1月4日晚，宇树科技针对相关媒体的IPO不实报道，回应上海证券报记者称，近日某媒体发布 宇树科技上市相关报道（下称"该报道"），并被众多媒体、网络平台及自媒体大规模转载。 该报道涉及公司上市工作相关动态情况的内容与事实情况不符，公司未涉及申请"绿色通道"相 关事宜。 宇树科技明确表示，相关报道误导公众认知，已严重侵害公司合法权益。公司已向主管部门反 映，同时督促相关方撤回不实报道。"我司在此严正声明，后续将保留通过法律手段追责的权 利。" 来源丨上海证券报 编辑丨张嘉钰 人民币汇率破7背后 中国创新药大爆发，一年出海狂揽9400亿，超越美国 降费大利好，证监会发布！影响多大 SFC 21君荐读 "目前，我司上市工作正常推进，相关进展将依法依规进行披露。"宇树科技表示。 1月4日下午，有市场消息称"宇树科技A股上市的绿色通道被叫停，但上市并未叫停。" 市场有声音认为，宇树科技IPO辅导已经结束，但国内证券交易所距今均未披露相应文件，因 此对其IPO进展产生疑虑。也有投行人士猜测，宇树科技可能与长鑫科技一样，采用了预先审 阅机制。预先审阅机制借鉴了境外成熟市场的制度经验，在企业正式申报IPO前，交易所对其 发行上 ...

资料图。本文来源 ：上海证券报 作 者 孙小程 宇树科技澄清！ 1月4日晚，宇树科技针对相关媒体的IPO不实报道，回应上海证券报记者称，近日某媒体发布宇 树科技上市相关报道（下称"该报道"），并被众多媒体、网络平台及自媒体大规模转载。该报 道涉及公司上市工作相关动态情况的内容与事实情况不符，公司未涉及申请"绿色通道"相关事 宜。 宇树科技明确表示，相关报道误导公众认知，已严重侵害公司合法权益。公司已向主管部门反 映，同时督促相关方撤回不实报道。"我司在此严正声明，后续将保留通过法律手段追责的权 利。" "目前，我司上市工作正常推进，相关进展将依法依规进行披露。"宇树科技表示。 一位已投资宇树科技的创投人士彼时向上证报记者称，目前未收到任何宇树科技IPO进程有变化 的消息。 按照宇树科技于2025年9月披露的上市节奏，其将于2025年10月至12月期间向证券交易所提交申 报文件，届时公司的相关运营数据将正式披露。 市场有声音认为，宇树科技IPO辅导已经结束，但国内证券交易所距今均未披露相应文件，因此 对其IPO进展产生疑虑。也有投行人士猜测，宇树科技可能与长鑫科技一样，采用了预先审阅机 制。预先审阅机制借鉴了境 ...

Core Viewpoint - The establishment of the Sci-Tech Innovation Growth Layer is a key component in building a multi-tiered capital market to support technological innovation, focusing on high-quality, unprofitable tech companies while balancing development and safety [1][2][3] Group 1: Regulatory Framework - The Shanghai Stock Exchange (SSE) released the "Self-Regulatory Guidelines for Sci-Tech Innovation Board Listed Companies No. 5 - Sci-Tech Innovation Growth Layer" along with several related business guidelines [1][2] - The introduction of the pre-review mechanism and the professional institutional investor system aims to optimize resource allocation efficiency and enhance risk control [1][2][9] Group 2: Market Impact - The reforms are expected to address the challenges faced by tech companies in the listing process, enhancing the Sci-Tech Innovation Board's inclusivity and adaptability [2][3] - The establishment of the Sci-Tech Innovation Growth Layer is anticipated to support early-stage innovative companies, providing them with financing channels and enhancing China's competitive advantage in global industrial development [3] Group 3: Entry and Exit Criteria - A total of 32 existing unprofitable companies will enter the Sci-Tech Innovation Growth Layer, with no additional listing thresholds for unprofitable companies [4] - The exit criteria for existing companies remain unchanged, while new unprofitable companies will have stricter exit conditions [4] Group 4: Information Disclosure and Investor Management - The guidelines emphasize risk-oriented information disclosure, requiring companies to disclose risks related to unprofitability and technology development [5] - There are no new trading thresholds for individual investors, maintaining the existing requirement of "500,000 yuan in assets + 2 years of experience" [5][6] Group 5: Pre-Review Mechanism - The pre-review mechanism allows tech companies to have their IPO application documents reviewed before formal submission, aiming to protect sensitive business information [7][8] - The pre-review process will not be publicly disclosed until the formal IPO application is accepted, ensuring market oversight [8] Group 6: Professional Institutional Investor System - The introduction of the professional institutional investor system aims to enhance the identification of high-quality tech companies, with specific criteria for eligible investors [9][10] - This system is viewed as a significant step towards improving the efficiency of capital market resource allocation [9][10]

Group 1 - The A-share market showed mixed results today, with the Sci-Tech 50 Index ETF (588870) slightly up and leading in turnover rate over 9%, indicating active capital allocation [1][3] - The Sci-Tech 50 Index ETF (588870) has seen a net inflow of funds for five consecutive days, with a year-to-date share growth rate exceeding 26%, maintaining a leading position among its peers [1][3] - The Shanghai Stock Exchange has requested member brokers to prepare for investor suitability management and technical preparations for the Sci-Tech Growth Layer [3][7] Group 2 - The performance of the underlying stocks in the Sci-Tech 50 Index ETF (588870) was mixed, with notable gainers including Cambrian (up over 5%) and slight increases in Haiguang Information and Lanke Technology, while Stetway fell over 5% [3][4] - The report from Zhongyin Securities indicates that the technology growth sector remains a long-term market focus, driven by policy support and performance verification, with significant structural opportunities expected in the upcoming weeks [5][8] - The introduction of the "pre-review" mechanism by the Shanghai Stock Exchange aims to enhance support for hard-tech companies, allowing them to apply for pre-review before IPOs, which is expected to accelerate the IPO process for these firms [8][9]

Group 1: Policy Changes - The Shanghai Stock Exchange has implemented a "pre-review" mechanism to enhance support for hard technology companies in the Sci-Tech Innovation Board[4] - The new guideline allows companies to apply for pre-review before their IPO, aiming to reduce information disclosure costs and improve document quality[4] Group 2: Target Audience and Benefits - The pre-review mechanism specifically targets technology companies engaged in critical core technology development, aligning with current policy support directions[4] - This mechanism provides a buffer for companies, helping them manage the timing of sensitive information disclosures, particularly in sectors like semiconductors and biomedicine[4] Group 3: Operational Efficiency - The pre-review process is confidential, allowing companies to decide on formal applications based on feedback received, which can shorten the formal review timeline[4] - Companies that improve their documents based on pre-review feedback may avoid repeated inquiries during the formal review, enhancing efficiency[4] Group 4: Market Impact - The introduction of the pre-review mechanism is expected to accelerate the IPO process for technology companies, potentially shortening preparation cycles[4] - This change is anticipated to increase project reserves and review efficiency for investment banks, enhancing their competitive edge in technology sponsorship[4]

Core Insights - The report highlights the introduction of a "pre-review" mechanism by the Shanghai Stock Exchange to enhance the IPO ecosystem for hard technology companies, aiming to support their development and streamline the listing process [1][2]. Summary by Sections Market Overview - On July 13, 2025, the Shanghai Stock Exchange officially released the "Guidelines for the Application of the Shanghai Stock Exchange Issuance and Listing Review Rules No. 7 - Pre-Review," effective immediately. This guideline focuses on improving the inclusiveness and adaptability of the review system, specifically for technology companies engaged in critical core technology development [2]. Mechanism Innovation - The pre-review mechanism represents a significant innovation in the review process, transitioning from a "post-correction" approach to a "pre-guidance" model. This mechanism is not mandatory but offers professional inquiry services to reduce information disclosure costs and enhance document quality, particularly for hard technology companies with sensitive information [2][3]. Targeted Support - The guidelines specifically target technology companies involved in critical core technology development or other specific circumstances, aligning with current policy support directions in strategic emerging industries such as semiconductors, biomedicine, high-end manufacturing, and new energy [2][3]. Design and Efficiency - The pre-review process is designed to be confidential, allowing issuers to decide whether to formally apply after receiving review feedback. If the issuer has improved the application documents according to the feedback and there are no new significant issues, the Shanghai Stock Exchange will not conduct repeated inquiries, effectively shortening the formal review time [2][3]. Enhancing Review Quality - The guidelines are aligned with the "Science and Technology Innovation Growth Tier" system proposed at the Lujiazui Forum in June 2025, indicating a shift towards a more refined and structured IPO review system focused on information disclosure [2][3]. Accelerating IPO Processes - The implementation of these guidelines is expected to accelerate the IPO process for technology companies, particularly those in sensitive information disclosure phases, thereby enhancing the value of front-end services provided by investment banks [2][3].

Core Viewpoint - The Shanghai Stock Exchange (SSE) has officially released the "1+6" policy framework for the Sci-Tech Innovation Board (STAR Market) reform, aimed at enhancing the inclusiveness and adaptability of the system for technology-driven companies, particularly those in the growth stage that are not yet profitable [1][2]. Group 1: Sci-Tech Growth Layer - The Sci-Tech Growth Layer is designed to support technology companies that have made significant technological breakthroughs, have promising commercial prospects, and are in the phase of continuous R&D investment while being unprofitable at the time of listing [1]. - The guidelines specify that both existing unprofitable companies and newly registered unprofitable companies will be included in the Sci-Tech Growth Layer without additional listing thresholds for unprofitable firms [1][2]. - A total of 32 existing unprofitable companies will automatically enter the Sci-Tech Growth Layer upon the implementation of the guidelines [1]. Group 2: Delisting Conditions - The delisting conditions for existing companies remain unchanged, requiring the first profitability post-listing, while the conditions for new unprofitable companies have been raised to meet the first set of listing standards of the STAR Market [2]. - Companies must announce compliance with delisting conditions, and the SSE will generally process delisting within two trading days [2]. Group 3: Investor Participation - There are no new trading thresholds for individual investors in the Sci-Tech Growth Layer, maintaining the existing requirement of 500,000 yuan in assets and two years of investment experience [2]. - Investors must sign a specialized risk disclosure document before investing in newly registered unprofitable technology companies [2]. Group 4: Pre-Review Mechanism - The introduction of the IPO pre-review mechanism allows technology companies facing significant adverse impacts from early disclosure of business information to apply for pre-review [2][3]. - Issuers and sponsors must follow formal IPO application rules when preparing pre-review documents, including internal quality control and obtaining guidance acceptance from the China Securities Regulatory Commission (CSRC) [2][3]. Group 5: Professional Investor Guidelines - The SSE has introduced a pilot program for professional institutional investors, detailing criteria for recognition, including sound governance structures and substantial asset management [3]. - Professional investors must have invested in at least five technology companies that have listed on the STAR Market or ten on major domestic or foreign exchanges within the last five years [3]. - Investment institutions must hold at least 3% of the issuer's shares or invest over 500 million yuan continuously for 24 months prior to the IPO application [3]. Group 6: Implementation and Oversight - The SSE is committed to implementing the reform and ensuring the effective execution of the guidelines, focusing on coordination among market, business, and technical reforms [4]. - Continuous promotion and interpretation of the reform objectives and regulatory requirements will help market participants better understand and apply the rules [4]. - The SSE aims to enhance frontline regulatory effectiveness, protect investors, and maintain market stability to create a conducive environment for the reforms [4].

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].

Group 1 - The core point of the news is the reintroduction of the fifth listing standard for the Sci-Tech Innovation Board, allowing companies with no profits or revenue to go public, particularly benefiting special industries [1][3][4] - The fifth listing standard requires a minimum market value of 4 billion yuan, and companies must have significant market potential and approved core products for certain industries, such as biomedicine [4][5] - The new regulations expand the eligible industries for the fifth standard to include artificial intelligence, commercial aerospace, and low-altitude economy, aiming to accelerate the establishment of typical cases [9][10] Group 2 - The introduction of a system for qualified professional institutional investors is part of the new regulations, which will help assess the reliability of companies applying under the fifth standard [10][11][17] - A pre-review mechanism has been established to protect sensitive information for technology companies, allowing them to apply for confidentiality during the listing process [18][19][20] - The establishment of a Sci-Tech Growth Layer is part of the new regulations, with specific criteria for companies to enter this layer, indicated by a "U" in their stock abbreviation [23][25][29]

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]