Core Viewpoint - The article discusses the Shanghai Stock Exchange's (SSE) new guidelines for the Sci-Tech Innovation Board's growth tier, aimed at enhancing regulatory inclusivity and supporting technological innovation and new productive forces in China [1][2]. Group 1: Background - The establishment of the Sci-Tech Innovation Board and the pilot registration system has been ongoing for six years, with continuous reforms enhancing its ability to support technological innovation [2]. - The China Securities Regulatory Commission (CSRC) issued the "Sci-Tech Innovation Board Opinions" on June 18, 2025, which further defines the role of the growth tier in promoting balanced investment and financing [2]. Group 2: Main Content - The "Guidelines for Self-Regulation of Sci-Tech Innovation Board Listed Companies - Growth Tier" consists of 12 articles focusing on five main areas [3]. - The growth tier is designed to support technology companies that are in the pre-profit stage but have significant technological breakthroughs and commercial potential [3][4]. - The guidelines specify the scope of the growth tier, including existing unprofitable companies and newly registered companies that are unprofitable at the time of listing [3][4]. - Conditions and procedures for exiting the growth tier are detailed, with a focus on minimizing the impact on existing companies and investors [4]. - Enhanced information disclosure requirements are mandated for growth tier companies, including the need to explain reasons for unprofitability and associated risks [4][5]. - Special risk disclosure measures are implemented, including a unique identifier "U" for stocks in the growth tier, requiring investors to sign a risk disclosure agreement before trading [4][11]. Group 3: Public Opinion and Adoption - The SSE received 20 suggestions during the public consultation period from June 18 to June 25, 2025, and has incorporated relevant feedback into the guidelines [5]. Group 4: Implementation and Future Steps - The SSE plans to focus on four key areas to ensure the effective implementation of the growth tier guidelines, including maintaining the tier's focus on supporting quality unprofitable technology companies [18]. - The SSE will enhance regulatory oversight and investor protection, ensuring that the new guidelines are effectively communicated and understood by market participants [30].

Group 1 - Ying Shi Innovation officially listed on the Sci-Tech Innovation Board on June 11, with a first-day surge of 271.48%, reaching a market capitalization of over 70 billion yuan and raising 1.938 billion yuan, the highest fundraising scale since 2025 on the Sci-Tech Innovation Board [3] - Founder Yu Donglai of Pang Donglai announced an estimated net profit of 1.5 billion yuan for 2025, with over 8,000 employees expected to receive an average after-tax monthly income of 9,000 yuan [3] - Huawei launched the Pura 80 series, with prices ranging from 6,499 yuan to 10,999 yuan, and disclosed that its R&D expenses over the past decade totaled 124.9 billion yuan [5] Group 2 - ByteDance shared six core talent concepts, emphasizing that excellent talent is key to the company's success [7] - Employees of Nezha Auto surrounded CEO Fang Yunzhu's office demanding unpaid wages, highlighting internal unrest within the company [8] - Xiaopeng Motors' CEO He Xiaopeng announced that the Xiaopeng G7 will be the first AI car with L3-level computing power, equipped with three Turing AI chips [10] Group 3 - Alibaba's chairman, Cai Chongxin, stated that engineers worked through the Spring Festival to catch up with the AI wave after the launch of the DeepSeek model [13] - Ximalaya's founder expressed strong emotions during an internal meeting, reaffirming the company's commitment to maintaining its brand and operational independence amid a merger with Tencent Music [15] - Pop Mart expanded production capacity earlier this year to meet surging demand, indicating challenges in supply chain responsiveness [15] Group 4 - JD Logistics has begun operations in Saudi Arabia, establishing a team of over a thousand people to replicate its logistics model in the region [20] - Tesla plans to launch its first fully autonomous driving taxi for public trials in Austin, Texas, with a tentative date of June 22 [21] - NVIDIA's CEO announced plans to build the world's first industrial AI cloud in Europe, equipped with approximately 500,000 GPUs [23] Group 5 - Nintendo reported that the Switch 2 sold over 3.5 million units globally within four days of its release, marking the fastest sales rate for any Nintendo console [24] - Google offered voluntary severance packages to employees across multiple departments, including its core engineering team, as part of its workforce reduction strategy [26] - Alibaba's cross-border e-commerce platform AliExpress has launched a car sales business, focusing on Chinese electric vehicles in the Middle East [27]