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, enhancing inclusivity for such firms in the market [5][19]. Summary by Sections Introduction to the Growth Layer - The "Science and Technology Innovation Growth Layer" was officially established on July 13, 2025, by the Shanghai Stock Exchange, focusing on supporting technology enterprises that are not yet profitable but have significant growth potential [5]. Access 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 on July 13, 2025, after signing a risk disclosure statement [7]. - 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 trading [11]. Eligibility Requirements - Personal investors must meet several criteria to open trading permissions for the STAR Market, including maintaining an average asset of at least 500,000 RMB in their securities and funds accounts over the past 20 trading days, having at least 24 months of trading experience, and passing a knowledge test on STAR Market trading risks [12]. Trading Process - The article outlines the steps for investors to open trading permissions through the "Shen Cai You Dao" or "Da Ying Jia" apps, emphasizing the need to complete the process for the "Science and Technology Innovation Growth Layer" after obtaining permissions for the STAR Market [9][15]. Identification of Growth Layer Stocks - Stocks of companies listed in the Growth Layer will have a "U" identifier to indicate their unprofitable status. New registered stocks will be labeled with "成" for new registrations, while existing stocks will have "成1" to differentiate them [17]. Investment Characteristics - The Growth Layer focuses on unprofitable hard technology companies, characterized by high growth potential and volatility, necessitating investors to fully understand the associated risks before participating [19].

Core Viewpoint - The article discusses the newly released "Self-Regulatory Guidelines for the Science and Technology Innovation Board Listed Companies - Growth Layer" by the Shanghai Stock Exchange, which aims to support technology companies that are in the growth phase and still unprofitable at the time of listing [2][4]. Summary by Sections Definition of Growth Layer Companies - The Growth Layer is designed for technology companies that have significant technological breakthroughs, broad commercial prospects, and substantial ongoing R&D investments, but are still unprofitable at the time of listing [4]. Applicability of Growth Layer Companies - The Growth Layer applies to both existing unprofitable companies listed on the Science and Technology Innovation Board (referred to as "existing companies") and newly registered companies that are unprofitable at the time of listing (referred to as "incremental companies"). Existing companies will be included in the Growth Layer from the date of the guideline's release, while incremental companies will be included from their listing date [5]. Conditions for Removal from Growth Layer - The conditions for removal from the Growth Layer are defined as follows: 1. If a company has positive net profits for the last two years with a cumulative net profit of no less than 50 million yuan. 2. If a company has positive net profit for the last year and revenue of no less than 100 million yuan. - For existing companies, the removal condition remains that they must achieve profitability after listing [7]. Investor Awareness of Removal - Investors can be informed about a company's removal from the Growth Layer through the company's annual report, which will include an announcement if the company meets the removal conditions. The Shanghai Stock Exchange will also promptly update the status of the company [8]. Special Marking for Growth Layer Stocks - To adequately disclose risks, stocks or depositary receipts of Growth Layer companies will have a special marking, indicated by adding a "U" to the stock or depositary receipt's abbreviation. Companies that fail to disclose annual reports or receive adverse audit opinions will not have their tier adjusted [9]. Trading Participation Considerations - Investors participating in trading of newly registered Growth Layer stocks must sign a special risk disclosure document. However, existing stocks or depositary receipts are not affected by this requirement [11]. Information Disclosure Requirements - The Shanghai Stock Exchange imposes stricter information disclosure requirements on Growth Layer companies, which must explain the reasons for being unprofitable and its impact in their annual reports. The sponsoring institutions must also fulfill their supervisory duties and disclose any significant adverse risks related to the company's technological innovation and growth prospects [14][15].

Core Viewpoint - The article discusses the newly released "Guidelines for Self-Regulatory Supervision of Listed Companies on the Science and Technology Innovation Board - Growth Layer" by the Shanghai Stock Exchange, focusing on the support for technology companies that are not yet profitable but have significant technological breakthroughs and commercial potential [2][4]. Group 1: Definition and Scope - The Growth Layer is designed for technology companies that have made significant technological breakthroughs, have broad commercial prospects, and are in a stage of continuous R&D investment while still being unprofitable at the time of listing [4]. - The Growth Layer applies to both existing unprofitable companies on the Science and Technology Innovation Board (referred to as "existing companies") and newly registered companies that are unprofitable at the time of listing (referred to as "incremental companies") [5]. Group 2: Exit Conditions - Incremental companies will be removed from the Growth Layer if they meet the first set of listing standards of the Science and Technology Innovation Board, which includes either having positive net profits for the last two years with a cumulative net profit of no less than 50 million yuan or having positive net profit in the last year with revenue of no less than 100 million yuan [7]. - For existing companies, the exit condition remains that they must achieve profitability after listing [7]. Group 3: Investor Awareness - Investors can be informed about a company's exit from the Growth Layer through the company's annual report, which will include an announcement if the company meets the exit conditions [8]. - A special identifier "U" will be added to the stock or depositary receipt name to indicate that it has been removed from the Growth Layer [9]. Group 4: Information Disclosure Requirements - Companies in the Growth Layer are subject to stricter information disclosure requirements, including the need to explain the reasons for not being profitable and the impact on the company in their annual reports [14]. - The sponsoring institutions of these companies have a continuous supervisory obligation to ensure compliance with disclosure requirements and to report any significant adverse impacts on the company's technological innovation, R&D capabilities, or growth prospects [15].

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 meet 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]. - The requirements for individual investors to open STAR Market trading permissions include maintaining an average asset of at least 500,000 RMB over the past 20 trading days and having at least 24 months of trading experience [12]. Group 3: Trading Process - The trading process for the Growth Layer can be initiated through specific apps, such as the "Shen Cai You Dao" app, where users can navigate to the relevant sections to open permissions and manage their accounts [9][14]. - New stocks listed under the Growth Layer will have a "U" identifier to indicate their unprofitable status, while existing stocks will be labeled accordingly to differentiate between new and existing listings [17].

Core Viewpoint - The article discusses the newly released "Guidelines for Self-Regulatory Supervision of Listed Companies on the Science and Technology Innovation Board No. 5 - Growth Layer" by the Shanghai Stock Exchange, focusing on the support for technology companies that are in the growth phase and currently unprofitable [3]. Summary by Sections Definition of Growth Layer Companies - The Growth Layer is designed to support technology companies that have significant technological breakthroughs, broad commercial prospects, and substantial ongoing R&D investments, but are still in an unprofitable stage at the time of listing [5]. Applicability of Growth Layer Companies - The Growth Layer applies to both existing unprofitable companies on the Science and Technology Innovation Board (referred to as "existing companies") and newly registered companies that are unprofitable at the time of listing (referred to as "incremental companies"). Existing companies will be included in the Growth Layer from the date of the guideline's release, while incremental companies will be included from the date of listing [6]. Conditions for Removal from the Growth Layer - The conditions for removal from the Growth Layer are defined as follows: 1. If a company has positive net profits for the last two years and a cumulative net profit of no less than 50 million yuan. 2. If a company has positive net profit for the last year and an operating income of no less than 100 million yuan. - For existing companies, the removal condition remains that they must achieve profitability for the first time after listing [8]. Investor Awareness of Removal - Investors can be informed about a company's removal from the Growth Layer through the annual report, where the company will disclose the conditions met for removal. The Shanghai Stock Exchange will also promptly announce the removal [9]. Special Marking for Growth Layer Stocks - Stocks or depositary receipts from the Growth Layer will have a special marking ("U") added to their names to indicate their status. Companies that fail to disclose annual reports or receive adverse audit opinions will not have their status adjusted [10]. Trading Considerations for Investors - Investors participating in trading of newly registered Growth Layer stocks must sign a special risk disclosure document. Existing stocks or depositary receipts are not subject to this requirement [12]. Information Disclosure Requirements - Companies in the Growth Layer are subject to stricter information disclosure requirements, including detailed explanations of their unprofitability and its impact in their annual reports. The lead underwriters are responsible for ongoing supervision and must report on any risks or negative events affecting the company's technological innovation and growth prospects [15][16].

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, enhancing inclusivity for such firms in the market [5][19]. Summary by Sections 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 significant step in supporting the development of technology enterprises that are not yet profitable but have strong growth potential [5]. Access Guidelines - Investors who already have STAR Market trading permissions and have a risk tolerance assessment result of C4 (active) or above can trade stocks or depositary receipts listed after the new regulations are published, provided they sign a risk disclosure statement [7][11]. - For those 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 trading [11]. Eligibility Requirements for Individual Investors - To open trading permissions for the STAR Market, individual investors must meet several criteria, including: 1. 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) [12]. 2. At least 24 months of experience in securities trading [12]. 3. A strong understanding of the risks associated with STAR Market stocks, demonstrated by passing a knowledge test [12]. 4. A risk tolerance assessment result of C4 (active) or above [12]. Trading Process - Investors can access the "Science and Technology Innovation Growth Layer" through specific apps, such as the Shen Cai You Dao APP or Da Ying Jia APP, and must follow the outlined steps to open trading permissions [9][14]. Identification of Growth Layer Stocks - Stocks of companies listed in the Growth Layer will have a "U" identifier to indicate their unprofitable status. New registered stocks will be labeled with "成" for new registrations, while existing stocks will be marked with "成1" [17].

Core Viewpoint - The article discusses the newly released "Guidelines for Self-Regulatory Supervision of Listed Companies on the Science and Technology Innovation Board - Growth Layer" by the Shanghai Stock Exchange, which aims to support technology companies that are in the growth phase and still unprofitable at the time of listing [2]. Group 1: Definition and Target Companies - The Growth Layer is designed to support technology companies that have significant technological breakthroughs, broad commercial prospects, and substantial ongoing R&D investments, while still being in an unprofitable stage at the time of listing [4]. Group 2: Applicability of the Growth Layer - The Growth Layer applies to both existing unprofitable companies listed on the Science and Technology Innovation Board (referred to as "existing companies") and newly registered companies that are unprofitable at the time of listing (referred to as "incremental companies"). Existing companies will be included in the Growth Layer from the date of the guideline's release, while incremental companies will be included from the date of their listing [5]. Group 3: Conditions for Removal from the Growth Layer - The conditions for removal from the Growth Layer are defined as follows: 1. If a company has positive net profits for the last two years and a cumulative net profit of no less than 50 million yuan. 2. If a company has positive net profit for the last year and an operating income of no less than 100 million yuan. - For existing companies, the removal condition remains that they must achieve profitability after listing [7]. Group 4: Investor Awareness and Information Disclosure - Investors can be informed about a company's removal from the Growth Layer through the company's annual report, which will include an announcement if the company meets the removal conditions. The Shanghai Stock Exchange will also promptly update the status of the company [8]. - A special identifier "U" will be added to the stock or depositary receipt name to indicate that it is a Growth Layer stock. Companies that fail to disclose annual reports or receive negative audit opinions will not have their status adjusted [9]. Group 5: Trading Considerations for Investors - Investors participating in trading of newly registered Growth Layer stocks must sign a special risk disclosure document. However, existing stocks or depositary receipts are not affected by this requirement [11]. Group 6: Information Disclosure Requirements - The Shanghai Stock Exchange imposes stricter information disclosure requirements on Growth Layer companies, which must explain the reasons for their unprofitability and its impact in their annual reports. The sponsoring institutions must also fulfill their supervisory responsibilities and disclose any significant adverse risks related to the company's technological innovation and growth prospects [14][15].

Core Viewpoint - The article discusses the newly released "Self-Regulatory Guidelines for the Science and Technology Innovation Board Listing Companies, Guideline No. 5 - Growth Layer" by the Shanghai Stock Exchange, which aims to support technology companies that are in the growth phase and still unprofitable at the time of listing [3]. Group 1: Definition and Scope - The Growth Layer is designed to support technology companies that have significant technological breakthroughs, broad commercial prospects, and substantial ongoing R&D investments, even if they are unprofitable at the time of listing [5]. - The Growth Layer applies to both existing unprofitable companies on the Science and Technology Innovation Board (referred to as "existing companies") and newly registered companies that are unprofitable at the time of listing (referred to as "incremental companies") [6]. Group 2: Exit Conditions - The exit conditions for incremental companies are based on meeting the first set of listing standards, which include either having positive net profits for the last two years with a cumulative net profit of no less than 50 million yuan or having positive net profit for the last year with operating revenue of no less than 100 million yuan [8]. - For existing companies, the exit condition remains that they must achieve profitability for the first time after listing [8]. Group 3: Disclosure and Monitoring - Investors can learn about a company's exit from the Growth Layer through its annual report, which will include an announcement if the company meets the exit conditions [9]. - The Shanghai Stock Exchange will mark stocks or depositary receipts from the Growth Layer with a special identifier "U" to indicate their status [10]. - There are stricter disclosure requirements for Growth Layer companies, which must explain the reasons for their unprofitability and its impact in their annual reports, along with risk warnings prominently displayed [15]. Group 4: Investor Participation - Investors participating in trading of newly registered Growth Layer stocks must sign a special risk disclosure document, while existing stocks are not subject to this requirement [12]. - Companies in the Growth Layer must conduct checks and disclose any abnormal trading fluctuations before and after any tier adjustments [16].

Group 1 - The core viewpoint of the news is that Wuhan Heyuan Biotechnology Co., Ltd. has successfully passed the listing review by the Shanghai Stock Exchange, marking it as the first company to benefit from the reactivation of the fifth listing standard for unprofitable enterprises on the Sci-Tech Innovation Board [1][4] - Heyuan Biotechnology plans to raise 2.4 billion yuan through its IPO, with approximately 1.658 billion yuan allocated for the construction of a recombinant human albumin industrialization base, while the remaining funds will be directed towards new drug research and development and to supplement working capital [2][3] - The company has been focusing on the research of rice endosperm cell expression systems and the development of recombinant protein drugs since its establishment in 2006, with significant investments in R&D leading to continuous losses [2][4] Group 2 - The fifth listing standard emphasizes "market value + R&D," allowing unprofitable but high-growth technology innovation enterprises to list, particularly in the biopharmaceutical and semiconductor sectors [4][6] - Since the establishment of the Sci-Tech Innovation Board, 20 companies have successfully listed under the fifth standard, all being innovative biopharmaceutical enterprises, with a combined revenue exceeding 14 billion yuan in 2024, reflecting a growth of over 40% compared to 2023 [5][6] - Recent reforms aim to enhance the adaptability and inclusiveness of the Sci-Tech Innovation Board, with new measures introduced to support more frontier technology sectors such as artificial intelligence and commercial aerospace [6][7]

Core Viewpoint - The establishment of the Sci-Tech Innovation Growth Layer is a key component in building a multi-tiered capital market to support technological innovation, focusing on high-quality, unprofitable tech companies while balancing development and safety [1][2][3] Group 1: Regulatory Framework - The Shanghai Stock Exchange (SSE) released the "Self-Regulatory Guidelines for Sci-Tech Innovation Board Listed Companies No. 5 - Sci-Tech Innovation Growth Layer" along with several related business guidelines [1][2] - The introduction of the pre-review mechanism and the professional institutional investor system aims to optimize resource allocation efficiency and enhance risk control [1][2][9] Group 2: Market Impact - The reforms are expected to address the challenges faced by tech companies in the listing process, enhancing the Sci-Tech Innovation Board's inclusivity and adaptability [2][3] - The establishment of the Sci-Tech Innovation Growth Layer is anticipated to support early-stage innovative companies, providing them with financing channels and enhancing China's competitive advantage in global industrial development [3] Group 3: Entry and Exit Criteria - A total of 32 existing unprofitable companies will enter the Sci-Tech Innovation Growth Layer, with no additional listing thresholds for unprofitable companies [4] - The exit criteria for existing companies remain unchanged, while new unprofitable companies will have stricter exit conditions [4] Group 4: Information Disclosure and Investor Management - The guidelines emphasize risk-oriented information disclosure, requiring companies to disclose risks related to unprofitability and technology development [5] - There are no new trading thresholds for individual investors, maintaining the existing requirement of "500,000 yuan in assets + 2 years of experience" [5][6] Group 5: Pre-Review Mechanism - The pre-review mechanism allows tech companies to have their IPO application documents reviewed before formal submission, aiming to protect sensitive business information [7][8] - The pre-review process will not be publicly disclosed until the formal IPO application is accepted, ensuring market oversight [8] Group 6: Professional Institutional Investor System - The introduction of the professional institutional investor system aims to enhance the identification of high-quality tech companies, with specific criteria for eligible investors [9][10] - This system is viewed as a significant step towards improving the efficiency of capital market resource allocation [9][10]