Core Viewpoint - The article discusses the establishment of the "Science and Technology Innovation Growth Tier" on the Sci-Tech Innovation Board, aimed at enhancing the inclusivity and adaptability of the system for unprofitable technology companies [2][3]. Group 1: Establishment of the Growth Tier - The China Securities Regulatory Commission (CSRC) issued guidelines for setting up the Sci-Tech Innovation Growth Tier to better serve unprofitable technology companies with significant technological breakthroughs and promising commercial prospects [4][5]. - The Shanghai Stock Exchange (SSE) is developing supporting business rules to implement these guidelines and enhance the service capabilities of the Sci-Tech Innovation Board [2][5]. Group 2: Mechanisms and Standards - The new rules will establish mechanisms focusing on three main areas: implementation standards and procedures, risk disclosure, and improving information disclosure quality [5]. - Companies in the Growth Tier will have special identification management for their stocks, requiring investors to sign a risk disclosure agreement when investing in newly registered companies [5]. Group 3: Pre-Review Mechanism - A pre-review mechanism for stock issuance applications is being proposed to help technology companies manage sensitive information before formal applications [6][8]. - The pre-review process will not replace the formal application review but will provide feedback to issuers and underwriters before the official submission [8][9]. Group 4: Professional Institutional Investors - The article emphasizes the importance of professional institutional investors in identifying and selecting quality technology companies, which will help guide financial capital towards early, small, and long-term investments in hard technology [10][11]. - The SSE plans to establish rules to encourage issuers to voluntarily disclose information about professional institutional investors, which will be considered in the review process but not as a mandatory condition for listing [11][12].

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。 ...

中国证监会各派出机构，各交易所，各下属单位，各协会，会内各司局： 二、设置科创板科创成长层 （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）最近两年净利润均为正且累计净利润不低于5000万元；或（2）最近一年 净利润为正且营业收入不低于1亿元。存量未盈利科技型企业符合现行取消特殊标识条 件的，调出科创成长层。 （ 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 ...