加强投资者适当性管理。上交所表示，此次改革没有对个人投资者参与科创成长层股票交易新增投资交 易门槛，仍为具备"50万元资产＋2年经验"的资金门槛和投资经验即可。另外。按照《科创板意见》要 求，投资者投资科创成长层新注册的未盈利科技型企业之前需要签署专门风险揭示书。 关于面向优质科技型企业试点的IPO预先审阅机制，上交所表示，这是充分参考境外市场经验，进一步 提升上交所预沟通服务质效乃至股票发行上市审核工作整体质效的重要创新。下一步，上交所将从准确 把握适用情形、推动提高申请文件质量、规范预先审阅程序、加强信息披露管理四方面，做好预先审阅 机制与现行股票发行上市审核机制的衔接。 （文章来源：新华财经） 关于科创板科创成长层，上交所表示，这次改革未针对未盈利企业纳入科创成长层设置额外的上市门 槛，存量32家未盈利企业将自指引发布实施之日起进入科创成长层，新注册的未盈利企业将自上市之日 起进入。此外，科创成长层调出条件实施"新老划断"。存量企业调出条件保持不变，仍为上市后首次实 现盈利，有助于稳定存量企业和投资者预期；同时提高新注册未盈利企业调出条件，推动新上市公司加 速技术研发和市场拓展。 按照《科创板意见》的要 ...

文/梧桐小编 7月13日，上交所发布《科创板上市公司自律监管指引第5号——科创成长层》等配套业务规则，包括《科创板上市公司自律监管指引第5号——科创成长层》、 《发行上市审核规则适用指引第7号——预先审阅》、《发行上市审核规则适用指引第8号——资深专业机构投资者》等3项业务指引，以及修订的《会员管理业务 指南第2号——风险揭示书必备条款》和《证券交易业务指南第6号——证券特殊标识》等2项业务指南。这些规则自发布之日起实施。上交所相关负责人就业务规 则制定修订情况答记者问。 征求意见期间，上交所共收到各类市场主体反馈的意见建议40余条。上交所对收到的意见建议逐一作了认真研究，对合理化建议予以吸收采纳，包括进一步明确预 先审阅机制的适用情形、明确科创成长层调出标准中有关指标的计算口径等。对于市场主体反馈的规则理解方面的问题，上交所将通过多种形式加大宣传力度，做 好解释说明；对于涉及其他制度规则的意见建议，后续将在有关规则修订时认真参考研究。 市场各方高度关注本次设置科创板科创成长层，上交所将如何稳妥有序推进这项改革落地？ 答：《科创板意见》明确了在科创板设置科创成长层的基本要求，《科创成长层指引》从业务规则的角度 ...

6月18日，中国证监会发布《关于在科创板设置科创成长层 增强制度包容性适应性的意见》（以下简称 《科创板意见》），提出将设置科创板科创成长层。 同时，围绕增强优质科技型企业的制度包容性适应性，推出试点引入资深专业机构投资者制度；面向优质科技 型企业试点IPO预先审阅机制；扩大第五套标准适用范围；支持在审未盈利科技型企业面向老股东开展增资扩 股等活动；健全支持科创板上市公司发展的制度机制；健全科创板投资和融资相协调的市场功能等6项重磅改 革。 同日，上海证券交易所（以下简称上交所）就同步制订的2项配套业务规则公开征求意见，分别是《科创板上 市公司自律监管指引第5号——科创成长层》《发行上市审核规则适用指引第7号——预先审阅》。除此以外， 上交所还在研究制订修订相关的业务规则，后续将向市场发布。 设置科创板科创成长层 科创成长层重点服务技术有较大突破、商业前景广阔、持续研发投入大，目前仍处于未盈利阶段的科技型企 业。前期已上市的存量未盈利企业和新上市的未盈利企业，共同纳入科创成长层。 上交所也强调，科创成长层建设过程中，上交所将牢牢把握科创板"硬科技"定位和科创成长层定位，更好统筹 投融资动态平衡，把好发行上市入 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued the "Opinions on Setting Up a Growth Tier in the Sci-Tech Innovation Board to Enhance Institutional Inclusiveness and Adaptability," aiming to deepen capital market reforms and better serve technological innovation and new productivity development [1][10]. Summary by Sections Background of the Opinions - The issuance of the "Opinions" aligns with the directives from the 20th National Congress and various central financial meetings, emphasizing the need for a financial system that supports comprehensive innovation [8][10]. - The CSRC has previously implemented several policies to enhance the institutional framework supporting technological innovation, including the "Sixteen Policies for Technology" and the "Eight Policies for the Sci-Tech Innovation Board" [8][10]. Key Reforms Introduced - The establishment of a dedicated growth tier within the Sci-Tech Innovation Board aims to support technology companies that are currently unprofitable but have significant potential [12]. - Six major reform measures have been introduced to enhance the inclusiveness and adaptability of the system for high-quality technology companies [15][17]. Specific Reform Measures 1. Introduction of a professional institutional investor system for companies applying under the fifth listing standard of the Sci-Tech Innovation Board [15][16]. 2. Pilot pre-IPO review mechanism for quality technology companies to improve communication and service efficiency [15][16]. 3. Expansion of the fifth listing standard to include more frontier technology sectors such as artificial intelligence and commercial aerospace [15][17]. 4. Support for unprofitable technology companies to conduct capital increases targeting existing shareholders [15][17]. 5. Improvement of institutional mechanisms supporting the development of listed companies on the Sci-Tech Innovation Board [15][17]. 6. Coordination of investment and financing functions within the market [15][17]. Investor Protection Measures - The reform includes specific measures to enhance investor protection, such as special identification for stocks of companies in the growth tier and requirements for regular disclosures regarding unprofitability [13][15]. - Emphasis on risk disclosure and investor education to ensure that investors are well-informed about the risks associated with investing in these companies [13][15]. Implementation and Future Steps - The CSRC will work closely with the Shanghai Stock Exchange and relevant market participants to ensure the effective implementation of these reforms [6][18]. - Continuous monitoring and risk management will be prioritized to maintain market stability while promoting high-quality development [18].