Group 1 - The establishment of the "Science and Technology Growth Layer" on the STAR Market is aimed at providing a resilient pathway for high-quality companies in the core technology breakthrough or early industrialization phase, allowing capital to have more patience with potential stocks that may not be profitable in the short term [2][3] - The reform measures, including the reactivation of the fifth set of listing standards, are seen as a significant milestone that supports hard technology companies in listing and financing, thereby accelerating technological research and innovation product commercialization [2][3] - The "1+6" policy not only provides investors with a window to share in technological dividends but also guides capital towards national strategic needs, promoting a virtuous cycle of "technology-industry-finance" [3][4] Group 2 - The new regulations require individual investors participating in the growth layer to meet existing suitability requirements, enhancing information disclosure and risk warning for growth layer companies, thus protecting the rights of small investors [4][5] - The reforms are expected to continuously promote high-quality development in the technology finance market, effectively facilitating the formation of innovative capital and supporting the rapid growth of quality unprofitable technology companies [4][5] - The introduction of seasoned professional institutional investors and pre-IPO review mechanisms optimizes resource allocation efficiency and strengthens risk prevention, balancing support for hard technology with investor protection [5][6] Group 3 - The current scale of private equity investment funds in China has reached 10.96 trillion yuan, with venture capital funds at 3.41 trillion yuan, providing funding support for technology companies at various stages [7] - The "1+6" policy is viewed as a major upgrade of the STAR Market system, significantly enhancing the market's inclusivity for long-cycle, high-investment fields such as artificial intelligence and innovative pharmaceuticals [7][8] - The reforms are expected to enhance the STAR Market's attractiveness to quality companies and patient capital, providing a more precise and powerful funding support and resource allocation platform for technology innovation enterprises [8]

记者7月13日从上海证券交易所获悉，为落实中国证监会《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》，进一步深化科 创板改革，上交所于13日发布多项配套业务规则。上交所相关负责人就业务规则制定修订情况答记者问。 上交所本次共发布了新制定的《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3项业务指引，以及修订的《会员管理业务指南第2号——风险揭示书必备条 款》和《证券交易业务指南第6号——证券特殊标识》等2项业务指南。 根据预先审阅指引等规定，发行人申请预先审阅时，需要充分说明申请的必要性；上交所将严格按照规则规定，对发行人的申请进行把 关。同时，发行人应参照相关规定，高质量准备和提交预先审阅申请文件，确保真实、准确、完整。 围绕试点引入资深专业机构投资者制度，上交所相关负责人表示，上交所制定资深专业机构投资者指引，是为进一步健全市场化精准识别 优质科技型企业的制度机制。指引发布后，适用科创板第五套上市标准的新申报企业即可适用。 根据资深专业机构投资者指引，发行人适用科创板第五套上市标准申请发行上 ...

Group 1 - The Shanghai Stock Exchange has officially released the "Guidelines for Self-Regulatory Supervision of Listed Companies on the Sci-Tech Innovation Board No. 5 - Sci-Tech Growth Tier" to deepen the reform of the Sci-Tech Innovation Board [1] - The reform does not impose additional listing thresholds for unprofitable companies entering the Sci-Tech Growth Tier, allowing 32 existing unprofitable companies to enter immediately upon the implementation of the guidelines [1] - New unprofitable companies will enter the Sci-Tech Growth Tier from the date of their listing, while the delisting conditions for existing companies remain unchanged, requiring the first profit after listing [1] Group 2 - The stock abbreviation for the Sci-Tech Growth Tier will now include a special identifier "U" to help investors distinguish between existing and newly registered stocks [2] - The guidelines emphasize risk-oriented information disclosure, requiring companies to disclose risks related to unprofitability and technology development in their annual reports and interim announcements [2] - There are no new trading thresholds for individual investors, maintaining the existing requirement of "500,000 yuan in assets + 2 years of experience" [2] Group 3 - The IPO pre-review mechanism for high-quality technology companies is an important innovation aimed at improving the quality of application documents and the overall efficiency of the stock issuance and listing review process [3] - The Shanghai Stock Exchange will focus on accurately grasping applicable scenarios, improving application document quality, standardizing pre-review procedures, and enhancing information disclosure management [3]

Core Points - The China Securities Regulatory Commission (CSRC) is focusing on enhancing the inclusiveness and adaptability of the system, aiming to deepen reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market [1] - The CSRC has issued guidelines for establishing a Sci-Tech Growth Tier to better support high-quality, unprofitable technology companies, allowing 32 existing unprofitable firms to enter this tier [1][2] - The reform does not impose additional listing thresholds for unprofitable companies, facilitating their access to capital markets [1][2] Group 1 - The Sci-Tech Growth Tier aims to support technology companies at different development stages, providing them with early access to capital markets [3] - The pre-review mechanism is a significant innovation, allowing companies to apply for pre-review under specific conditions to protect sensitive business information [3][4] - The Shanghai Stock Exchange (SSE) will conduct reviews based on formal procedures, ensuring transparency and market supervision during the pre-review phase [4] Group 2 - The SSE has established guidelines for identifying qualified institutional investors, encouraging companies to disclose information about these investors voluntarily [5] - The criteria for recognizing qualified institutional investors have been refined, focusing on their governance structure, asset management scale, and investment experience [5][6] - The introduction of qualified institutional investors is expected to create a binding effect, helping regulators and the market identify genuinely high-potential companies [6]

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]

Group 1 - Wang Yi met with US Secretary of State Rubio to discuss US-China relations, emphasizing the need for objective and pragmatic policies towards China [2][3] - Both parties agreed on the importance of enhancing diplomatic channels and communication to manage differences while exploring cooperation [3] Group 2 - The Shanghai Stock Exchange announced the implementation of the "1+6" policy for the Sci-Tech Innovation Board, introducing new business rules to deepen reforms [4][5] - 32 existing unprofitable companies will enter the Sci-Tech Growth Layer, and new unprofitable companies will join upon listing [5] Group 3 - The Ministry of Finance issued a notice to guide state-owned commercial insurance companies to establish a three-year long-cycle assessment mechanism, enhancing investment management capabilities [6] - This initiative aims to stabilize long-term investments and reduce the impact of short-term market fluctuations [6] Group 4 - Several brokerage firms reported significant profit increases, with Huaxi Securities expecting a net profit of 4.45 to 5.75 billion yuan, a year-on-year growth of 1025.19% to 1353.9% [7] - The brokerage sector has seen a surge, with 21 brokerage stocks rising over 5% this month, indicating strong market performance [8] Group 5 - The adjustment of the national medical insurance drug list has begun, with a focus on innovative drugs, positively impacting the innovative drug sector [10][11] - The innovative drug index rose over 2%, with significant gains in companies like Yifang Biotech and Changshan Pharmaceutical [11] Group 6 - The Shenzhen Stock Exchange announced revisions to the ChiNext Composite Index, including mechanisms for monthly removal of risk-warning stocks and ESG negative screening [12] - The revised index will cover 1316 stocks, representing 95% of ChiNext listed companies, with a focus on high-tech and strategic emerging industries [12] Group 7 - US stock indices closed lower, with the Dow down 0.63% and the S&P 500 down 0.33%, while Nvidia reached a new historical high [13] - The Nasdaq China Golden Dragon Index fell 0.43%, with mixed performance among Chinese concept stocks [14] Group 8 - The China Securities Regulatory Commission approved one IPO registration for a company on the ChiNext board [18] - Two new stocks are set to be issued this week, with specific details on subscription dates and prices provided [20] Group 9 - Over 300 billion yuan in market value of restricted shares will be unlocked this week, with a total of 17.06 billion shares being released [21][22] - The companies with the highest unlock value include Tianyue Advanced and Maiwei Biological [22][23]

文/梧桐小编 7月13日，上交所发布《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，包括《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3项业务指引，以及修订的《会员管理业务 指南第2号——风险揭示书必备条款》和《证券交易业务指南第6号——证券特殊标识》等2项业务指南。这些规则自发布之日起实施。上交所相关负责人就业务规 则制定修订情况答记者问。 征求意见期间，上交所共收到各类市场主体反馈的意见建议40余条。上交所对收到的意见建议逐一作了认真研究，对合理化建议予以吸收采纳，包括进一步明确预 先审阅机制的适用情形、明确科创成长层调出标准中有关指标的计算口径等。对于市场主体反馈的规则理解方面的问题，上交所将通过多种形式加大宣传力度，做 好解释说明；对于涉及其他制度规则的意见建议，后续将在有关规则修订时认真参考研究。 市场各方高度关注本次设置科创板科创成长层，上交所将如何稳妥有序推进这项改革落地？ 答：《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》从业务规则的角度 ...

Core Viewpoint - The article discusses the implementation of the "Science and Technology Innovation Board Growth Layer" guidelines, aimed at enhancing the inclusivity and adaptability of the system, with a focus on the new rules for listing and the management of companies in this layer [1][3]. Group 1: Implementation of Guidelines - The Shanghai Stock Exchange (SSE) has officially released the "Guidelines for Self-Regulatory Supervision of Listed Companies on the Science and Technology Innovation Board - Growth Layer" and related business rules, effective immediately [1]. - The guidelines include a "new and old distinction" for the conditions under which companies can be removed from the growth layer, maintaining existing conditions for current companies while raising the bar for newly registered unprofitable companies [2][3]. Group 2: Conditions for Inclusion and Removal - Existing unprofitable companies will automatically enter the growth layer upon the implementation of the guidelines, while new unprofitable companies will enter upon listing [3]. - The removal conditions for existing companies remain unchanged, requiring them to achieve profitability for the first time post-listing, while new unprofitable companies face stricter removal conditions to encourage faster technological development and market expansion [3]. Group 3: Investor Participation and Risk Disclosure - There are no new trading thresholds for individual investors in the growth layer, maintaining the requirement of "500,000 yuan in assets + 2 years of experience," but investors in newly registered unprofitable tech companies must sign a risk disclosure statement [4]. Group 4: Pre-Review Mechanism - The SSE has clarified the applicable scenarios for the pre-review mechanism, allowing technology companies facing significant operational risks from early disclosure to apply for pre-review [6]. - The pre-review process will not be publicly disclosed, but companies must disclose inquiries and responses from the pre-review phase once they submit their formal IPO applications [7]. Group 5: Recognition of Professional Institutional Investors - The "Guidelines for Recognizing Senior Professional Institutional Investors" detail the criteria for identifying these investors, which include having a sound governance structure, substantial asset management, and a good credit record [9]. - The guidelines specify that these investors must have invested in at least five technology companies that have listed on the Science and Technology Innovation Board in the past five years or ten companies on major exchanges [10]. Group 6: Regulatory Oversight - The SSE emphasizes that the recognition of senior professional institutional investors serves as a reference for assessing a company's market acceptance and growth potential, without altering the standards for listing or the speed of the review process [10]. - The introduction of senior professional institutional investors is expected to create a binding effect, helping to identify genuinely high-potential companies and reduce the risk of low-growth companies being misrepresented [10].

Core Viewpoint - The Shanghai Stock Exchange has implemented a series of business rules to deepen the reform of the Sci-Tech Innovation Board, including the introduction of a "growth layer" for unprofitable companies, a pre-review mechanism for IPOs, and guidelines for professional institutional investors [1][2][6]. Group 1: Growth Layer Implementation - The new "growth layer" will accommodate 32 existing unprofitable companies and any new unprofitable companies will enter this layer upon listing [2]. - The exit criteria for existing companies will remain based on achieving profitability, while new companies must meet stricter conditions to exit the growth layer [3]. - The growth layer aims to support technology companies with significant breakthroughs and substantial R&D investments, even if they are currently unprofitable [3][5]. Group 2: Pre-Review Mechanism - A pre-review mechanism for IPOs has been introduced to prevent early disclosure of sensitive business information that could harm companies [6][7]. - Companies applying for pre-review must justify the necessity of this process, and the review will follow strict procedures similar to formal IPO applications [6][7]. - The pre-review process aims to enhance the quality of formal applications and improve the efficiency of the review process [7]. Group 3: Professional Institutional Investors - The guidelines for recognizing professional institutional investors have been clarified, encouraging companies to disclose information about these investors voluntarily [8][9]. - Criteria for identifying professional institutional investors include having a solid governance structure, significant asset management, and a good track record [9][10]. - The involvement of professional institutional investors is intended to provide market wisdom and enhance the credibility of companies seeking to list on the Sci-Tech Innovation Board [10].

Core Viewpoint - The Shanghai Stock Exchange has implemented a series of business rules to deepen the reform of the Sci-Tech Innovation Board, including the introduction of a "growth layer" for unprofitable companies, a pre-review mechanism for IPOs, and the establishment of criteria for professional institutional investors [1][2][4][10]. Group 1: Growth Layer for Unprofitable Companies - A total of 32 existing unprofitable companies will enter the growth layer from the date of the implementation of the "Growth Layer Guidelines" [2]. - New unprofitable companies will enter the growth layer from the date of their listing, with stricter exit conditions to encourage technological development and market expansion [4]. - The exit conditions for existing companies remain tied to achieving profitability, while new companies must meet either of two criteria: positive net profit for the last two years with a cumulative net profit of no less than 50 million or positive net profit for the last year with revenue of no less than 100 million [4]. Group 2: Pre-Review Mechanism for IPOs - The introduction of a pre-review mechanism aims to protect key technology companies from disclosing sensitive business information prematurely, which could adversely affect their operations [8]. - Companies applying for pre-review must justify the necessity of the request, and the review process will follow strict guidelines similar to formal IPO submissions [8][9]. - The pre-review process and results will not be publicly disclosed, but companies must disclose relevant inquiries and responses on the exchange's website upon formal application acceptance [9]. Group 3: Criteria for Professional Institutional Investors - The "Professional Institutional Investor Guidelines" have been established to enhance the identification of quality tech companies, encouraging self-identification and voluntary disclosure of professional investors [11]. - Criteria for recognition include having a sound governance structure, substantial asset management, and a good credit record, with specific investment experience requirements [12]. - The involvement of professional institutional investors is intended to provide market wisdom and enhance the credibility of companies seeking to list, without lowering the standards for IPO applications [13].