科创板新一轮深化改革已经启动。6月18日，中国证监会印发《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》，提出在科创板设置科创成长层，同时拟设置股票发行上市申请预先审阅机制。 所谓股票发行上市申请预先审阅机制，就是交易所在发行人正式申报IPO（首次公开发行）前，对发行 上市申请文件按照审核要求进行把关的一种服务。 记者：孙杰 如遇作品内容、版权等问题，请在相关文章刊发之日起30日内与本网联系。版权侵权联系电话：010-85202353 上交所相关负责人还表示，需要强调说明的是，无论发行人的发行上市申请是否经过预先审阅，正式申 报后上交所都将严格遵循现有规则、程序和时限要求开展审核工作，不会降低发行上市审核标准。 来源：北京日报客户端 为何要设置这项服务？当日，上交所相关负责人表示，在近年来的审核实践中，还有不少科技型企业提 出，希望能够进一步完善发行上市审核机制，便利企业在正式申报前做好业务技术、上市计划等敏感信 息的管理，减少发行上市阶段的"曝光"时间，降低对企业生产经营的不利影响。 上交所按照《科创板意见》提出的要求，拟建立股票发行上市申请预先审阅机制。发行人因过早披露业 务技术信息、上市计划 ...

Core Viewpoint - The article discusses the establishment of the "Science and Technology Innovation Growth Tier" on the Sci-Tech Innovation Board, aimed at enhancing the inclusivity and adaptability of the system for unprofitable technology companies [2][3]. Group 1: Establishment of the Growth Tier - The China Securities Regulatory Commission (CSRC) issued guidelines for setting up the Sci-Tech Innovation Growth Tier to better serve unprofitable technology companies with significant technological breakthroughs and promising commercial prospects [4][5]. - The Shanghai Stock Exchange (SSE) is developing supporting business rules to implement these guidelines and enhance the service capabilities of the Sci-Tech Innovation Board [2][5]. Group 2: Mechanisms and Standards - The new rules will establish mechanisms focusing on three main areas: implementation standards and procedures, risk disclosure, and improving information disclosure quality [5]. - Companies in the Growth Tier will have special identification management for their stocks, requiring investors to sign a risk disclosure agreement when investing in newly registered companies [5]. Group 3: Pre-Review Mechanism - A pre-review mechanism for stock issuance applications is being proposed to help technology companies manage sensitive information before formal applications [6][8]. - The pre-review process will not replace the formal application review but will provide feedback to issuers and underwriters before the official submission [8][9]. Group 4: Professional Institutional Investors - The article emphasizes the importance of professional institutional investors in identifying and selecting quality technology companies, which will help guide financial capital towards early, small, and long-term investments in hard technology [10][11]. - The SSE plans to establish rules to encourage issuers to voluntarily disclose information about professional institutional investors, which will be considered in the review process but not as a mandatory condition for listing [11][12].