Core Points - He Yuan Bio is the first company to initiate its issuance under the new registration system of the Sci-Tech Innovation Board, marking a significant step in the implementation of the "1+6" reform [1][2] - The company has developed an innovative "rice-derived blood" technology, which has received support from the national "Major New Drug Creation" program, and its recombinant human albumin injection (rice) was approved for market entry in July [2] - The issuance plan includes a differentiated lock-up and allocation arrangement for offline investors, with a minimum lock-up ratio of 40% and a ninefold allocation ratio for the highest lock-up tier compared to the lowest [2] Industry Context - The launch of He Yuan Bio's issuance reflects the regulatory body's commitment to enhancing the inclusivity and adaptability of the system for high-quality technology enterprises [2] - The Shanghai Stock Exchange has implemented various measures to promote the "Eight Articles of Sci-Tech Innovation Board" and the "1+6" reform policies, with all supporting rules now in effect [1] - As of now, 5 million investors have opened trading permissions for the new registration system, indicating a growing interest in the Sci-Tech Innovation Board [1]

Core Viewpoint - The article discusses the launch and operational guidelines of the "Science and Technology Innovation Board Growth Layer," which aims to support unprofitable but promising technology companies in their development [5]. Group 1: Introduction to the Growth Layer - The "Science and Technology Innovation Board Growth Layer" was officially established on July 13, 2025, by the Shanghai Stock Exchange, marking a significant step in supporting technology enterprises that are not yet profitable but have strong growth potential [5]. - This layer is designed to enhance the inclusivity for technology companies with promising futures, allowing them to access capital markets more easily [9]. Group 2: Accessing the Growth Layer - Investors who already have trading permissions for the Science and Technology Innovation Board and have a risk tolerance assessment result of C4 (active) or above can trade stocks or depositary receipts listed after the new regulations are published, provided they sign a risk disclosure statement [7]. - For investors who have not yet opened trading permissions for the Science and Technology Innovation Board, they must first meet the basic requirements and then sign the risk disclosure statement to participate in trading [11]. Group 3: Requirements for Investors - Personal investors must meet several criteria to open trading permissions, including maintaining an average asset of no less than 500,000 RMB in their securities and funds accounts over the past 20 trading days, having at least 24 months of trading experience, and passing a knowledge test on the Science and Technology Innovation Board [12]. - Investors must also demonstrate strong risk tolerance and risk control capabilities, with a minimum assessment result of C4 (active) [12]. Group 4: Identification of Growth Layer Stocks - Stocks of companies listed on the Growth Layer will have a "U" identifier to indicate their unprofitable status, with new registered stocks labeled as "成" and existing stocks labeled as "成1" to differentiate between them [17].

霍瑞戎履新上交所副理事长后，首次公开发声！ 9月16日，上交所副理事长霍瑞戎在"2025中国资本市场发展论坛暨上市公司论坛"上透露，上交所已与多家商 业航天、人工智能、低空经济企业开展预沟通，推动第五套标准扩围至相关行业领域。加强投资者适当性管理 方面，目前已有475万户投资者开通科创成长层交易权限。 霍瑞戎透露，接下来，上交所将在中国证监会领导下，以深化投融资综合改革为牵引，加快推进新一轮资本市 场改革，不断增强市场吸引力和包容性，更好服务科技创新和新质生产力发展。 责编：李丹 校对：苏焕文 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 霍瑞戎表示，上交所持续推进"科创板八条""并购六条"等政策落地见效，今年6月以来进一步围绕科创 板"1+6"改革政策，全面加强政策宣贯，积极推动典型案例落地，系统性引导上市公司高质量发展。 据介绍，科创板"1+6"改革政策发布以来，科创板新增受理15家企业IPO申请，其中4家系未盈利企业；在适用 第五套标准方面，1家企业获受理，2家前期已申报企业获注册生效；政策发布至今已有3家未盈利企业注册生 ...

人民财讯9月17日电，上交所副理事长霍瑞戎9月16日在参加论坛时透露，目前已有475万户投资者开通 科创成长层交易权限。 ...

Core Viewpoint - The Shanghai Stock Exchange (SSE) is enhancing the STAR Market's role in supporting hard technology companies by implementing inclusive reforms and new listing standards, allowing unprofitable firms to access capital markets [1][2][5] Group 1: STAR Market Developments - Since the introduction of the "1+6" policy, the STAR Market has accepted 15 new IPO applications, including 4 unprofitable companies and 1 under the fifth set of standards [1] - The STAR Market has seen 32 existing companies in the growth layer demonstrate strong development momentum, with a 37.79% year-on-year revenue growth and a significant reduction in net losses amounting to 7.123 billion yuan [1] - The STAR Market has gathered 589 listed companies with a total market capitalization exceeding 9 trillion yuan, showcasing a "chain group" development pattern, particularly in the integrated circuit sector [1] Group 2: Inclusive Reforms and Policies - The STAR Market has broken traditional listing barriers by allowing unprofitable and special equity structure companies to enter the A-share market, thus creating targeted listing pathways for tech firms [2] - The "1+6" policy aims to address the needs of technology-driven companies during specific economic cycles, facilitating access to capital for firms in the R&D phase without requiring immediate profitability [2] - The introduction of the "科八条" (K8 Policy) has led to 134 disclosed merger transactions worth over 40 billion yuan, significantly surpassing the total from the previous five years [3] Group 3: Financing and Investment Dynamics - The STAR Market focuses on the synergy between financing and investment, ensuring that funds are directed towards tangible projects while allowing investors to share in the returns [3] - The STAR Market has initiated a "quality improvement and efficiency enhancement" campaign, yielding significant results in the financing sector [3] - The STAR 50 ETF has become the fourth largest index product in the A-share market, reflecting the high level of index investment in this sector [3] Group 4: Regulatory Support and Engagement - The SSE has actively engaged with STAR Market companies, conducting on-site visits to address over 300 specific requests, transforming challenges into achievements [4] - The SSE's comprehensive support aims to accompany technology companies throughout their growth stages, from early development to maturity [4]

最新发声。 9月10日，上交所副总经理王泊在 "硬科硬客"新质生产力行业沙龙2025年会上透露，自科创板深化改 革"1+6"政策发布以来，科创板已新增受理15家企业IPO申请，其中4家系未盈利企业、1家适用第五套标 准。与此同时，32家科创成长层存量企业展现良好发展动能，今年上半年营收同比增长37.79%，净利润 大幅减亏71.23亿元。 科创板开市六年多来，始终坚守"硬科技"定位，推动板块从资本市场服务科创的"试验田"成长为"示范 田"。截至目前，科创板已汇聚589家上市公司，A股总市值超9万亿元。从产业布局看，科创板已形成"链 群式"发展格局，比如，集成电路领域120家企业实现全链条覆盖，占A股同行业公司数量超六成；在创新 能力方面，科创板更是持续领跑，今年上半年板块整体研发投入超841亿元，是净利润的2.8倍，研发投入 占比中位数达12.61%。 王泊表示，科创板以包容性改革破壁垒，坚持为未盈利硬科技企业打开"资本入口"。自诞生之初就打破传 统上市"盈利门槛"的思维定式，推出"多元上市标准"，首次允许未盈利企业、红筹企业、特殊股权架构企 业登陆A股，为科创企业开辟了针对性的上市通道。今年新改革的"1+6 ...

Core Viewpoint - The article discusses the establishment and operational guidelines of the "Science and Technology Innovation Growth Layer" on the STAR Market, aimed at supporting unprofitable but promising technology companies [5][19]. Group 1: Introduction to the Science and Technology Innovation Growth Layer - The "Science and Technology Innovation Growth Layer" was officially launched on July 13, 2025, by the Shanghai Stock Exchange, designed to support technology enterprises that are not yet profitable but have significant growth potential [5]. - This layer enhances the inclusivity for technology companies with bright prospects, allowing them to access capital markets more easily [9][17]. Group 2: Access and Participation Guidelines - Investors who already have STAR Market trading permissions and have a risk tolerance assessment of C4 (active) or above can trade stocks or depositary receipts listed after the new regulations on the growth layer, provided they sign a risk disclosure statement [7][11]. - For investors who have not yet opened STAR Market trading permissions, they must first meet the basic requirements and then sign the risk disclosure statement to participate in the growth layer [11][12]. Group 3: Requirements for Individual Investors - Individual investors must have an average asset of no less than 500,000 RMB in their securities and funds accounts over the past 20 trading days, excluding funds and securities obtained through margin trading [12]. - Investors must have at least 24 months of trading experience and pass a knowledge test on STAR Market trading risks [12]. Group 4: Identification and Labeling of Growth Layer Stocks - Stocks from the growth layer will have a "U" identifier to indicate their unprofitable status, with new registered stocks labeled as "成" and existing stocks labeled as "成1" to differentiate between new and existing growth layer stocks [17].

上海增券交易所 SHANGHAI STOCK EXCHANGE ITE THE mm arm 77.5 E T TP 4 W F ▲日 l I P I F A ��� t / 12 t 近日,上海证券交易所发 布《上海证券交易所科创板上市 公司自律监管指引第5号 -- 科 创成长层》（以下简称《科创成 长层指引》），跟着小编一起了 解规则都出了哪些新知识。 科创成长层定位的标 01 的企业是什么样的? 科创成长层精准支持技术有 较大突破、商业前景广阔、持续研 发投入大，上市时仍处于未盈利 阶段的科技型企业。 科创成长层公司的适 02 用 ? 科创板成长层适用包括存量 的上市至今尚未盈利的科创板公 司(以下简称存量公司)及新注册 的上市时未盈利的科创板公司 (以下简称增量公司)。对于存量 公司,自《科创成长层指引》发布 之日起纳入科创成长层;对于增 量公司，自上市之目起纳入科创 成长层。 科创成长层公司的调 0) 2 | 山竹村之天早 | 什么： 调出条件实施"新老划断"。 为推动增量公司加速技术研发和 市场拓展，明确增量公司调出条 件为符合科创板第一套上市标 准;即符合下列条件之一的,将 调出科创成长层: ( ...

Core Viewpoint - The article discusses the launch of the "Science and Technology Innovation Growth Layer" on the STAR Market, aimed at supporting unprofitable but promising technology companies, enhancing inclusivity for such firms in the market [5][19]. Summary by Sections Introduction to the Growth Layer - The "Science and Technology Innovation Growth Layer" was officially established on July 13, 2025, by the Shanghai Stock Exchange, focusing on supporting technology enterprises that are not yet profitable but have significant growth potential [5]. Access Guidelines - Investors who already have STAR Market trading permissions and have a risk tolerance assessment of C4 (active) or above can trade stocks or depositary receipts listed after the new regulations on July 13, 2025, after signing a risk disclosure statement [7]. - For investors who have not yet opened STAR Market trading permissions, they must first meet the basic requirements and then sign the risk disclosure statement to participate in trading [11]. Eligibility Requirements - Personal investors must meet several criteria to open trading permissions for the STAR Market, including maintaining an average asset of at least 500,000 RMB in their securities and funds accounts over the past 20 trading days, having at least 24 months of trading experience, and passing a knowledge test on STAR Market trading risks [12]. Trading Process - The article outlines the steps for investors to open trading permissions through the "Shen Cai You Dao" or "Da Ying Jia" apps, emphasizing the need to complete the process for the "Science and Technology Innovation Growth Layer" after obtaining permissions for the STAR Market [9][15]. Identification of Growth Layer Stocks - Stocks of companies listed in the Growth Layer will have a "U" identifier to indicate their unprofitable status. New registered stocks will be labeled with "成" for new registrations, while existing stocks will have "成1" to differentiate them [17]. Investment Characteristics - The Growth Layer focuses on unprofitable hard technology companies, characterized by high growth potential and volatility, necessitating investors to fully understand the associated risks before participating [19].

Core Viewpoint - The article discusses the newly released "Self-Regulatory Guidelines for the Science and Technology Innovation Board Listed Companies - Growth Layer" by the Shanghai Stock Exchange, which aims to support technology companies that are in the growth phase and still unprofitable at the time of listing [2][4]. Summary by Sections Definition of Growth Layer Companies - The Growth Layer is designed for technology companies that have significant technological breakthroughs, broad commercial prospects, and substantial ongoing R&D investments, but are still unprofitable at the time of listing [4]. Applicability of Growth Layer Companies - The Growth Layer applies to both existing unprofitable companies listed on the Science and Technology Innovation Board (referred to as "existing companies") and newly registered companies that are unprofitable at the time of listing (referred to as "incremental companies"). Existing companies will be included in the Growth Layer from the date of the guideline's release, while incremental companies will be included from their listing date [5]. Conditions for Removal from Growth Layer - The conditions for removal from the Growth Layer are defined as follows: 1. If a company has positive net profits for the last two years with a cumulative net profit of no less than 50 million yuan. 2. If a company has positive net profit for the last year and revenue of no less than 100 million yuan. - For existing companies, the removal condition remains that they must achieve profitability after listing [7]. Investor Awareness of Removal - Investors can be informed about a company's removal from the Growth Layer through the company's annual report, which will include an announcement if the company meets the removal conditions. The Shanghai Stock Exchange will also promptly update the status of the company [8]. Special Marking for Growth Layer Stocks - To adequately disclose risks, stocks or depositary receipts of Growth Layer companies will have a special marking, indicated by adding a "U" to the stock or depositary receipt's abbreviation. Companies that fail to disclose annual reports or receive adverse audit opinions will not have their tier adjusted [9]. Trading Participation Considerations - Investors participating in trading of newly registered Growth Layer stocks must sign a special risk disclosure document. However, existing stocks or depositary receipts are not affected by this requirement [11]. Information Disclosure Requirements - The Shanghai Stock Exchange imposes stricter information disclosure requirements on Growth Layer companies, which must explain the reasons for being unprofitable and its impact in their annual reports. The sponsoring institutions must also fulfill their supervisory duties and disclose any significant adverse risks related to the company's technological innovation and growth prospects [14][15].