Group 1 - The core viewpoint of the article is the introduction of the "Guidelines for the Growth Layer of the Sci-Tech Innovation Board," which aims to enhance the regulatory framework for companies in this layer, protect investor rights, and better support technological innovation and new productivity development [1][2] - The guidelines consist of 12 articles and focus on five main areas, including the specific positioning of the growth layer, the conditions for inclusion and exclusion, information disclosure requirements, and risk disclosure [2][3] Group 2 - The growth layer is designed to support technology companies that have made significant breakthroughs, have broad commercial prospects, invest heavily in R&D, and are unprofitable at the time of listing [2][3] - The guidelines specify that existing unprofitable companies will be included in the growth layer from the date of the guidelines' release, while newly registered unprofitable companies will be included from their listing date [3][4] - The conditions for removal from the growth layer are defined, with new companies needing to meet the first set of listing standards, while existing companies must achieve profitability for the first time after listing [3][6] - Companies in the growth layer are required to disclose reasons for their unprofitability and the impact on various aspects of their business in their annual reports, along with timely updates on any risks or negative events [3][7] - A special identification system will be implemented for stocks or depositary receipts in the growth layer, marked with a "U," and investors must sign a risk disclosure document before trading [3][8]

智通财经7月13日电，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。其中提出，科创成长层调出条件实施"新老划断"。存量企业调出条件保持不变，仍为上市后首 次实现盈利，有助于稳定存量企业和投资者预期；同时提高新注册未盈利企业调出条件，推动新上市公 司加速技术研发和市场拓展。科创成长层企业按照规定发布符合调出条件的公告后，上交所原则上在2 个交易日内将企业调出。上交所将加大调出前后的监管力度，强化上市公司日常监管和异常交易监管联 动，严厉打击内幕交易、操纵市场等违法违规行为。 上交所：科创成长层调出条件实施"新老划断" 提高新注册未盈利企业调出条件 ...

智通财经7月13日电，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。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。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。 上交所：个人投资者参与科创成长层股票交易门槛仍为"50万元资产＋2年经验" ...

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].

Group 1 - The report highlights that the Beijing Stock Exchange (BSE) is focusing on enhancing the quality of its listed companies, particularly by accepting firms in hard technology and advanced manufacturing sectors by 2025 [4][12][13] - As of July 4, 2025, a total of 133 new companies have been accepted, with 44 of them classified as "little giants," representing 33.08% of the total [4][16][29] - The majority of new companies are engaged in core manufacturing components, industrial technology, and key materials, primarily in sectors such as semiconductors, biomedicine, and artificial intelligence [4][16][29] Group 2 - The average revenue of new companies for 2024 is projected to be 799 million, which is higher than the average revenue of existing BSE companies [29][31] - The average net profit for new companies is expected to be 99.15 million, significantly exceeding the average net profit of existing BSE companies [29][33] - New companies are showing higher profitability metrics, with average gross margins of 34.23% and return on equity (ROE) of 20.08%, both above the averages for existing BSE companies [35][36] Group 3 - The report indicates that the BSE's market performance has seen fluctuations, with the BSE 50 index closing at 1,415.04 points, down 1.71% [5][41] - The overall price-to-earnings (PE) ratio for BSE A-shares has decreased from 51.33X to 50.35X, reflecting a broader trend in the market [5][38] - The liquidity of BSE A-shares has declined, with an average daily trading volume of 28.068 billion, down 19.15% from the previous week [5][39]

Group 1 - The Hong Kong IPO market recorded its strongest performance in the first half of 2025 since 2021, with total fundraising increasing sevenfold compared to the same period in 2024, making it the top global IPO fundraising market [1] - The total number of IPO applications on the Hong Kong main board has reached over 200, a historical high, indicating a sustained strong momentum expected to continue into the second half of 2025 [1] - In the first half of 2025, the global IPO market raised $60.9 billion with 544 listings, a 5% increase in fundraising compared to the previous year, although the number of listings decreased by 6% [1] Group 2 - A-share market activities remained stable in the first half of 2025, with 61 listings and a total fundraising amount of 53.7 billion RMB, despite a 5% decrease in fundraising compared to 2024 [1] - The introduction of a new reform by Chinese regulatory authorities allows companies listed in Hong Kong to also list on the Shenzhen Stock Exchange, promoting the H+A listing model [2] - The Shanghai Stock Exchange announced the establishment of a growth tier on the Sci-Tech Innovation Board to support high-growth potential but unprofitable tech companies, marking an important milestone for the A-share IPO market [2]

Core Viewpoint - The article discusses the introduction of the "Science and Technology Innovation Board Growth Layer" to support technology companies that are in the pre-profit stage but have significant technological breakthroughs and commercial potential [3][4]. Regulatory Framework - The reform establishes a growth layer within the Science and Technology Innovation Board to support technology companies that are not yet profitable at the time of listing, with all existing and newly registered unprofitable companies included in this layer [4][5]. - The investment threshold for investors remains unchanged, and new investors in the growth layer must sign a specialized risk disclosure document, while existing unprofitable companies are not affected by this requirement [4][5]. Main Institutional Arrangements - Newly registered companies that are unprofitable at the time of listing will be included in the growth layer from the date of listing [5]. - Existing companies that have not yet achieved profitability will be included in the growth layer from the date the guidelines are implemented [5]. Tier Adjustment Mechanism - A tier adjustment mechanism is established, allowing companies to be removed from the growth layer if they meet certain profitability criteria, such as achieving a positive net profit for two consecutive years with a cumulative net profit of at least 50 million RMB, or a positive net profit in the most recent year with revenue of at least 100 million RMB [6][9]. - Companies that achieve profitability after being listed will also be removed from the growth layer [6][9]. Information Disclosure Requirements - Companies in the growth layer must disclose reasons for not being profitable in their annual reports, along with impacts on cash flow, business expansion, talent attraction, and sustainability [11]. - Companies must also disclose any significant adverse events affecting their technological innovation, research capabilities, or growth prospects in a timely manner [11]. Special Identification and Risk Disclosure - The Shanghai Stock Exchange will implement special identification management for stocks or depositary receipts of companies in the growth layer, adding a "U" to their abbreviations [13]. - Investors participating in trading of growth layer stocks must meet suitability management requirements and sign a specialized risk disclosure document before their first transaction, while existing stock transactions do not require this [14].

Group 1 - The core viewpoint of the article is that the Chinese securities regulatory authority is focusing on enhancing the inclusiveness and adaptability of the market system, particularly through reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market, to attract more unprofitable companies to go public [1][2] - The "1+6" policy measures include the reintroduction of the fifth listing standard on the Sci-Tech Innovation Board, specifically designed for unprofitable companies, creating a dedicated "growth layer" for these firms [1][2] - The introduction of the third listing standard on the Growth Enterprise Market also supports high-quality unprofitable innovative companies to list, indicating a broader acceptance of unprofitable firms across multiple exchanges [2] Group 2 - The support for unprofitable companies to go public aligns with global trends, as many major markets have opened doors for such listings, reflecting a national policy to support the development of new productive forces in China [3] - The article highlights concerns regarding the potential issues that unprofitable companies may bring to the market, particularly the problem of shareholder sell-offs, which could undermine the long-term development of these companies [3][4] - To address the issue of shareholder sell-offs, it is suggested that a tailored lock-up period and reduction policy should be established for unprofitable companies, linking share reductions to the achievement of profitability [5]

Core Points - The China Securities Regulatory Commission (CSRC) emphasizes the rapid growth of the Sci-Tech Innovation Board (STAR Market) and its role in supporting technological innovation, with the introduction of the "1+6" policy measures aimed at further reform [1][2] - The establishment of a Sci-Tech Growth Layer on the STAR Market is designed to better serve high-quality tech companies that are currently unprofitable but have significant technological breakthroughs and commercial potential [2][3] - The reforms aim to enhance the inclusivity and adaptability of the capital market for hard-tech enterprises, particularly in emerging fields such as artificial intelligence, commercial aerospace, and low-altitude economy [4][5] Group 1: Policy Measures - The "1" in the "1+6" policy measures refers to the creation of the Sci-Tech Growth Layer, which will include all existing and newly registered unprofitable tech companies [2][3] - The "6" includes six specific reform measures, such as introducing a pre-IPO review mechanism for quality tech companies and expanding the application scope of the fifth listing standard to more frontier technology sectors [4][5] - The reforms are expected to attract various innovative resources to key technology areas, thereby accelerating China's transition from a major tech power to a strong tech power [4][5] Group 2: Market Impact - The STAR Market has consistently supported the development of strategic emerging industries, with a significant portion of companies in new-generation information technology, biomedicine, and high-end equipment manufacturing [5][6] - In 2024, the total R&D investment of STAR Market companies reached 168.1 billion yuan, which is more than 2.5 times their net profit, indicating a strong focus on innovation [5][6] - The introduction of the Sci-Tech Growth Layer is seen as a breakthrough in differentiated management, guiding resources towards core technology and high-growth enterprises [3][4] Group 3: Investor Protection - The reforms include measures to enhance risk disclosure and investor protection, particularly for small and medium investors, who are crucial participants in the capital market [7][8] - Specific arrangements include a special identifier for stocks of companies in the Sci-Tech Growth Layer and requirements for regular disclosure of reasons for unprofitability [7][8] - The CSRC aims to maintain strict entry standards for listings to ensure the quality of companies on the STAR Market, focusing on supporting high-quality tech firms rather than merely increasing the number of listings [8]