Core Viewpoint - The Shanghai Stock Exchange has implemented new business rules to enhance the inclusivity and adaptability of the Sci-Tech Innovation Board, particularly focusing on unprofitable technology companies and introducing a pre-review mechanism for IPOs [1][2]. Group 1: New Regulations and Guidelines - The newly released guidelines allow 32 existing unprofitable companies to enter the Sci-Tech Growth Layer immediately, while new unprofitable companies will enter upon listing [1][2]. - The reform does not impose additional listing thresholds for unprofitable companies, maintaining the existing conditions for inclusion and exclusion [2]. - The Sci-Tech Growth Layer aims to support technology companies with significant breakthroughs and substantial R&D investments, even if they are currently unprofitable [1][2]. Group 2: Investor Participation and Requirements - The investment threshold for individual investors remains unchanged, requiring assets of 500,000 yuan and two years of investment experience [2]. - Investors must sign a risk disclosure document before investing in newly registered unprofitable technology companies [2]. - Stocks in the Sci-Tech Growth Layer will be marked with a special identifier "U" [2]. Group 3: IPO Pre-Review Mechanism - A pre-review mechanism for IPO applications has been introduced for high-quality technology companies, modeled after international practices to improve the efficiency of the listing process [2][3]. - Companies can apply for a pre-review if early disclosure of business information could adversely affect their operations [3]. - The pre-review process will not be publicly disclosed until the formal IPO application is submitted [3]. Group 4: Professional Investor Standards - The criteria for recognizing senior professional institutional investors have been detailed, focusing on governance, asset management scale, and investment experience [4][5]. - Institutions must have invested in at least five technology companies that have listed on the Sci-Tech Innovation Board or ten on major exchanges in the last five years [4]. - The recognition of senior professional institutional investors serves as a reference for assessing a company's market acceptance and growth potential but does not alter the listing standards [5].

Group 1 - The Shanghai Stock Exchange (SSE) has officially released the "1+6" reform supporting rules for the Sci-Tech Innovation Board, which includes the implementation of the "Sci-Tech Growth Layer" for companies that have not yet turned a profit [1][2] - A total of 32 existing unprofitable companies on the Sci-Tech Innovation Board will enter the Sci-Tech Growth Layer from the date of the guideline's release, while newly listed unprofitable companies will be included from their listing date [1] - The SSE has received over 40 feedback suggestions from market participants during the public consultation period, which were carefully studied and some reasonable suggestions were adopted [2] Group 2 - The SSE aims to enhance the institutional inclusiveness and adaptability of the Sci-Tech Innovation Board to better meet the needs of technological innovation and the growth demands of tech companies [2][3] - The SSE will take responsibility for implementing the reforms and will focus on coordinating the new rules with market, business, and technological reforms to promote significant case studies [3] - Continuous efforts will be made to promote understanding of the new rules among market participants, ensuring a smooth implementation of the reforms while maintaining market stability and investor protection [3]

Core Viewpoint - The Shanghai Stock Exchange (SSE) has officially released the "1+6" policy framework for the Sci-Tech Innovation Board (STAR Market) reform, aimed at enhancing the inclusiveness and adaptability of the system for technology-driven companies, particularly those in the growth stage that are not yet profitable [1][2]. Group 1: Sci-Tech Growth Layer - The Sci-Tech Growth Layer is designed to support technology companies that have made significant technological breakthroughs, have promising commercial prospects, and are in the phase of continuous R&D investment while being unprofitable at the time of listing [1]. - The guidelines specify that both existing unprofitable companies and newly registered unprofitable companies will be included in the Sci-Tech Growth Layer without additional listing thresholds for unprofitable firms [1][2]. - A total of 32 existing unprofitable companies will automatically enter the Sci-Tech Growth Layer upon the implementation of the guidelines [1]. Group 2: Delisting Conditions - The delisting conditions for existing companies remain unchanged, requiring the first profitability post-listing, while the conditions for new unprofitable companies have been raised to meet the first set of listing standards of the STAR Market [2]. - Companies must announce compliance with delisting conditions, and the SSE will generally process delisting within two trading days [2]. Group 3: Investor Participation - There are no new trading thresholds for individual investors in the Sci-Tech Growth Layer, maintaining the existing requirement of 500,000 yuan in assets and two years of investment experience [2]. - Investors must sign a specialized risk disclosure document before investing in newly registered unprofitable technology companies [2]. Group 4: Pre-Review Mechanism - The introduction of the IPO pre-review mechanism allows technology companies facing significant adverse impacts from early disclosure of business information to apply for pre-review [2][3]. - Issuers and sponsors must follow formal IPO application rules when preparing pre-review documents, including internal quality control and obtaining guidance acceptance from the China Securities Regulatory Commission (CSRC) [2][3]. Group 5: Professional Investor Guidelines - The SSE has introduced a pilot program for professional institutional investors, detailing criteria for recognition, including sound governance structures and substantial asset management [3]. - Professional investors must have invested in at least five technology companies that have listed on the STAR Market or ten on major domestic or foreign exchanges within the last five years [3]. - Investment institutions must hold at least 3% of the issuer's shares or invest over 500 million yuan continuously for 24 months prior to the IPO application [3]. Group 6: Implementation and Oversight - The SSE is committed to implementing the reform and ensuring the effective execution of the guidelines, focusing on coordination among market, business, and technical reforms [4]. - Continuous promotion and interpretation of the reform objectives and regulatory requirements will help market participants better understand and apply the rules [4]. - The SSE aims to enhance frontline regulatory effectiveness, protect investors, and maintain market stability to create a conducive environment for the reforms [4].

Core Viewpoint - The establishment of the Sci-Tech Innovation Growth Layer is expected to enhance market stability, reduce reform resistance, and provide a controllable "experimental space" for incremental institutional reforms, while also facilitating the management of unprofitable tech companies and better protecting investors' rights [1][2]. Group 1: Sci-Tech Innovation Growth Layer - The Sci-Tech Innovation Growth Layer primarily serves technology companies that have significant breakthroughs, broad commercial prospects, and substantial ongoing R&D investments, but are currently unprofitable [2]. - The introduction of the Sci-Tech Innovation Growth Layer is seen as a key component in building a multi-tiered capital market ecosystem that supports technological innovation, reflecting the increasing institutional inclusiveness and adaptability of China's capital market [3][4]. - The stock symbols for companies listed in the Sci-Tech Innovation Growth Layer will include a special identifier "U" to help investors distinguish between new and existing stocks in this layer [3]. Group 2: Pre-Review Mechanism - The pre-review mechanism allows eligible tech companies to submit their IPO application documents for internal review by the exchange before formal submission, which aims to improve the quality and efficiency of the official application process [6][7]. - The pre-review process and its results will remain confidential until the formal application is submitted, ensuring that the information disclosure obligations are not diminished [6][7]. - The introduction of the pre-review mechanism is expected to help high-quality tech companies reduce the burden of formal review procedures, while maintaining strict adherence to existing rules and standards [6][7]. Group 3: Professional Institutional Investors - The introduction of the Professional Institutional Investor Guidelines aims to leverage the expertise of seasoned investors to better identify the innovative attributes and commercial potential of tech companies [8][9]. - This system is viewed as a significant step towards enhancing the efficiency of capital market resource allocation by utilizing the insights of top venture capital and industry funds [8][9]. - Unlike foreign markets, the pilot program for professional institutional investors in the Sci-Tech Innovation Board is limited to companies applying under the fifth set of listing standards and does not constitute a new listing requirement [9].

三是强化风险导向信息披露。《科创成长层指引》已经就科创成长层企业在年度报告、临时公告中充分 披露未盈利风险、技术研发风险等作了具体规定，并要求持续督导机构切实履行职责。上交所将严格执 行规则规定，督促科创成长层企业、持续督导机构诚实守信，围绕投资者价值判断和投资决策所需，切 实履行信息披露义务。 四是加强投资者适当性管理。本次改革没有对个人投资者参与科创成长层股票交易新增投资交易门槛， 仍为具备"50万元资产＋2年经验"的资金门槛和投资经验即可。另外，按照《科创板意见》要求，投资 者投资科创成长层新注册的未盈利科技型企业之前需要签署专门风险揭示书。 预先审阅机制是一项重要改革创新，针对加强这一机制与现行股票发行上市审核机制的衔接，上交所表 示，本次面向优质科技型企业试点IPO预先审阅机制，是充分参考境外市场经验，进一步提升上交所预 沟通服务质效乃至股票发行上市审核工作整体质效的重要创新。为切实把好事办好，上交所认真听取市 场意见建议，将重点从以下4个方面着手，做好预先审阅机制与现行股票发行上市审核机制的衔接。一 是准确把握适用情形，二是推动提高申请文件质量，三是规范预先审阅程序，四是加强信息披露管理。 上交所 ...

Group 1 - The Shanghai Stock Exchange (SSE) is committed to implementing the China Securities Regulatory Commission (CSRC) directives and advancing the "Science and Technology Innovation Board" (STAR Market) reforms, including the new policies and business rules [2][3] - The newly established "Science and Technology Growth Layer" aims to support technology companies that are in the pre-profit stage but have significant technological breakthroughs and commercial potential [3][4] - The SSE has introduced a pre-review mechanism for Initial Public Offerings (IPOs) to enhance the quality and efficiency of the review process for high-quality technology enterprises [4][5] Group 2 - The "Science and Technology Growth Layer" will not impose additional listing thresholds for unprofitable companies, allowing existing unprofitable firms to transition into this layer immediately upon the guideline's implementation [3][4] - The new guidelines specify that the exit conditions for existing companies remain unchanged, while new unprofitable companies will have stricter exit criteria based on profitability and revenue metrics [3][4] - The SSE has implemented a special identifier "U" for stocks in the Science and Technology Growth Layer to help investors distinguish between existing and newly registered stocks [4][6] Group 3 - The "Senior Professional Institutional Investor" guidelines have been released, which detail the criteria for institutional investors participating in the STAR Market, emphasizing their professional judgment capabilities [7][8] - Institutional investors must maintain a significant stake in the issuing company for at least 24 months prior to the IPO application, ensuring they do not engage in sudden investments [7][8] - The introduction of senior professional institutional investors is expected to enhance the accountability and credibility of investments in technology firms, aiding regulatory bodies in identifying companies with genuine growth potential [8]

Group 1: Core Views - The Shanghai Stock Exchange has officially released new business rules aimed at enhancing the Sci-Tech Innovation Board, addressing the challenges faced by technology companies in the listing process, and adapting to the needs of China's technological innovation and growth [1] - Experts and industry leaders have positively evaluated the new rules, emphasizing their role in improving the inclusivity and adaptability of the capital market for technology innovation and new productive forces [1] Group 2: Expert Opinions - Zhang Zongxin, a finance professor, highlighted that the establishment of the Sci-Tech Growth Layer provides a more suitable capital market platform for early-stage technology companies, which often face long paths to profitability [2] - Yao Yawei noted that introducing seasoned professional institutional investors can enhance the identification of quality technology companies and improve resource allocation efficiency in the capital market [3][4] - Industry leaders from various companies expressed that the new policies accelerate core technology development and commercialization processes, benefiting companies with strong competitive advantages in hard technology [5][6][7][8] Group 3: Investment and Market Dynamics - The establishment of the Sci-Tech Growth Layer is seen as a critical step in supporting early-stage innovative companies, providing them with financing channels and enhancing China's competitive advantage in global industry development [9] - The introduction of seasoned professional institutional investors is viewed as a mechanism to improve risk identification for investors and enhance the overall investment environment for technology companies [10][11] - The reforms are expected to attract long-term and patient capital to the Sci-Tech Innovation Board, further solidifying the market's support for technology innovation [12][13]

"与境外市场不同的是，科创板此次改革引入资深专业机构投资者制度仅针对第五套标准企业开展小范围试 点，资深专业机构投资者入股情况只作为审核注册的参考，不构成新的上市条件，并非上市'门槛'，不影响科 技型企业适用第五套上市标准申报科创板。"姚亚伟说。 科创板"1+6"配套业务规则落地。 7月13日，上交所正式发布了《科创板上市公司自律监管指引第5号——科创成长层》《发行上市审核规则适用 指引第7号——预先审阅》《发行上市审核规则适用指引第8号——资深专业机构投资者》等配套业务规则。在 配套业务规则公布后，专家学者、科创板公司董事长、券商投行负责人、创投机构投资人等纷纷发声，对配套 业务规则给予了积极正面评价，认为此次深化科创板改革着力解决科技型企业发行上市痛点难点问题，主动适 应了我国科技创新发展需要和科技型企业的成长需求，进一步增强了科创板对科技创新和新质生产力发展的制 度包容性、适应性。 专家学者：科创成长层提供适配的资本市场平台 复旦大学金融研究院金融学教授、博士生导师，美国斯坦福大学访问学者张宗新表示，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，资本市场服务能否有效覆盖优质未盈利科技型 ...

科创板重磅改革落地。 7月13日，针对科创板第五套上市标准企业，上交所正式试点引入资深专业机构投资者制度。 在业内人士看来，该制度作为科创板"1+6"改革政策的重要措施之一，旨在依托专业机构投资者的专业研判能 力，为审核注入"市场智慧"。此举既提升了科创板制度包容性，又通过"小切口探索"平衡风险防控，引导长期 资本聚焦"投早、投小、投硬科技"，助力科技创新与资本市场形成良性循环。 《指引》此次明确了资深专业机构投资者的硬性门槛，比如在已投资的科技型企业中，近5年有5家以上已在科 创板上市或者10家以上已在境内外主要交易所上市。同时，《指引》对持股及独立性提出要求，需在IPO申报 前24个月即入股，且各自持续持有发行人3%以上的股份或不低于5亿元的投资金额。 明确"资深专业机构投资者"门槛 距离证监会在6月18日发布《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》不足一个月，7月13 日上交所出台《上海证券交易所发行上市审核规则适用指引第8号——资深专业机构投资者》（以下简称《指 引》）。 据了解，此前证监会表示，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，希望 借助这些机构投资 ...

Core Points - The Shanghai Stock Exchange (SSE) has officially released the "Guidelines for Self-Regulatory Supervision of Listed Companies in the Sci-Tech Innovation Board - Sci-Tech Growth Tier" to implement the "Opinions on Setting Up a Sci-Tech Growth Tier" by the China Securities Regulatory Commission (CSRC) [1][4] - A total of 32 unprofitable companies will enter the Sci-Tech Growth Tier immediately upon the implementation of the new guidelines, with no additional listing thresholds set for unprofitable enterprises [4][5] - The new guidelines maintain existing conditions for delisting existing companies while introducing stricter conditions for new unprofitable companies to encourage technological development [5][6] Group 1: Sci-Tech Growth Tier - The SSE has introduced the Sci-Tech Growth Tier to better serve technological innovation and new productive forces development, with a focus on protecting investors' rights [4][5] - The existing 32 unprofitable companies will be included in the Sci-Tech Growth Tier, with the largest projected loss for 2024 being approximately 4.978 billion for BeiGene [4][5] - New unprofitable companies will enter the tier upon listing, while existing companies must achieve profitability to avoid delisting [5] Group 2: IPO Pre-Review Mechanism - The SSE has established a pre-review mechanism for companies applying for IPOs on the Sci-Tech Innovation Board, particularly for those engaged in key technology development [6][7] - The pre-review process aims to enhance the quality and efficiency of formal IPO applications, with strict adherence to the established rules [7][8] - Companies must provide a justification for the necessity of the pre-review, and the SSE will ensure that the process aligns with existing IPO review mechanisms [6][7] Group 3: Professional Investor Standards - The SSE has released guidelines for identifying "senior professional institutional investors," encouraging companies to self-identify and disclose such investors [9][10] - The criteria for recognition include investment experience, holding period, compliance, and independence, with specific thresholds for investment amounts and duration [9][10] - The guidelines aim to enhance the quality of investment in the Sci-Tech Growth Tier by ensuring that recognized investors meet stringent standards [9][10]