Core Viewpoint - The establishment of the Science and Technology Innovation Board (STAR Market) Growth Layer is a significant step towards enhancing the inclusivity and adaptability of China's capital market, providing a tailored platform for early-stage technology innovation companies, especially those that are unprofitable but have substantial growth potential [2][5][6]. Summary by Sections Introduction of the Growth Layer - The Shanghai Stock Exchange has officially implemented the "Guidelines for Self-Regulatory Supervision of Listed Companies on the Science and Technology Innovation Board - Growth Layer," marking the formal launch of the Growth Layer [1]. Key Features of the Growth Layer - The Growth Layer is designed to support technology companies that have made significant technological breakthroughs, possess broad commercial prospects, and are in the stage of continuous R&D investment while being unprofitable at the time of listing [3]. - It includes both existing unprofitable companies on the STAR Market and newly registered companies that are unprofitable at the time of listing [3]. - The criteria for companies to be removed from the Growth Layer are differentiated for existing and new companies, with existing companies being removed upon their first profitability after listing, while new companies must meet the STAR Market's primary listing standards [3][4]. Information Disclosure and Risk Management - Companies in the Growth Layer are required to disclose the reasons for their unprofitability and related risks in their annual reports, and they must promptly report any significant negative events [4]. - Special risk identification measures will be implemented for stocks in the Growth Layer, including a unique identifier "U" to indicate their status, and investors must sign a risk disclosure agreement before trading [4]. Market Reactions and Implications - The establishment of the Growth Layer is viewed positively by market participants, enhancing the capital market's ability to serve the real economy and providing a more suitable platform for technology innovation companies at different development stages [5]. - The new policies are expected to attract more technology companies to the STAR Market, expanding its coverage and creating a more diverse market environment [5]. - The Growth Layer is seen as a crucial component in building a multi-tiered capital market that supports technological innovation, balancing development and safety for unprofitable companies [5][6].

Group 1 - The core viewpoint of the article highlights a significant increase in IPO applications in the A-share market, with 177 companies accepted for IPO in the first half of 2025, representing a 453% increase compared to the same period last year [1][4] - In June 2025 alone, the three major exchanges (Shanghai, Shenzhen, and Beijing) accepted 150 IPO applications, accounting for 85% of the total for the first half of the year [1][4] - The surge in IPO applications is attributed to a combination of policy benefits and a recovering market, with the A-share market's direct financing function gradually resuming [1][4] Group 2 - The Beijing Stock Exchange (BSE) led in IPO applications with 115 companies, followed by the Shenzhen Stock Exchange with 32 and the Shanghai Stock Exchange with 30 [4][5] - The increase in IPO applications is driven by the reopening of the listing channel for unprofitable companies on the Sci-Tech Innovation Board and the implementation of a third listing standard on the Growth Enterprise Market, enhancing the market's inclusivity [4][5] - The concentration of IPO applications is particularly notable in economically strong provinces such as Guangdong, Zhejiang, and Jiangsu, which together account for 57.39% of the applications [7][8] Group 3 - The top five underwriting institutions for the IPO applications include Guotai Junan (18), CITIC Securities (11), and Zhongtai Securities (9) [7] - The leading accounting firms involved in the IPO applications are Rongcheng Accounting Firm (22), Lixin Accounting Firm (21), and Tianjian Accounting Firm (21) [7] - The computer, communication, and other electronic equipment manufacturing sectors dominate the industry representation among the newly accepted IPOs, particularly in the Shenzhen Stock Exchange [9]