Core Points - The Shanghai Stock Exchange officially launched the "Science and Technology Innovation Board Growth Layer" on July 13, allowing 32 existing unprofitable companies to enter this new tier immediately, while newly registered unprofitable companies will enter upon listing [1][8] - Several major securities firms, including Guotai Junan and Guojin Securities, have quickly implemented system upgrades to facilitate trading in the new growth layer, with functionalities available to investors starting July 14 [4][11] - The investment threshold for individual investors remains unchanged, requiring a minimum asset of 500,000 RMB and two years of trading experience, along with signing a risk disclosure document [5][6] Group 1 - The introduction of the growth layer aims to enhance the inclusivity and adaptability of the capital market, particularly benefiting technology companies facing financing challenges [12] - The growth layer will include both existing and newly registered unprofitable companies, with specific labels added to distinguish between them in trading systems [10] - The establishment of the growth layer is seen as a significant institutional innovation for capital markets, providing more investment opportunities and potentially stabilizing market expectations [12] Group 2 - The Shanghai Stock Exchange has mandated that securities firms report the signing status of the risk disclosure documents for the growth layer, enhancing investor suitability management [7] - The first company to register under the new growth layer is Heyuan Biotechnology, which is awaiting IPO approval [10] - The growth layer is expected to attract more institutional investors, which could help reduce irrational market fluctuations and improve pricing efficiency [12]