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].

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]

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].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released the "Opinions on Setting Up a Growth Layer in the Sci-Tech Innovation Board" to enhance the inclusiveness and adaptability of the system, allowing unprofitable tech companies to list under the fifth set of standards [1][2]. Group 1: Establishment of the Growth Layer - The Growth Layer is designed to serve tech companies with significant technological breakthroughs and broad commercial prospects that are currently unprofitable [2]. - Companies in the Growth Layer will have a special stock designation "U" (Unprofitable) [2]. - New unprofitable tech companies can be removed from the Growth Layer if they meet specific profit and revenue criteria [2]. Group 2: Rationale for the Growth Layer - The establishment of the Growth Layer aims to reinforce the capital market's support for technological innovation and stabilize market expectations [2]. - It provides a controlled "experimental space" for more inclusive policy measures and facilitates better risk identification for investors [2]. Group 3: Reform Measures - Six reform measures have been introduced to enhance the inclusiveness of the system for quality tech companies [4]. - The first measure involves introducing a pilot program for seasoned professional institutional investors to assess the innovation attributes and future potential of companies [4]. - The second measure is a pilot IPO pre-review mechanism to improve communication services for quality tech companies [5][6]. - The third measure expands the applicability of the fifth set of standards to include more frontier technology sectors such as artificial intelligence and commercial aerospace [6]. Group 4: Additional Policies - Additional policies support unprofitable tech companies in conducting capital increases for existing shareholders and improving the institutional mechanisms for supporting listed companies [7].

【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 ...

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 ...

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]

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]

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]

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].