Group 1 - The China Securities Depository and Clearing Corporation has issued an urgent document requiring brokerages to report the signing status of risk disclosure statements for the Sci-Tech Innovation Board's growth tier, aimed at enhancing investor suitability management [1][3] - Starting from September 22, 2025, accounts of ordinary investors who have signed the risk disclosure will be marked as "C", while those who have not will be marked as "K". Existing accounts will also be uniformly marked as "K" after September 19, 2025 [3] - The Shanghai Stock Exchange has released essential clauses for risk disclosure statements to help investors understand the risks associated with investing in unprofitable companies, reinforcing the responsibilities of brokerages in investor suitability management [3][4] Group 2 - Brokerages are required to inform investors about the suitability management requirements and risk characteristics of growth tier stocks through various communication methods, ensuring investors are well-informed about trading risks [4] - Some brokerages have already integrated features in their trading apps to facilitate the opening of trading permissions for the growth tier, allowing investors to sign risk disclosure statements digitally [4]

Core Viewpoint - The article discusses the recent requirements set by China Securities Depository and Clearing Corporation Limited for brokerages to report the signing status of risk disclosure documents for the Sci-Tech Innovation Board's growth tier, aimed at enhancing investor suitability management and protecting investor rights [1][2]. Group 1: Regulatory Requirements - China Securities Depository and Clearing Corporation Limited has mandated that starting from September 22, 2025, brokerages must categorize accounts of investors who have signed the risk disclosure document for the growth tier as "C" [1]. - For new ordinary investors who have not signed the risk disclosure document, their accounts will be categorized as "K," indicating they cannot invest in newly registered growth tier stocks [1]. - Existing investors' accounts will be uniformly marked as "K" after the end of trading on September 19, 2025, if they have not signed the risk disclosure document [1]. Group 2: Risk Disclosure and Investor Education - On July 13, the Shanghai Stock Exchange released mandatory clauses for the risk disclosure document for growth tier stocks, aimed at helping investors understand the risks associated with investing in unprofitable companies [2]. - Brokerages are required to inform ordinary investors of the risks before they can participate in the subscription or trading of new growth tier stocks, and must obtain a signed risk disclosure document [2]. - Brokerages are encouraged to utilize multiple channels for risk education, including SMS, phone calls, and pop-up notifications in trading software, to ensure investors are well-informed about the risks [2]. Group 3: Implementation by Brokerages - Several brokerages have already integrated a "Open Growth Tier" section in their apps, allowing investors to sign the risk disclosure document and gain trading permissions for the growth tier [3]. - Brokerage advisors are actively reminding clients with existing Sci-Tech Innovation Board permissions to sign the new agreement to trade growth tier stocks [3].