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 ...

中经实习记者 孙汝祥 记者 夏欣 北京报道 "这次改革没有针对未盈利企业纳入科创成长层设置额外的上市门槛，存量32家未盈利企业将自指引发 布实施之日起进入科创成长层，新注册的未盈利企业将自上市之日起进入。"上交所相关负责人指出。 7月13日，《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》"）正式发布并施行。 自当日起，科创板存量32家未盈利企业将进入科创成长层，新注册的未盈利企业将自上市之日起进入。 "存量公司受益明确，增量公司面临更高挑战。"资深专家在接受记者采访时表示，科创成长层在调出标 准、投资者适当性管理两方面实施新老划断，利好存量未盈利企业，有利于改革的稳步推进。 存量32家未盈利企业入成长层 此前的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》（以下简 称"《科创板意见》"）明确了在科创板设置科创成长层的基本要求。《科创成长层指引》则从业务规则 的角度对有关要求加以细化。 上交所相关负责人表示，上交所将坚守科创成长层定位，突出更好支持优质未盈利科技型企业这个改革 重点，把好准入关。 Wind数据显示，截至目前，科创板 ...

Core Viewpoint - The establishment of the "Science and Technology Innovation Growth Layer" and its accompanying reforms marks a new phase in China's capital market, enhancing support for technology innovation enterprises and improving market inclusivity and attractiveness [2][5]. Group 1: Policy Implementation - The Shanghai Stock Exchange has officially released the "Guidelines for Self-Regulatory Supervision of Listed Companies in the Science and Technology Innovation Board - Growth Layer" and other related rules, detailing the recognition standards for professional institutional investors and the pre-review mechanism [1][2]. - The "Science and Technology Innovation Growth Layer" aims to serve technology companies that have significant breakthroughs but are currently unprofitable, with 32 existing unprofitable companies set to enter this layer [3][4]. Group 2: Investor Participation - The reforms do not impose additional trading thresholds for individual investors in the growth layer, maintaining the existing requirement of 500,000 yuan in assets and two years of investment experience [5][6]. - The introduction of the "U" designation for unprofitable companies in the growth layer will help investors distinguish between existing and newly registered stocks [3][5]. Group 3: Risk Management and Disclosure - The guidelines emphasize risk-oriented information disclosure, requiring growth layer companies to adequately disclose risks related to unprofitability and technology development in their annual reports and announcements [4][8]. - The introduction of the "Senior Professional Institutional Investor" system aims to enhance the credibility of companies by involving reputable investment institutions in the review process [7][9]. Group 4: Pre-Review Mechanism - The new pre-review mechanism allows technology companies to manage sensitive information before formal IPO applications, reducing the risk of early disclosure impacting their competitive position [11][12]. - Companies applying for pre-review must justify the necessity of the request, and the Shanghai Stock Exchange will ensure compliance with established rules during the review process [12][13].

Core Viewpoint - The Shanghai Stock Exchange (SSE) has officially released the "Guidelines for the Growth Layer of the Sci-Tech Innovation Board" and related business rules to enhance the inclusiveness and adaptability of the system, further deepening the reform of the Sci-Tech Innovation Board [2] Group 1: New Guidelines and Rules - The SSE has introduced three new business guidelines: "Self-Regulatory Guidelines for Sci-Tech Innovation Board Listed Companies No. 5 - Growth Layer," "Issuance and Listing Review Rules Application Guidelines No. 7 - Pre-Review," and "Issuance and Listing Review Rules Application Guidelines No. 8 - Senior Professional Institutional Investors" [2] - Two existing business guidelines have been revised: "Member Management Business Guidelines No. 2 - Essential Clauses of Risk Disclosure" and "Securities Trading Business Guidelines No. 6 - Special Securities Identification" [2] Group 2: Pre-Review Mechanism - The "Pre-Review Guidelines" introduce a pre-review mechanism for IPOs on the Sci-Tech Innovation Board to reduce the adverse impact of early disclosure of business technology information and listing plans on companies [4] - The pre-review mechanism applies to companies engaged in key core technology development or other specific circumstances, requiring issuers to justify the necessity of the pre-review [4] - The SSE will conduct the pre-review process strictly according to formal review procedures, providing feedback to issuers and sponsors, but this does not constitute a pre-confirmation of compliance with listing conditions [5] Group 3: Growth Layer Implementation - The SSE will focus on maintaining the positioning of the Growth Layer, implementing "new and old separation" for delisting conditions, enhancing risk-oriented information disclosure, and strengthening investor suitability management [7] - There are no additional listing thresholds for unprofitable companies to enter the Growth Layer; existing unprofitable companies will automatically enter upon the implementation of the new guidelines [7] - New registered unprofitable companies will enter the Growth Layer upon listing, and stocks in this layer will have a special identifier "U" to help investors distinguish between existing and new registered stocks [7] Group 4: Investor Participation - There are no new trading thresholds for individual investors participating in the Growth Layer; the existing requirement remains at "500,000 yuan in assets + 2 years of experience" [8] - Investors must sign a specific risk disclosure document before investing in newly registered unprofitable technology companies in the Growth Layer [8] Group 5: Senior Professional Institutional Investors - The SSE has established the "Senior Professional Institutional Investors Guidelines" to enhance the identification mechanism for quality technology companies [10] - The guidelines specify the criteria for recognizing senior professional institutional investors, including governance structure, asset management scale, and investment experience [12] - The recognition of senior professional institutional investors will serve as a reference for assessing whether issuers meet market recognition and growth requirements, without affecting the review standards or speed [13]

Core Viewpoint - The Shanghai Stock Exchange has implemented new self-regulatory guidelines for the Science and Technology Innovation Board (STAR Market), specifically the "Guidelines for the STAR Market Growth Layer," aimed at enhancing support for technology-driven companies, particularly those in the pre-profit stage [1][2]. Group 1: Guidelines Implementation - The new guidelines include five supporting business rules, with a focus on daily supervision of companies in the STAR Market Growth Layer [1]. - The guidelines do not impose additional listing thresholds for unprofitable companies, allowing 32 existing unprofitable firms to enter the Growth Layer immediately upon implementation [1][5]. Group 2: Targeted Support - The Growth Layer is designed to support technology companies that have made significant technological breakthroughs, possess broad commercial prospects, and have substantial ongoing R&D investments, even if they are unprofitable at the time of listing [3][4]. Group 3: Inclusion Criteria - The Growth Layer encompasses both existing unprofitable companies (referred to as "stock companies") and newly registered unprofitable companies (referred to as "incremental companies"). Existing companies will be included from the date of guideline implementation, while new companies will be included from their listing date [5][6]. Group 4: Delisting Conditions - The delisting conditions are differentiated for existing and new companies. Incremental companies must meet the first set of STAR Market listing standards to be delisted, while existing companies will only be delisted after achieving profitability for the first time post-listing [7]. Group 5: Information Disclosure - The guidelines emphasize enhanced information disclosure requirements, mandating companies to explain the reasons for their unprofitability and the associated risks in their annual reports. Companies must also disclose any significant risks or negative events in a timely manner [9][10]. Group 6: Special Risk Identification - Stocks in the Growth Layer will have a special identifier "U" added to their trading names to signify their status. Investors must sign a risk disclosure agreement before trading these stocks, although existing stocks prior to the reform will not be affected [11].

其中提出，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。 上交所正式发布《科创板上市公司自律监管指引第5号——科创成长层》等配套业务规则。 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。 ...