving technology credit quality, building a multi-level capital market, risk compensation sharing, and optimizing the technology finance ecosystem [2]. - By 2027, Wuhan plans to establish over 50 specialized technology finance institutions and achieve a scale of over 300 billion yuan in equity investment funds and over 500 billion yuan in loans to technology enterprises [2]. Group 2: Government Investment Fund Role - The action plan emphasizes the role of government investment funds in guiding technology finance, with a focus on nurturing patient capital [3][4]. - Wuhan has integrated two government industry funds, which have collectively participated in the establishment of 111 funds and invested over 20.4 billion yuan, attracting over 83.4 billion yuan in social capital [4]. Group 3: Technology Credit Expansion - The action plan aims to enhance the technology credit service system by encouraging banks to establish specialized technology finance institutions and improve credit access for technology enterprises [7][8]. - As of June 11, 2023, Wuhan has issued 36.563 billion yuan in knowledge value credit loans to 4,287 technology enterprises, with plans to further innovate credit products [9]. Group 4: Multi-Level Capital Market Development - Wuhan is committed to developing a multi-level capital market, supporting the listing of technology enterprises through a structured nurturing approach [10][11]. - The city has seen significant progress in nurturing companies for capital market competition, with eight new domestic and foreign listed companies in 2024 [11]. Group 5: Mergers, Acquisitions, and Bond Financing - The action plan supports mergers and acquisitions for technology enterprises, allowing up to 80% loan coverage for controlling acquisitions [12]. - Since the introduction of the bond market "technology board" policy, Wuhan has successfully issued 172 billion yuan in technology innovation bonds, with 12 enterprises participating [13].
科创板改革进一步增强制度包容性适应性
Jin Rong Shi Bao· 2025-06-19 03:15
6月18日,中国证监会发布《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》(以下简称 《科创板意见》),以设置科创成长层为抓手,重启未盈利企业适用科创板第五套标准上市,推出一揽 子更具包容性、适应性的制度改革。 上交所同步新制定2项配套业务规则并向市场公开征求意见。此外,上交所还在研究制定修订相关的业 务规则,后续将向市场发布。 当前,各方对资本市场支持服务科技创新寄予更高期待,科技型企业对资本市场也提出了更加多样化的 需求。中国证监会新闻发言人表示,《科创板意见》在抓好"科创板八条"落地实施基础上研究制定,进 一步深化科创板改革,持续提升科创板服务科技创新发展质效。 为何要在科创板内再设置科创成长层呢?中国证监会新闻发言人回应称,一是有利于进一步彰显资本市 场支持科技创新的政策导向,稳定市场预期;二是有利于为增量制度改革提供更可控的"试验空间",可 以试点一些更具包容性的政策举措;三是有利于对未盈利科技型企业集中管理,便于投资者更好识别风 险,更好保护投资者合法权益。 "更加注重企业科技创新能力,允许符合科创板定位、尚未盈利或存在累计未弥补亏损的企业在科创板 上市",是设立科创板并试点注册制的标志性 ...
上交所明确科创成长层标准,配套机制护航未盈利科技企业
Huan Qiu Wang· 2025-06-19 02:38
【环球网财经综合报道】6月18日,随着中国证监会印发《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》,上海证券交 易所迅速响应,同步制订的两项配套业务规则——《科创板上市公司自律监管指引第5号——科创成长层》及《发行上市审核规则适用 指引第7号——预先审阅》公开征求意见,是为技术突破性强、商业前景广阔但暂未盈利的科技型企业提供更精准的制度支持。 《科创板上市公司自律监管指引第5号——科创成长层》拟从三方面建立配套机制:一是明确实施标准及程序,规定纳入和调出标准, 并就调出标准进行"新老划断";二是强化风险揭示,科创成长层公司股票简称后增加标识"U",投资者投资新注册企业需签署专项风险 揭示书;三是提升信息披露质量,要求相关公司在定期报告和临时报告中披露未盈利情况及相关风险,并压实中介机构持续督导责任。 新制订的《发行上市审核规则适用指引第7号——预先审阅》为那些因过早披露业务技术信息、上市计划可能对其生产经营造成重大不 利影响的发行人提供了缓冲机制。发行人可申请预先审阅,上交所将参照正式审核程序把关,但此程序非必经环节,也不构成对发行条 件的预先确认。 值得关注的是,上交所还在研究制订关于"资深专业机 ...
证监会在沪宣布重启未盈利企业适用科创板第五套标准上市 科创成长层:为改革提供“试验空间”
Jie Fang Ri Bao· 2025-06-19 01:55
记者 张杨 从入层条件来看,不管是科创板上市老企业,还是新申请注册的企业,只要是未盈利科技型企业, 将被全部纳入科创成长层。 从调出条件来看,实施新老划断,存量未盈利企业符合现行取消特殊标识条件的,将被调出科创成 长层,但新注册的入层企业则需要数据符合科创板第一套上市标准时,才可调出。 科创成长层企业股票在简称后添加"U"(Unprofitable),作为特殊标识,供投资者参考。 昨天,证监会主席吴清宣布,继续充分发挥科创板示范效应,加力推出进一步深化改革的"1+6"政 策措施,重启未盈利企业适用科创板第五套标准上市。当日收市后,证监会及上交所公布了《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》等细则。 为何此时推出新政? 一年前的陆家嘴论坛上,"科创板八条"问世,开启了推动注册制改革走深走实的重要一步。实施一 年来,各项改革举措已基本落地。有必要进一步深化科创板改革,引导资本流向真正具备技术突破能力 的创新主体。 证监会表示,此时在科创板设置科创成长层,有利于为增量制度改革提供更可控的"试验空间",可 以试点一些更具包容性的政策举措;也有利于对未盈利科技型企业集中管理,便于投资者更好识别风 险 ...
试验田中的试验田!多项金融举措发布 陆家嘴论坛亮点满满→
Yang Shi Xin Wen· 2025-06-19 01:50
Group 1 - The China Securities Regulatory Commission (CSRC) announced the establishment of a "Growth Layer" on the Sci-Tech Innovation Board to support high-quality technology companies in their listing and financing efforts [1][4] - The Shanghai Stock Exchange (SSE) has drafted guidelines for the Growth Layer, which includes 12 articles focusing on the layer's positioning, scope, delisting conditions, and enhanced information disclosure requirements [1][6] - The Growth Layer will include all unprofitable technology companies, with new companies needing to achieve either a biannual profit of 50 million or a single-year profit with revenue exceeding 100 million to graduate from this layer [3][4] Group 2 - CSRC aims to promote the participation of social security funds, insurance capital, and industrial capital in private equity investments to broaden funding sources [7][9] - The new measures will create a long-term funding supply system combining state-backed and market-driven capital, particularly improving the financing environment for hard-tech companies [9][12] - The optimization of the physical distribution of stocks and the introduction of a "reverse linkage" mechanism will facilitate smoother exit mechanisms for private equity funds [11][12] Group 3 - The People's Bank of China proposed a pilot program for comprehensive reforms in offshore trade finance services in the Shanghai Lingang New Area, aligning with international standards [13][15] - The offshore trade turnover in the Lingang New Area reached approximately $8.153 billion in Q1 2025, marking a year-on-year increase of 56.67% [17] - The pilot program aims to attract more global resources and enhance Shanghai's influence in global trade finance rule-making [19] Group 4 - The optimization of the Free Trade Account system aims to enhance the convenience of cross-border trade and investment [20][21] - By the end of 2024, Shanghai had opened 170,000 Free Trade Accounts, with an annual growth rate of over 30% in cross-border transactions [23] - The upgraded Free Trade Account functions will deepen cross-border financial policies and services, providing more financial support for cross-border enterprises [23][25]
落实证监会在科创板设置科创成长层部署 上交所就两项配套业务规则征求意见
Zhong Guo Zheng Quan Bao· 2025-06-18 20:29
Group 1 - The China Securities Regulatory Commission (CSRC) has issued opinions on establishing a "Growth Layer" in the Sci-Tech Innovation Board to enhance the inclusiveness and adaptability of the system [1] - The Shanghai Stock Exchange (SSE) is soliciting public opinions on two supporting business rules related to the Growth Layer and pre-review processes for listings [1] - The Growth Layer aims to serve technology companies that have significant breakthroughs, broad commercial prospects, and substantial ongoing R&D investments, which are currently in a non-profitable stage [1] Group 2 - The SSE is developing rules for professional institutional investors, focusing on clarifying requirements, standardizing operations, and enhancing self-regulation [2] - Companies applying for the fifth set of listing standards on the Sci-Tech Innovation Board are encouraged to voluntarily disclose information about professional institutional investors, which will be considered in the review process [2] - The SSE plans to actively gather feedback during the consultation period to refine the rules and will implement them promptly to enhance the Sci-Tech Innovation Board's support for technological innovation [2]