Core Viewpoint - Numerous brokerage firms are facilitating investor participation in the Sci-Tech Innovation Board's growth tier, with several firms like CITIC Securities and Guosen Securities enabling trading permissions through their apps, indicating a step closer for investors to engage in upcoming IPOs and trading of companies listed in this tier [1][4]. Group 1: Trading Permissions and Requirements - Investors must meet the same criteria as for the Sci-Tech Innovation Board, requiring personal assets of over 500,000 yuan and at least two years of investment experience to participate in the growth tier [1]. - Several brokerage firms have issued announcements regarding the signing of the "Risk Disclosure Statement for the Sci-Tech Innovation Board Growth Tier," ensuring investors can easily sign through online channels [1][4]. Group 2: Risk Disclosure and Management - The importance of risk disclosure is emphasized, requiring investors to understand the specific risks associated with growth tier companies, including their unprofitability and uncertainties in technology development and market prospects [4][6]. - The Shanghai Stock Exchange has revised rules to help investors better understand the investment risks of unprofitable companies, adding essential clauses to the risk disclosure statement [4]. Group 3: Market Opportunities and Challenges - The listing of growth tier companies introduces new investment opportunities but also demands higher risk identification and management capabilities from investors due to the inherent uncertainties in revenue and profitability [6]. - Currently, two companies, Heyuan Biotechnology and Beixin Life, have successfully passed the review and are awaiting listing in the growth tier, with more unprofitable companies in the IPO queue, indicating a diversification of investment options in the future [6].

Core Viewpoint - The article discusses the implementation of a new risk disclosure requirement for investors in the Sci-Tech Innovation Board's growth tier, effective from September 22, 2025, aimed at enhancing investor suitability management [1][3]. Group 1: Notification and Implementation - China Securities Depository and Clearing Corporation has sent a notification regarding the signing of risk disclosure agreements for the Sci-Tech Innovation Board's growth tier [1]. - From September 22, 2025, investors who have signed the risk disclosure will have their accounts marked as category C, while those who have not will be marked as category K [2][3]. - Existing investors' accounts will be uniformly marked as category K after the end of trading on September 19 [4]. Group 2: Broker Actions and Technical Preparations - Several brokerage firms have already launched features in their apps to allow online signing of the risk disclosure agreements and to enable trading permissions for the growth tier [5][6]. - Brokerages are required to prepare their systems and processes to comply with the new regulations and to report their readiness to the Shanghai Stock Exchange [4][6]. Group 3: Investor Requirements - Ordinary investors must sign the risk disclosure agreement to open trading permissions for the Sci-Tech Innovation Board, and to participate in new registered growth tier stocks [7]. - Investors trading stocks that were listed before the notification and have not yet achieved profitability are exempt from signing the risk disclosure [8]. Group 4: Risk Education and Management - Brokerages are mandated to provide comprehensive risk education and management for investors, utilizing various communication channels to inform them about the risks associated with the growth tier stocks [8].