科创板科创成长层

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美联储按兵不动!预计今年降息两次;美媒称特朗普批准攻击伊朗但暂不下令;证监会明确!关于科创成长层;海天味业港股IPO受热捧丨每经早参
Mei Ri Jing Ji Xin Wen· 2025-06-18 22:05
每经编辑|张喜威 王晓波 ∪中国5月Swift人民币在全球支付中占比 2 今日央行有1193亿元7天期逆回购到1 3 商务部6月19日召开新闻发布会,介绍 重点工作有关情况 4 第五届中国国际固态电池科技大会暨2 电池材料与智能装备技术展将于6月19E 在合肥举办 1 隔夜市场 当地时间6月18日,美联储最新的联邦公开市场委员会(FOMC)货币政策会议纪要显示,美联储决定将联邦基金利率目标区间维持在4.25%至4.50%之间不 变。这是美联储货币政策会议连续第四次决定维持利率不变。 美联储官员预计未来几个月美国通胀情况将恶化,但仍预计在2025年年底前将降息两次,与3月份的预测一致。美联储预计,相比于3月份的预测,到2025年 年底美国经济增长将明显放缓,通胀将上升,失业率将略有上升。美联储官员预计,美国通胀率到2025年年底将升至3%,失业率将升至4.5%,经济增长率 将放缓至1.4%。美联储主席鲍威尔当日警告称,不要过分相信美联储的利率预测,因为预测可能会根据公布的数据而发生变化,尤其是通胀数据。鲍威尔 在美联储政策会议后的新闻发布会上表示,没有人对这些利率预测抱有绝对的信心,这些都将取决于数据。 美股三 ...
证监会:设置科创板科创成长层 未盈利科技型企业迎上市新通道
Shang Hai Zheng Quan Bao· 2025-06-18 20:09
Core Viewpoint - The China Securities Regulatory Commission (CSRC) has officially released the "Opinions on Setting Up a Growth Layer in the Sci-Tech Innovation Board" to enhance the inclusiveness and adaptability of the Sci-Tech Innovation Board for high-quality technology enterprises, particularly those that are currently unprofitable but have significant growth potential [1][2] Group 1: Key Measures - The establishment of a Sci-Tech Growth Layer specifically targets technology companies that have made significant technological breakthroughs, possess broad commercial prospects, and maintain substantial ongoing R&D investments, despite being unprofitable [1] - Unprofitable technology companies will be fully included in the Sci-Tech Growth Layer, with specific conditions for entry and exit, including a new classification system for existing unprofitable companies [1] - Companies in the Sci-Tech Growth Layer will have their stock names appended with "U" to indicate their unprofitable status [1] Group 2: Investor Protection and Management - The CSRC has introduced enhanced investor suitability management requirements, mandating that investors in newly registered unprofitable technology companies sign a specialized risk disclosure document [1] - Securities firms are required to implement robust investor suitability management responsibilities, including comprehensive risk assessments and disclosures [1] Group 3: Additional Reform Initiatives - Six reform measures have been introduced to improve the system's inclusiveness for high-quality technology enterprises, including the introduction of experienced institutional investors, a pre-IPO review mechanism, and the expansion of applicable standards to more frontier technology sectors [2] - The CSRC plans to work with the Shanghai Stock Exchange and relevant market participants to ensure the effective implementation of these reforms and enhance the market's attractiveness and competitiveness [2]
科创成长层重点服务未盈利科技型企业 特点是技术有大突破、商业前景广、研发投入大
Zhong Guo Jing Ying Bao· 2025-06-18 13:42
Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued the "Opinions on Setting Up a Growth Tier in the Sci-Tech Innovation Board to Enhance Institutional Inclusiveness and Adaptability" to support unprofitable technology companies and improve the listing process for high-quality tech firms [1][2]. Group 1: Key Measures and Reforms - The establishment of the Sci-Tech Innovation Board Growth Tier aims to facilitate technology companies with significant breakthroughs and broad commercial prospects that are currently unprofitable [2]. - Six reform measures have been introduced, including the trial introduction of seasoned professional institutional investors for companies applying under the fifth listing standard, and the expansion of the applicable scope to include more frontier technology sectors such as artificial intelligence and commercial aerospace [1][2]. - The CSRC will enhance the pre-IPO review mechanism for quality tech firms to improve communication services provided by the stock exchange [1][2]. Group 2: Entry and Exit Conditions - All unprofitable technology companies will be included in the Growth Tier, with specific exit conditions based on profitability and revenue thresholds [2]. - New unprofitable companies can exit the Growth Tier if they meet certain criteria, such as achieving positive net profits for two consecutive years with a cumulative profit of no less than 50 million yuan, or having a positive net profit and revenue of at least 100 million yuan in the most recent year [2]. Group 3: Investor Protection and Regulation - The CSRC emphasizes the protection of investors' legal rights and interests, with a focus on establishing standards for seasoned professional institutional investors and enhancing disclosure requirements [2]. - A "blacklist" system will be implemented to combat illegal activities such as profit transfer and commercial corruption among institutional investors [2]. Group 4: Future Steps - The CSRC plans to work with the Shanghai Stock Exchange and relevant market participants to implement the reforms and enhance the attractiveness and competitiveness of the system [3].
科创板为何要设科创成长层?证监会详细解读
Sou Hu Cai Jing· 2025-06-18 11:04
Core Viewpoint - The China Securities Regulatory Commission (CSRC) announced significant reforms to the Sci-Tech Innovation Board (STAR Market), including the establishment of a "Sci-Tech Growth Layer" to support high-quality, unprofitable technology companies seeking to go public [1][2]. Group 1: Reform Details - The "1+6" policy measures aim to enhance the inclusivity and adaptability of the STAR Market, with the Sci-Tech Growth Layer being a key highlight [1][2]. - The new layer will focus on technology companies with significant breakthroughs, broad commercial prospects, and substantial ongoing R&D investments, even if they are currently unprofitable [2]. - The CSRC has previously implemented various policies to support technological innovation, including the "16 Technology Measures," "8 STAR Market Measures," and "6 Merger Measures" [1]. Group 2: Implementation and Investor Protection - The "Sci-Tech Growth Layer" will include all existing and newly registered unprofitable technology companies, providing a structured environment for their management [2]. - Specific requirements for companies in the Sci-Tech Growth Layer include enhanced information disclosure, risk warnings, and a special identifier "U" for their stock names [3]. - The CSRC emphasizes the importance of protecting the rights of small and medium investors while ensuring the quality of listed companies by maintaining strict entry standards [3].
“1+6”政策措施来了!科创板设置科创成长层,推出6项改革举措
Bei Jing Shang Bao· 2025-06-18 10:38
在科创板开板六年之际,科创板改革进一步深化!6月18日,在2025陆家嘴论坛上,证监会主席吴清表示,将更好发挥科创板"试验田"作用,加力推出进一 步深化改革的"1+6"政策措施。当日,"1+6"政策措施出炉,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》(以下简称《科创 板意见》),1即设置科创板科创成长层;6即围绕增强优质科技型企业的制度包容性适应性,推出6项改革举措。 设置科创板科创成长层 根据证券法规定,证券交易所可以根据证券品种、行业特点、公司规模等因素设立不同的市场层次。本次改革在科创板设置科创成长层,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。 据证监会介绍,设置科创成长层后,现有和新注册的未盈利科技型上市公司将全部纳入其中。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、适应性的标识性因素。在科创板设置科创成长层,一是有利于进一 步彰显资本市场支持科技创新的政策导向,稳定市场预期;二是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 ...
证监会:将在科创板新设科创成长层
Xin Hua She· 2025-06-18 10:20
围绕增强优质科技型企业的制度包容性适应性,意见提出6项改革举措,主要包括: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;面向优质科技型企业试点IPO预先审阅 机制,进一步提升证券交易所预沟通服务质效;扩大第五套标准适用范围,支持人工智能、商业航天、 低空经济等更多前沿科技领域企业适用;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; 健全支持科创板上市公司发展的制度机制;健全科创板投资和融资相协调的市场功能。 意见在持续抓好"科创板八条"落地实施的基础上,以设置专门层次为抓手,重启未盈利企业适用科 创板第五套标准上市,推出一揽子更具包容性、适应性的制度改革,着力打通支持优质科技型企业发展 的堵点难点,同时进一步加强投资者合法权益保护。 证监会有关负责人表示,下一步,将组织上海证券交易所及市场有关各方扎实推进各项改革举措和 示范案例落实落地,加强宣传引导和政策解读,不断增强制度吸引力、竞争力,持续提升市场获得感, 进一步促进科技创新和产业创新深度融合发展。(完) 新华社北京6月18日电(记者任军、刘慧)中国证监会18日发布消息称,为深化资本市场投融资综 合改革,增强科创板制度包容性 ...
【证监会: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】中国证监会发布《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》。其中提到,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。建立不同股东之间的利益平衡与保护机制。
news flash· 2025-06-18 07:50
Core Viewpoint - The China Securities Regulatory Commission (CSRC) supports unprofitable technology companies undergoing review to conduct capital increases and share expansions aimed at existing shareholders [1] Group 1 - The CSRC has issued opinions on establishing a "Growth Layer" in the Sci-Tech Innovation Board to enhance the inclusiveness and adaptability of the regulatory framework [1] - It allows unprofitable companies or their subsidiaries to raise equity financing from existing shareholders based on reasonable development needs such as ongoing research and development [1] - A mechanism for balancing and protecting the interests of different shareholders will be established [1]
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
证监会发布· 2025-06-18 07:38
Core Viewpoint - The article outlines the establishment of a "Growth Layer" within the Sci-Tech Innovation Board to enhance the inclusivity and adaptability of the system, aiming to better support technological innovation and new productive forces in China [1][2]. Group 1: Main Principles - The reform focuses on problem-oriented and goal-oriented strategies to facilitate the integration of technological and industrial innovation [2]. - Emphasis is placed on supporting high-quality technology enterprises, recognizing their long profit cycles and significant R&D investments [2]. - The approach will prioritize stability and pilot programs, balancing reform with risk prevention and regulatory strength [2]. Group 2: Establishment of the Sci-Tech Growth Layer - The Growth Layer is designed for technology companies that have significant breakthroughs and commercial potential but are currently unprofitable [3]. - Unprofitable tech companies will be included in the Growth Layer, with specific criteria for exiting the layer based on profitability and revenue thresholds [3]. - Companies in the Growth Layer will be required to disclose reasons for their unprofitability and associated risks prominently [4]. Group 3: Enhancing System Inclusivity for Quality Tech Enterprises - Introduction of a system for professional institutional investors to support companies meeting the fifth listing standard on the Sci-Tech Innovation Board [5]. - A pre-review mechanism for IPO applications will be piloted to improve the efficiency of the review process for tech companies [5]. - The scope of the fifth listing standard will be expanded to include more emerging technology sectors [5]. Group 4: Implementation and Risk Management - A focus on risk monitoring and early correction mechanisms to maintain market stability while promoting high-quality development [8]. - Strengthening communication and training for market participants to ensure effective implementation of reforms [8]. - Enhancing investor education to improve understanding of technological innovation and associated risks [8].
证监会: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
news flash· 2025-06-18 07:36
证监会: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 (三)强化信息披露和风险揭示。科创成长层企业股票简称后添加"U"(Unprofitable),作为特殊标 识。科创成长层企业应当定期披露尚未盈利的原因及对公司的影响,并在公告首页的显著位置,对企业 尚未盈利的相关风险作出提示声明。 (四)增加投资者适当性管理要求。个人投资者参与科创成长层股票交易,应当满足科创板投资者适当 性管理要求。其中,投资新注册的未盈利科技型企业的投资者还应当签署科创成长层企业股票投资专门 风险揭示书,风险揭示书应当充分揭示未盈利企业经营风险及相应的股票投资风险、股价波动风险等事 项。证券公司应当切实落实好科创成长层投资者适当性管理责任,多维度强化投资者风险评估并充分告 知相关风险。 (一)科创成长层的定位。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。 (二)企业入层和调出条件。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 ...