科创板科创成长层

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上交所发布“科创成长层指引”,32家存量未盈利企业即日进入“成长层”
Xin Hua Cai Jing· 2025-07-13 09:50
Group 1 - The Shanghai Stock Exchange has officially released the "Guidelines for Self-Regulatory Supervision of Listed Companies on the Sci-Tech Innovation Board No. 5 - Sci-Tech Growth Tier" to deepen the reform of the Sci-Tech Innovation Board [1] - The reform does not impose additional listing thresholds for unprofitable companies entering the Sci-Tech Growth Tier, allowing 32 existing unprofitable companies to enter immediately upon the implementation of the guidelines [1] - New unprofitable companies will enter the Sci-Tech Growth Tier from the date of their listing, while the delisting conditions for existing companies remain unchanged, requiring the first profit after listing [1] Group 2 - The stock abbreviation for the Sci-Tech Growth Tier will now include a special identifier "U" to help investors distinguish between existing and newly registered stocks [2] - The guidelines emphasize risk-oriented information disclosure, requiring companies to disclose risks related to unprofitability and technology development in their annual reports and interim announcements [2] - There are no new trading thresholds for individual investors, maintaining the existing requirement of "500,000 yuan in assets + 2 years of experience" [2] Group 3 - The IPO pre-review mechanism for high-quality technology companies is an important innovation aimed at improving the quality of application documents and the overall efficiency of the stock issuance and listing review process [3] - The Shanghai Stock Exchange will focus on accurately grasping applicable scenarios, improving application document quality, standardizing pre-review procedures, and enhancing information disclosure management [3]
重磅!上交所发布科创板改革重要配套业务规则:科创成长层指引、预先审阅指引
梧桐树下V· 2025-07-13 08:30
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 ...
科创板重磅改革,最新解读来了!
天天基金网· 2025-06-19 03:24
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 ...
刚刚!证监会最新发声!
证券时报· 2025-06-18 07:59
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].