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科创板迎新一轮改革,“1+6”细则出炉
第一财经· 2025-06-18 12:16
2025.06. 18 本文字数:2596,阅读时长大约4分钟 作者 | 第一财经 黄思瑜 周斌 证监会主席吴清话音刚落,6月18日下午,科创板"1+6"改革细则出炉。 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》),明确了科创板科创成长层入层和调入条件。 其中,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。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。 清华大学国家金融研究院院长、五道口金融学院副院长田轩认为,设置科创成长层这一举措具有非常 重要的意义。成长层突破了过去对拟融资企业规模、盈利等方面的要求与限制,不仅能够根据科创企 业轻资产、高研发投入、未来收益不确定性大等特点,为科技创新型企业提供更为精准的融资平台; 还能够吸引社会资本聚焦科技创新领域,引导资金从传统产业流向具有高附加值和发展潜力的科创产 业,加速科技成果转化,促进产业结构优化升级。 此外,科创板推出6项改革举措,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;扩大第五套标准适用 ...
科创改革再出发:扩大第五套上市标准适用范围,引入资深专业机构投资者制度
Di Yi Cai Jing· 2025-06-18 12:08
Core Viewpoint - The recent reforms in the Sci-Tech Innovation Board (STAR Market) aim to enhance the listing process for high-quality technology companies while maintaining strict entry standards for IPOs, avoiding large-scale expansions [1][2]. Group 1: Reform Measures - The STAR Market has introduced six reform measures, including expanding the applicability of the fifth listing standard, introducing a system for seasoned professional institutional investors, and supporting pre-IPO review mechanisms for quality tech firms [1][2]. - The new policies are designed to better serve technology companies with significant breakthroughs, ongoing R&D investments, and promising commercial prospects, reflecting the government's commitment to supporting tech enterprises [1][2]. Group 2: Fifth Listing Standard - The China Securities Regulatory Commission (CSRC) has resumed the application of the fifth listing standard for unprofitable companies, expanding its scope to include sectors like artificial intelligence, commercial aerospace, and low-altitude economy [2][3]. - Currently, 20 companies listed under the fifth standard are primarily in the biopharmaceutical sector, but the new reforms are expected to facilitate listings from other high-potential industries [2][3]. Group 3: Institutional Investor System - The STAR Market will pilot a system for seasoned professional institutional investors to help accurately assess the innovation attributes and commercial prospects of tech firms, addressing the challenges of evaluating high-risk, high-reward investments [4][5]. - This system aims to leverage the expertise of institutional investors to guide financial capital towards early-stage, long-term investments in hard technology [5][6]. Group 4: Pre-IPO Review Mechanism - A pre-IPO review mechanism will be trialed to allow tech companies to manage sensitive information before formal applications, reducing the risk of negative impacts on their operations during the listing process [7][8]. - The pre-review is not mandatory and does not replace the formal application process, ensuring that the existing standards and procedures for IPO reviews remain stringent [8].
“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 ...
科创板迎新一轮改革,“1+6”细则出炉
Di Yi Cai Jing· 2025-06-18 09:46
未盈利科技型企业全部纳入创新成长层。 证监会主席吴清话音刚落,6月18日下午,科创板"1+6"改革细则出炉。 清华大学国家金融研究院院长、五道口金融学院副院长田轩认为,设置科创成长层这一举措具有非常重 要的意义。成长层突破了过去对拟融资企业规模、盈利等方面的要求与限制,不仅能够根据科创企业轻 资产、高研发投入、未来收益不确定性大等特点,为科技创新型企业提供更为精准的融资平台;还能够 吸引社会资本聚焦科技创新领域,引导资金从传统产业流向具有高附加值和发展潜力的科创产业,加速 科技成果转化,促进产业结构优化升级。 此外,科创板推出6项改革举措,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;扩大第五套标准适用范围;支持上市公司吸收合并上市不满3年的科创板上市公司等。 未盈利科技型企业全部纳入创新成长层 证监会新闻发言人表示,本次改革在科创板设置创新成长层,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。 "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 ...
证监会:面向优质科技型企业试点IPO预先审阅机制
news flash· 2025-06-18 07:39
证监会:面向优质科技型企业试点IPO预先审阅机制 智通财经6月18日电,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》。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。开展关键核心技术 攻关或符合其他特定情形的科技型企业可以在正式申报IPO前,申请证券交易所对申报文件开展预先审 阅。相应的,预先审阅过程、结果不公开。完成预先审阅的科技型企业正式提交IPO申报,加快推进审 核注册程序。 ...
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].