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 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]