科创成长层

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上交所就科创板深改配套业务规则公开征求意见
Zheng Quan Ri Bao· 2025-06-18 16:10
Group 1 - The China Securities Regulatory Commission (CSRC) issued guidelines to enhance the inclusivity and adaptability of the Sci-Tech Innovation Board (STAR Market), with the Shanghai Stock Exchange (SSE) developing supporting business rules [1] - The STAR Market aims to focus on companies with significant technological innovations, allowing unprofitable companies with accumulated losses to list, marking a significant reform in the registration system [1] - In 2024, the 54 unprofitable companies listed on the STAR Market achieved a total revenue of 174.48 billion yuan, with 26 of these companies surpassing 1 billion yuan in revenue [1] Group 2 - The proposed self-regulatory guidelines for the Sci-Tech Growth Layer will establish mechanisms focusing on implementation standards, risk disclosure, and improving information disclosure quality [2] - The SSE aims to balance investment and financing dynamics while ensuring a rigorous review process for unprofitable tech companies seeking to list [2] - A pre-review mechanism for stock issuance applications is being developed to help companies manage sensitive information before formal applications, reducing exposure during the listing process [2] Group 3 - Issuers can decide whether to formally apply for listing based on the SSE's review comments, but the SSE will maintain strict adherence to existing rules and timelines regardless of pre-review [3] - Professional institutional investors play a crucial role in the capital market, providing valuable insights into the technological attributes and future potential of companies [3] - The SSE is working on rules to better identify high-quality tech companies by leveraging professional institutions' research and investments, guiding financial capital towards early, small, and long-term investments in hard technology [3]
【新华解读】设置科创成长层、试点IPO预审机制……科创板深耕“试验田”
Xin Hua Cai Jing· 2025-06-18 12:37
Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced a series of reforms aimed at enhancing the inclusivity and adaptability of the STAR Market, including the establishment of a "Growth Layer" for unprofitable technology companies, which will facilitate their access to capital markets [1][2][5]. Group 1: Establishment of the Growth Layer - The Growth Layer will specifically serve technology companies that have significant breakthroughs, broad commercial prospects, and substantial ongoing R&D investments but are currently unprofitable [2][3]. - All existing and newly registered unprofitable technology companies will be included in the Growth Layer, with their stock symbols marked with a "U" for identification [2][3]. - The exit criteria for the Growth Layer will be clearly defined to avoid impacting existing listed companies, ensuring a smooth transition for companies that meet profitability thresholds [2][3]. Group 2: Reopening of the Fifth Listing Standard - The reopening of the fifth listing standard for unprofitable companies is a key aspect of the reforms, allowing more technology firms to access the STAR Market [5][6]. - The new policy aims to attract high-quality technology companies that are currently unprofitable but have significant technological advancements and market potential [6][7]. - The introduction of seasoned professional institutional investors is intended to enhance the investment structure and provide better assessments of companies' technological attributes and commercial prospects [6][7]. Group 3: IPO Pre-Review Mechanism - A pilot IPO pre-review mechanism will be introduced to allow eligible companies to have their application documents reviewed before formal submission, enhancing information security and reducing exposure during the listing process [8][9]. - This mechanism aims to streamline the IPO process for technology companies engaged in critical core technology development [8][9]. Group 4: Overall Market Ecosystem Enhancement - The reforms are part of a broader strategy to create a more attractive and competitive market ecosystem that supports comprehensive innovation [10][11]. - The CSRC emphasizes the importance of integrating various capital market segments to provide diversified financing support for technology companies throughout their lifecycle [4][11]. - The focus on enhancing the role of capital markets in supporting technological innovation is expected to attract more quality investments into the sector [11][12].
科创板迎新一轮改革,“1+6”细则出炉
第一财经· 2025-06-18 12:16
2025.06. 18 本文字数:2596,阅读时长大约4分钟 作者 | 第一财经 黄思瑜 周斌 证监会主席吴清话音刚落,6月18日下午,科创板"1+6"改革细则出炉。 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》(下称《科创 板意见》),明确了科创板科创成长层入层和调入条件。 其中,设置科创板科创成长层,重点服务技术有较大突破、商业前景广阔、持续研发投入大,但目前 仍处于未盈利阶段的科技型企业。未盈利科技型企业全部纳入科创成长层,调出条件实施新老划断。 清华大学国家金融研究院院长、五道口金融学院副院长田轩认为,设置科创成长层这一举措具有非常 重要的意义。成长层突破了过去对拟融资企业规模、盈利等方面的要求与限制,不仅能够根据科创企 业轻资产、高研发投入、未来收益不确定性大等特点,为科技创新型企业提供更为精准的融资平台; 还能够吸引社会资本聚焦科技创新领域,引导资金从传统产业流向具有高附加值和发展潜力的科创产 业,加速科技成果转化,促进产业结构优化升级。 此外,科创板推出6项改革举措,包括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;扩大第五套标准适用 ...
32家公司预纳入科创成长层 未盈利企业IPO阶段可融资
2 1 Shi Ji Jing Ji Bao Dao· 2025-06-18 12:15
21世纪经济报道记者 杨坪 深圳报道 6月18日下午,中国证监会印发了《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》(以 下简称《科创板意见》),上交所就同步制订的2项配套业务规则公开征求意见。 根据《科创板意见》,未盈利科技型企业全部纳入科创成长层,调出条件实施新老划断。 同时,《科创板意见》还支持在审未盈利科技型企业面向老股东开展增资扩股等活动。允许在审未盈利 企业或其子公司基于持续研发等合理发展需求面向老股东开展股权融资,专款专用。 "这项规则很好解决了在审企业的一个痛点,就是目前A股IPO审核周期相对较长,而企业在排队过程中 是没有办法融资的,这可能导致公司审着审着资金链出现问题。新规则允许企业向老股东融资,相当于 给了一条解决途径,至少能够保证企业在审核期间不会出现资金链问题。"北京一家资深的上市公司董 秘对记者说道。 32家企业或纳入科创成长层 据了解,科创成长层重点服务技术有较大突破、商业前景广阔、持续研发投入大,但目前仍处于未盈利 阶段的科技型企业。 从全球实践看,科技型企业往往经营业绩不确定性大、转盈利周期长,资本市场服务能不能覆盖优质未 盈利科技型企业,是市场各方判断制度包容性 ...
除了股票简称后加标识“U”,上交所解释何为科创成长层
Nan Fang Du Shi Bao· 2025-06-18 11:17
Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued guidelines for establishing a "Growth Layer" within the Sci-Tech Innovation Board to enhance the inclusivity and adaptability of the system, with supporting rules from the Shanghai Stock Exchange (SSE) [1][2][3] Group 1: Establishment of the Growth Layer - The Growth Layer aims to serve technology companies that have significant breakthroughs, broad commercial prospects, and substantial ongoing R&D investments, particularly those that are currently unprofitable [3] - A total of 54 unprofitable companies have successfully listed on the Sci-Tech Innovation Board over the past six years, generating a combined revenue of 1,744.79 billion yuan in 2024, with 26 of these companies exceeding 1 billion yuan in revenue [3] Group 2: Regulatory Framework - The SSE's self-regulatory guidelines for the Growth Layer will establish mechanisms in three areas: implementation standards and procedures, risk disclosure, and enhancement of information disclosure quality [4] - Companies in the Growth Layer will have their stocks or depositary receipts marked with a special identifier "U," and investors will need to sign a risk disclosure document when investing in newly registered companies [4] Group 3: Pre-Review Mechanism for IPOs - The SSE is introducing a pre-review mechanism for IPO applications to help companies manage sensitive information and reduce exposure during the listing process [5][7] - The pre-review process will not replace the formal application process and will not confirm compliance with listing conditions, but will provide feedback to issuers before they formally apply [8]
科创成长层:为什么搞、怎么搞
和讯· 2025-06-18 10:23
6月18日,证监会主席吴清在2025年陆家嘴论坛上官宣, 更好发挥科创板改革"试验田"作用,加力 推出进一步深化改革的"1+6"政策组合拳。 文/李悦 科创成长层 亮相 、 第五套 上市 标准 重启 , 资本市场支持科技创新的顶层设计再获关键突破! 其中,"1"是核心引擎,是指在科创板设置科创成长层,并且重启未盈利企业适用科创板第五套标准 上市;"6"是在科创板创新推出包括对于适用科创板第五套标准的企业,试点引入资深专业机构投资 者制度等6项改革措施。 "设置科创成长层这一举措具有非常重要的意义。"清华大学国家金融研究院院长、清华大学五道口 金融学院副院长田轩表示,成长层突破了过去对于拟融资企业规模、盈利等方面的要求与限制,不仅 能够根据科创企业轻资产、高研发投入、未来收益不确定性大等特点,为科技创新型企业提供更为精 准的融资平台。 在前海开源基金首席经济学家、基金经理杨德龙看来,加力推出进一步深化改革的"1+6"政策措 施,有利于加大资本市场对科技创新企业的支持,从而有助于发展优质新生产力。 01 解密"科创成长层" 值得一提的是, 此次 在科创板设置科创成长层,是继"科技十六条""科创板八条""并购六条" ...
科创成长层,来了!
Sou Hu Cai Jing· 2025-06-18 10:07
【导读】证监会发布实施《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》 6月18日上午,证监会主席吴清在出席2025陆家嘴论坛开幕式时提到,将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,"1"即是在科创板设置科创成长层,并且重启未盈利企业适用科创板第五套标准上市。 随后,证监会发布实施《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》),对科创成长层的定位、规则等给 出更多明确信息。 同期,上交所官网也发布了《关于就进一步深化科创板改革配套业务规则公开征求意见的通知》,就起草的两项配套规则向社会公开征求意见。 未盈利科技型企业全部纳入科创成长层 增加投资者适当性管理要求 首先来看科创成长层的具体设置安排: 中国基金报记者 晨曦 科创成长层,来了! 定位方面,科创成长层重点服务技术有较大突破、商业前景广阔、持续研发投入大,但目前仍处于未盈利阶段的科技型企业。 企业入层和调出条件方面,未盈利科技型企业全部纳入科创成长层,调出条件实施新老划断。 其中,新注册的未盈利科技型企业符合下列条件之一的,调出科创成长层:(1)最近两年净利润均为正且累计净 ...
科创板迎新一轮改革,“1+6”细则出炉
Di Yi Cai Jing· 2025-06-18 09:46
未盈利科技型企业全部纳入创新成长层。 证监会主席吴清话音刚落,6月18日下午,科创板"1+6"改革细则出炉。 清华大学国家金融研究院院长、五道口金融学院副院长田轩认为,设置科创成长层这一举措具有非常重 要的意义。成长层突破了过去对拟融资企业规模、盈利等方面的要求与限制,不仅能够根据科创企业轻 资产、高研发投入、未来收益不确定性大等特点,为科技创新型企业提供更为精准的融资平台;还能够 吸引社会资本聚焦科技创新领域,引导资金从传统产业流向具有高附加值和发展潜力的科创产业,加速 科技成果转化,促进产业结构优化升级。 此外,科创板推出6项改革举措,包括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;扩大第五套标准适用范围;支持上市公司吸收合并上市不满3年的科创板上市公司等。 未盈利科技型企业全部纳入创新成长层 证监会新闻发言人表示,本次改革在科创板设置创新成长层,重点服务技术有较大突破、商业前景广 阔、持续研发投入大,但目前仍处于未盈利阶段的科技型企业。 "从全球实践看,科技型企业往往经营业绩不确定性大、转盈利周期长,资本市场服务能不能覆盖优质 未盈利科技型企业,是市场各方判断制度包容性、适应性 ...
科创成长层,来了!
中国基金报· 2025-06-18 09:33
中国基金报记者 晨曦 【导读】证监会发布实施《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》 科创成长层,来了! 6月18日上午,证监会主席吴清在出席2025陆家嘴论坛开幕式时提到,将继续充分发挥科创 板示范效应,加力推出进一步深化改革的"1+6"政策措施,"1"即是在科创板设置科创成长 层,并且重启未盈利企业适用科创板第五套标准上市。 随后,证监会发布实施《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》),对科创成长层的定位、规则等给出更多明确信息。 同期,上交所官网也发布了《关于就进一步深化科创板改革配套业务规则公开征求意见的通 知》,就起草的两项配套规则向社会公开征求意见。 未盈利科技型企业全部纳入科创成长层 增加投资者适当性管理要求 首先来看科创成长层的具体设置安排: 定位方面,科创成长层重点服务 技术有较大突破、商业前景广阔、持续研发投入大 ,但目前 仍处于未盈利阶段的科技型企业。 企业入层和调出条件方面, 未盈利科技型企业全部纳入科创成长层,调出条件实施新老划 断。 其中,新注册的未盈利科技型企业符合下列条件之一的,调出科创成长层:(1)最近两年净 利 ...
事关科创成长层,上交所最新发布!
证券时报· 2025-06-18 09:04
Core Viewpoint - The article discusses the establishment of the "Science and Technology Innovation Growth Tier" on the Sci-Tech Innovation Board, aimed at enhancing the inclusivity and adaptability of the system for unprofitable technology companies [2][3]. Group 1: Establishment of the Growth Tier - The China Securities Regulatory Commission (CSRC) issued guidelines for setting up the Sci-Tech Innovation Growth Tier to better serve unprofitable technology companies with significant technological breakthroughs and promising commercial prospects [4][5]. - The Shanghai Stock Exchange (SSE) is developing supporting business rules to implement these guidelines and enhance the service capabilities of the Sci-Tech Innovation Board [2][5]. Group 2: Mechanisms and Standards - The new rules will establish mechanisms focusing on three main areas: implementation standards and procedures, risk disclosure, and improving information disclosure quality [5]. - Companies in the Growth Tier will have special identification management for their stocks, requiring investors to sign a risk disclosure agreement when investing in newly registered companies [5]. Group 3: Pre-Review Mechanism - A pre-review mechanism for stock issuance applications is being proposed to help technology companies manage sensitive information before formal applications [6][8]. - The pre-review process will not replace the formal application review but will provide feedback to issuers and underwriters before the official submission [8][9]. Group 4: Professional Institutional Investors - The article emphasizes the importance of professional institutional investors in identifying and selecting quality technology companies, which will help guide financial capital towards early, small, and long-term investments in hard technology [10][11]. - The SSE plans to establish rules to encourage issuers to voluntarily disclose information about professional institutional investors, which will be considered in the review process but not as a mandatory condition for listing [11][12].