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科创板改革升级:设置科创成长层,力挺未盈利企业上市
Core Viewpoint - The China Securities Regulatory Commission (CSRC) announced a series of important policies in the capital market, particularly focusing on the "1+6" policy reform for the Sci-Tech Innovation Board (STAR Market), which aims to enhance support for innovative enterprises and improve the listing process for unprofitable companies [1][4]. Group 1: "1" - Establishment of Sci-Tech Growth Layer - The establishment of a Sci-Tech Growth Layer on the STAR Market will allow unprofitable companies to list under the fifth set of standards, providing a more precise service for high-quality tech enterprises with significant breakthroughs and ongoing R&D investments [5][6]. - Companies in the Sci-Tech Growth Layer will be marked with a "U" in their stock abbreviation, making it easier for investors to identify unprofitable firms [5][6]. - Investment qualifications for investors in the Sci-Tech Growth Layer will be heightened to mitigate risks associated with investing in unprofitable companies [6]. Group 2: "6" - Six Specific Measures - Measure 1: Introduction of a system for seasoned professional institutional investors to enhance the assessment of unprofitable companies, although participation is encouraged rather than mandatory [8]. - Measure 2: Implementation of a pre-IPO review mechanism for high-quality tech companies, allowing them to submit documents for preliminary review before formal IPO applications, expediting the process without lowering standards [9]. - Measure 3: Expansion of the fifth set of standards to include more cutting-edge sectors such as artificial intelligence, commercial aerospace, and low-altitude economy [9]. - Measure 4: Support for unprofitable tech companies to conduct capital increases aimed at R&D, specifically for existing shareholders [10]. - Measure 5: Improvement of institutional mechanisms to support the development of STAR Market-listed companies, including facilitating mergers and acquisitions of companies listed for less than three years [10][11]. - Measure 6: Coordination of investment and financing functions in the market, including the introduction of more STAR Market indices and ETFs to attract long-term capital [13]. Group 3: Future Policies - The "1+6" policy is part of a broader set of upcoming capital market reforms, including the introduction of Sci-Tech bond ETFs and other financing tools for tech enterprises [14]. - The CSRC aims to cultivate patient capital and long-term investment through various supportive policies, such as establishing specialized tech companies in Shanghai and optimizing fund share transfer practices [14][15]. - Further measures will be introduced to enhance the openness of the capital market, including optimizing the Qualified Foreign Institutional Investor (QFII) system and expanding the range of products available for foreign investment [15].
首批10只科创债ETF今日火速上报
news flash· 2025-06-18 09:29
首批10只科创债ETF今日火速上报 智通财经6月18日电,证监会主席吴清今日在陆家嘴论坛上提出加快推出科创债 ETF,各家基金公司的 动作也加紧跟上。6月18日下午证监会网站显示,10只科创债ETF已快速上报,10只科创债ETF投资标 的为交易所科创债。具体来看,嘉实、富国、南方和景顺长城等4家旗下科创债ETF在深交所上市,易 方达、博时、广发、招商、鹏华、华夏等6家旗下科创债ETF将在上交所上市。业内称,沪深交易所科 创债市场发展较快,市场规模已过万亿元,发行主体信用评级较高,市场流动性较好,推出科创债 ETF的条件较为成熟。(智通财经记者 闫军) ...