Core Viewpoint - The introduction of a professional institutional investor system in the Sci-Tech Innovation Board aims to enhance the identification of high-quality technology enterprises and improve pricing efficiency in the capital market [1][2][3]. Group 1: Introduction of Professional Institutional Investors - The China Securities Regulatory Commission (CSRC) has released opinions to pilot the introduction of professional institutional investors for companies meeting the fifth listing standard on the Sci-Tech Innovation Board [1]. - This initiative is expected to leverage the advantages of market-oriented institutions to accurately identify quality technology companies and guide long-term capital investment [1][2]. - The involvement of professional institutional investors is seen as a key step in supporting technological innovation, with the effectiveness depending on the precise implementation of supporting details and mechanisms [1][5]. Group 2: Mechanism and Benefits - The new system will consider the investment duration, quantity, and proportion of professional institutional investors as references during the registration review for companies applying under the fifth listing standard [2]. - Professional institutional investors are believed to possess unique advantages in identifying high-quality technology enterprises, particularly in assessing the technological attributes and future growth potential of unprofitable companies [2][3]. - The introduction of this mechanism is expected to improve pricing efficiency by reducing information asymmetry and providing a more accurate market valuation of technology companies [3]. Group 3: Comparison with International Practices - Successful practices in mature overseas markets, such as the Hong Kong Stock Exchange, have already implemented similar systems, where professional investors are required for specific industry listings [4]. - Statistics show that companies listed under these rules have experienced significant revenue growth and reduced net losses over three years, indicating the potential benefits of such a system [4]. Group 4: Regulatory Measures and Standards - Regulatory authorities emphasize the need for strict supervision of professional institutional investors to prevent issues like profit transfer and other illegal activities [5]. - The Shanghai Stock Exchange is developing standards for recognizing professional institutional investors, focusing on investment experience, compliance, and independence [5]. - There is a caution against the "herding effect" among institutional investors, which could exacerbate market volatility, highlighting the need for dynamic adjustments in policies based on technological advancements [5]. Group 5: Future Prospects - If the pilot program proves successful, the professional institutional investor system could be expanded to the ChiNext and other markets, further enhancing the internal pricing mechanism and resource allocation effects in the capital market [6].

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]

Core Viewpoint - The introduction of the "1+6" policy for the Sci-Tech Innovation Board aims to enhance the inclusivity and adaptability of the capital market, particularly through the trial implementation of a professional institutional investor system for companies meeting the fifth listing standard [1][4]. Group 1: Policy and Implementation - The first measure of the "1+6" policy is to pilot the introduction of professional institutional investors for companies under the fifth listing standard, which is expected to help assess the technological attributes and commercial prospects of these firms [1][4]. - The system is designed to be a reference factor during the review process rather than a new listing threshold, ensuring it does not alter existing listing standards [6]. Group 2: Market Impact and Investor Role - Professional institutional investors are expected to reduce information asymmetry and provide valuation support, which can stabilize the secondary market and enhance review efficiency [5][6]. - The involvement of seasoned investors can lead to a more favorable investment environment for "hard tech" companies, encouraging early and small investments in innovative sectors [5]. Group 3: Historical Context and Comparisons - The article draws parallels with international practices, noting that private equity and venture capital have played crucial roles in the commercialization of advanced technologies in the past [2]. - The Hong Kong Stock Exchange has previously implemented a similar system for biotech and specialized technology companies, which serves as a reference for the current reforms in the Sci-Tech Innovation Board [2]. Group 4: Current Market Landscape - As of the end of 2024, there are 67 companies listed under the 18A rule, with an average of three professional investors per company, collectively holding about 21% of shares, indicating strong institutional backing [3]. - The private equity investment fund market in China has reached approximately 10.96 trillion yuan, providing substantial financial support to technology companies at various stages of development [3].

Core Viewpoint - The introduction of the "1+6" policy by the China Securities Regulatory Commission (CSRC) aims to facilitate the listing of loss-making companies on the Sci-Tech Innovation Board (STAR Market), addressing the challenges faced by tech firms in securing funding and going public [2][4]. Group 1: Policy Overview - The "1+6" policy includes the establishment of a Sci-Tech Growth Layer on the STAR Market, allowing companies with losses or zero revenue to list [2][4]. - Currently, there are 30 companies marked with a "U" indicating they are in the Sci-Tech Growth Layer, which allows for listing despite losses [4]. - New regulations require companies registered after the new rules to meet stricter criteria to remove the "U" mark, compared to previous standards [6]. Group 2: Listing Standards - The first standard for listing requires companies to be profitable in the last two years with a total profit of at least 50 million yuan, or to have a profit and revenue of at least 100 million yuan in the last year [7]. - The fifth standard allows companies with losses and zero revenue to list, provided they have a market value of over 4 billion yuan and meet other specific criteria [9][10]. - Currently, 20 companies have utilized the fifth standard for listing, primarily in the biopharmaceutical sector [12][13]. Group 3: New Measures - The policy introduces six reform measures, including expanding the fifth standard to support more frontier technology sectors like artificial intelligence and commercial aerospace [8][17]. - A new mechanism for pre-IPO review is being piloted to protect sensitive information for high-quality tech companies [22][23]. - Companies can now raise funds from existing shareholders during the IPO process, which is beneficial for those lacking self-sustaining financial capabilities [24][25]. Group 4: Investment and Oversight - The introduction of a system for professional institutional investors aims to enhance the evaluation of companies that qualify for the fifth standard, ensuring better judgment on their future prospects [19][20]. - The CSRC emphasizes the need for strict regulatory measures to prevent fraudulent activities and protect investor rights, ensuring that companies meet multiple criteria for listing [28].

Group 1 - The China Securities Regulatory Commission (CSRC) has issued opinions on establishing a "Growth Layer" in the Sci-Tech Innovation Board to enhance the inclusiveness and adaptability of the system [1] - The Shanghai Stock Exchange (SSE) is soliciting public opinions on two supporting business rules related to the Growth Layer and pre-review processes for listings [1] - The Growth Layer aims to serve technology companies that have significant breakthroughs, broad commercial prospects, and substantial ongoing R&D investments, which are currently in a non-profitable stage [1] Group 2 - The SSE is developing rules for professional institutional investors, focusing on clarifying requirements, standardizing operations, and enhancing self-regulation [2] - Companies applying for the fifth set of listing standards on the Sci-Tech Innovation Board are encouraged to voluntarily disclose information about professional institutional investors, which will be considered in the review process [2] - The SSE plans to actively gather feedback during the consultation period to refine the rules and will implement them promptly to enhance the Sci-Tech Innovation Board's support for technological innovation [2]

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 ...

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].

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 ...

6月18日，证监会主席吴清在2025年陆家嘴论坛上官宣， 更好发挥科创板改革"试验田"作用，加力 推出进一步深化改革的"1+6"政策组合拳。 文/李悦 科创成长层 亮相 、 第五套 上市 标准 重启 ， 资本市场支持科技创新的顶层设计再获关键突破！ 其中，"1"是核心引擎，是指在科创板设置科创成长层，并且重启未盈利企业适用科创板第五套标准 上市；"6"是在科创板创新推出包括对于适用科创板第五套标准的企业，试点引入资深专业机构投资 者制度等6项改革措施。 "设置科创成长层这一举措具有非常重要的意义。"清华大学国家金融研究院院长、清华大学五道口 金融学院副院长田轩表示，成长层突破了过去对于拟融资企业规模、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。 在前海开源基金首席经济学家、基金经理杨德龙看来，加力推出进一步深化改革的"1+6"政策措 施，有利于加大资本市场对科技创新企业的支持，从而有助于发展优质新生产力。 01 解密"科创成长层" 值得一提的是， 此次 在科创板设置科创成长层，是继"科技十六条""科创板八条""并购六条" ...

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 ...