"尽快推动具有标志性意义的典型案例落地，扩大政策的示范带动效应。" 经过征求意见后，科创板"1+6"配套规则正式落地，细化资深专业机构投资者认定标准，进一步明确预 先审阅机制的适用情形、科创成长层调出标准中有关指标的计算口径等。 7月13日，上交所正式发布《科创板上市公司自律监管指引第5号——科创成长层》（下称《科创成长层 指引》）、《发行上市审核规则适用指引第7号——预先审阅》（下称《预先审阅指引》），新增《发 行上市审核规则适用指引第8号——资深专业机构投资者》（下称《资深专业机构投资者指引》），同 时发布《会员管理业务指南第2号——风险揭示书必备条款》和《证券交易业务指南第6号——证券特殊 标识》等2项业务指南。 在这之前的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》），提出设置科创板科创成长层，并推出6项改革举措。 此次落地的配套规则中，新增了《资深专业机构投资者指引》，从投资经验、合规运作、投资入股时 间、持股规模、独立性等多个维度，明确了资深专业机构投资者的认定条件。 中信建投证券董事总经理董军峰表示，在科创板迈入"六年之期"的当口，设立"科 ...

在6月18日召开的2025陆家嘴论坛上，中国证监会主席吴清表示，将聚焦提升制度的包容性和适应性， 以深化科创板、创业板改革为抓手，更好发挥科创板"试验田"作用，加力推出进一步深化改革 的"1+6"政策措施，统筹推进投融资综合改革和投资者权益保护，加快构建更有利于支持全面创新的资 本市场生态。 随后，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》)，上海证券交易所(以下简称上交所)就同步制订的2项配套业务规则公开征求意见。 在调出条件上实施"新老划断"。存量企业调出条件保持不变，仍为上市后首次实现盈利，有助于稳定存 量企业和投资者预期；同时提高新注册未盈利企业调出条件，推动新上市公司加速技术研发和市场拓 展。科创成长层企业按照规定发布符合调出条件的公告后，上交所原则上在2个交易日内将企业调出。 《科创成长层指引》还就科创成长层企业在年度报告、临时公告中充分披露未盈利风险、技术研发风险 等作了具体规定，并要求持续督导机构切实履行职责。上交所将严格执行规则规定，督促科创成长层企 业、持续督导机构诚实守信，围绕投资者价值判断和投资决策所需，切实履行信息披露义务。 在 ...

上交所发布通知称， 为了落实《中国证监会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》），规范科创板科创成长层上市公司日常监管，保护投资者合法权益， 更好服务科技创新和新质生产力发展，上海证券交易所（以下简称本所）起草了《上海证券交易所科创 板上市公司自律监管指引第5号——科创成长层》（以下简称《科创成长层指引》），现将有关情况说 明如下。 一、起草背景 设立科创板并试点注册制六年来，在中国证监会的领导下，本所坚守科创板板块定位，深化各项制度机 制创新，改革效应不断放大。特别是，"科创板八条"发布实施一年来，科创板改革"再出发"，服务科技 创新和新质生产力发展的能力持续增强。2025年6月18日，中国证监会发布《科创板意见》，进一步 发挥科创板"试验田"作用，设置科创成长层，在促进投融资平衡的基础上更好发挥支持科技创新功能作 用。《科创成长层指引》细化落实《科创板意见》要求，明确科创成长层的具体定位、纳入调出条件、 信息披露要求等。 二、主要内容 《科创成长层指引》共12条，主要包括5方面内容，具体如下： 一是明确科创成长层定位，科创成长层精准支持技术实现较大突破、商业前景 ...

一是明确适用情形。发行人适用科创板第五套上市标准申请发行上市的，鼓励其按照规则规定自主认 定、自愿披露资深专业机构投资者的信息。中介机构需要对发行人认定和披露的情况进行审慎核查。 二是细化认定标准。主体方面，包括治理结构健全、管理资产规模较大、具有良好诚信记录的私募基 金、政府出资设立的基金、链主企业及其设立的投资机构等。投资经验方面，相关投资机构投资的科技 型企业中，近5年有5家以上已在科创板上市或者10家以上已在境内外主要证券交易所上市。持股比例和 期限方面，相关投资机构应当在发行人IPO申报前24个月到申报时，持续持有发行人3%以上的股份或5 亿元以上的投资金额，不能突击入股。此外，指引还对资深专业机构投资者的合规性、独立性等提出了 要求。 上交所相关负责人就业务规则制定修订情况答记者问时表示，为了进一步健全市场化精准识别优质科技 型企业的制度机制，上交所在加强研究论证、充分听取市场意见的基础上，制定了《资深专业机构投资 者指引》。指引发布后，适用科创板第五套上市标准的新申报企业即可适用。 北京商报讯（记者 马换换 王蔓蕾）7月13日，上交所官网显示，为了落实《中国证监会关于在科创板设 置科创成长层 增 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 科创板"1+6"政策配套业务规则来了！ 7月13日，上交所正式发布实施进一步深化科创板改革配套业务规则，包括《科创板上市公司自律监管 指引第5号——科创成长层》（以下简称《科创成长层指引》）、《发行上市审核规则适用指引第7号 ——预先审阅》（以下简称《预先审阅指引》）、《发行上市审核规则适用指引第8号——资深专业机 构投资者》（以下简称《资深专业机构投资者指引》）3项业务指引，以及修订的《会员管理业务指南 第2号——风险揭示书必备条款》和《证券交易业务指南第6号——证券特殊标识》2项业务指南。 6月18日，中国证监会正式发布《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》或"科创板改革'1+6'政策"），推出一揽子更具包容性、适应性的制度改革。上交 所推出系列配套业务规则，旨在落实《科创板意见》。 根据配套业务规则，科创板存量32家未盈利企业将自《科创成长层指引》发布实施之日起进入科创成长 层，新注册的未盈利企业将自上市之日起进入；借鉴境外市场的经验，在科创板试点引入IPO预先审阅 机制，开展关键核心技术攻关或者符合其他特定 ...

科创板"1+6"政策配套业务规则来了！ 7月13日，上交所正式发布实施进一步深化科创板改革配套业务规则，包括《科创板上市公司自律监管指引第5 号——科创成长层》（以下简称《科创成长层指引》）、《发行上市审核规则适用指引第7号——预先审阅》 （以下简称《预先审阅指引》）、《发行上市审核规则适用指引第8号——资深专业机构投资者》（以下简称 《资深专业机构投资者指引》）3项业务指引，以及修订的《会员管理业务指南第2号——风险揭示书必备条 款》和《证券交易业务指南第6号——证券特殊标识》2项业务指南。 6月18日，中国证监会正式发布《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》或"科创板改革'1+6'政策"），推出一揽子更具包容性、适应性的制度改革。上交所推出系列 配套业务规则，旨在落实《科创板意见》。 根据配套业务规则，科创板存量32家未盈利企业将自《科创成长层指引》发布实施之日起进入科创成长层，新 注册的未盈利企业将自上市之日起进入；借鉴境外市场的经验，在科创板试点引入IPO预先审阅机制，开展关 键核心技术攻关或者符合其他特定情形的科技型企业，因过早披露业务技术信息、上市计划 ...

Group 1 - The core idea of the news is the introduction of a system for seasoned professional institutional investors in the Sci-Tech Innovation Board to enhance the identification and judgment of the technological attributes and commercial prospects of tech companies [1][2] - The introduction of seasoned professional institutional investors aims to address the valuation challenges faced by unprofitable tech companies, which often have high R&D costs and long commercialization cycles [1][2] - The system is expected to help improve the identification of quality tech companies by leveraging the expertise and investment experience of seasoned professional institutional investors [1][2] Group 2 - The Shanghai Stock Exchange is developing relevant business rules to define the standards for recognizing seasoned professional institutional investors and to strengthen self-regulation [2] - The trial implementation of this system is based on successful practices from mature overseas markets, where private equity and venture capital have played crucial roles in the commercialization of advanced technologies [2][4] - The system will initially be limited to companies meeting the fifth set of listing standards, and the involvement of seasoned professional institutional investors will serve as a reference for the review process rather than a new listing condition [3][4] Group 3 - The introduction of seasoned professional institutional investors is expected to stabilize the stock market by encouraging long-term investments and reducing capital volatility [3][5] - The Hong Kong Stock Exchange has implemented a similar system, which has shown positive results in terms of revenue growth and reduced losses for companies listed under specific rules [4] - The growth of diverse investment entities, including private equity and venture capital, has provided significant funding support for tech companies at various stages of development [5]

Core Viewpoint - The introduction of a professional institutional investor system aims to enhance the identification and evaluation of high-quality technology enterprises in China's Sci-Tech Innovation Board, addressing the challenges of assessing the innovation attributes and commercial prospects of tech companies [1][2]. Group 1: Introduction of Professional Institutional Investors - The China Securities Regulatory Commission (CSRC) has proposed a pilot program to introduce professional institutional investors for companies meeting the fifth set of listing standards on the Sci-Tech Innovation Board [2][4]. - This initiative is designed to provide a new pathway for investors to discover the investment value of enterprises while improving the market mechanism for identifying quality tech firms [2][4]. Group 2: Characteristics of Tech Enterprises - Early-stage, unprofitable tech companies often face high R&D costs, long application cycles, and significant commercialization risks, leading to uncertainty in their ongoing operations and profitability [2][3]. - Successful identification of these companies can lead to exponential growth, making the assessment of investment risks and values challenging [2][3]. Group 3: Advantages of Professional Institutional Investors - Professional institutional investors possess specialized judgment capabilities regarding the innovation attributes and future development potential of tech companies, particularly those with core technologies [3][5]. - The backing of professional investors can reduce risks and provide market validation for a company's technological strength and commercial prospects [5]. Group 4: Market Practices and Statistics - The Hong Kong Stock Exchange has successfully implemented a similar system since 2018, with significant growth in revenue and net profit for companies listed under specific rules [4]. - As of the end of 2024, 67 companies were listed under the relevant rules, with an average of 3 professional investors per company, holding an average of 21% of shares collectively [4]. Group 5: Industry Implications - The introduction of this system may reshape the competitive landscape of the VC/PE industry, favoring capital-rich and technically adept leading institutions [6]. - There is a need for clear standards and regulatory oversight regarding the identification and behavior of professional institutional investors to ensure effective implementation [6].

精准识别优质科技型企业将迎来新"帮手"。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》(简称《科创板意见》，即科创板深化改革"1+6"政策措施)，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。 在市场人士看来，试点引入资深专业机构投资者制度，有助于发挥市场化机构的优势，精准识别优质科 技型企业，提高定价效率，提高资本市场资源配置的精准性；同时，有助于引导长期资本投早、投小、 投长期、投硬科技。 水木资本董事长、母基金研究中心创始人唐劲草在接受《证券日报》记者采访时表示，这一制度创新是 资本市场支持科技创新的关键一步，其成效取决于配套细则的精准落地和配套机制的协同优化。未来需 持续关注资深专业机构投资者的行为规范、市场定价效率的变化，以及未盈利企业的长期发展，确保政 策既能提升资源配置效率，又能有效保护中小投资者合法权益。 发挥专业机构独特优势 弥补传统审核机制短板 去年6月份，证监会发布的《关于深化科创板改革服务科技创新和新质生产力发展的八条措施》提出， 进一步完善科技型企业精准识别机制，发挥好市场机制作用。 对于如何发挥市场化力量精准识别科技型企业， ...

Group 1 - The core idea of the news is the introduction of a system for professional institutional investors in the Sci-Tech Innovation Board to enhance the identification and evaluation of technology companies' innovation attributes and business prospects [1][2] - The introduction of professional institutional investors aims to address the valuation challenges faced by unprofitable technology companies, which often have high R&D costs and long commercialization cycles [1][2] - The system is expected to help improve the identification of quality technology companies by leveraging the expertise and investment experience of professional institutional investors [1][2] Group 2 - The Shanghai Stock Exchange is developing relevant business rules to define the standards for recognizing professional institutional investors and to strengthen self-regulation [2] - The trial implementation of this system is based on successful practices from mature overseas markets, where private equity and venture capital have played crucial roles in commercializing advanced technologies [2][3] - The system will initially be limited to companies meeting the fifth set of listing standards, serving as a reference for review rather than a new listing condition [3] Group 3 - The introduction of professional institutional investors is seen as a way to attract long-term capital into the market, stabilizing the stock market and reducing capital volatility [3][4] - The Hong Kong Stock Exchange has implemented a similar system since 2018, which has shown positive results in terms of revenue growth and reduced losses for companies listed under specific rules [4] - The growth of diverse investment entities, including government investment funds and private equity, has been supported by national policies promoting technological innovation [5]