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].

Core Viewpoint - The article discusses the new requirements for investors wishing to participate in the subscription and trading of newly registered stocks in the Sci-Tech Innovation Board's growth tier, emphasizing the necessity of signing a risk disclosure agreement. Group 1: Trading Permissions and Requirements - Several brokerage apps, including Guojin Securities, now support online activation of trading permissions for the Sci-Tech Innovation Board's growth tier, requiring investors to sign a risk disclosure agreement [2] - The threshold for opening trading permissions in the growth tier remains consistent with the Sci-Tech Innovation Board, requiring an asset of 500,000 and two years of investment experience [7] - Investors must sign the "Sci-Tech Innovation Board Stock Investor Risk Disclosure Agreement" to open trading permissions, and an additional "Growth Tier Risk Disclosure Agreement" is required for participating in new registered stocks [7][10] Group 2: Regulatory Developments - The China Securities Regulatory Commission has accepted the IPO registration application of Heyuan Bio, which is expected to be the first stock in the newly registered growth tier [9] - The Shanghai Stock Exchange issued the "Mandatory Clauses for the Risk Disclosure Agreement for Stocks of Sci-Tech Innovation Board Growth Tier Enterprises" on July 13, requiring brokerages to inform investors of risks before they can participate in new stock subscriptions [10] - Existing investors trading stocks that were listed before this notice and have not yet achieved profitability do not need to sign the new risk disclosure agreement [11] Group 3: Investor Education and Risk Management - The exchange emphasizes the importance of comprehensive risk education for investors, urging brokerages to utilize multiple channels to inform investors about the risks associated with trading in the growth tier [11][12] - Brokerages are expected to coordinate and prepare their technical systems to facilitate the signing of the risk disclosure agreements in an orderly manner [12]