Core Viewpoint - The article discusses the launch and operational guidelines of the "Science and Technology Innovation Board Growth Layer," which aims to support unprofitable but promising technology companies in their development [5][19]. Group 1: Introduction of the Growth Layer - The "Science and Technology Innovation Board Growth Layer" was officially launched on July 13, 2025, by the Shanghai Stock Exchange, marking a significant step in supporting technology enterprises that are not yet profitable but have strong growth potential [5]. - This new layer is designed to enhance the inclusivity for technology companies with promising futures, allowing them to access capital markets more easily [9][17]. Group 2: Participation Guidelines - Investors who already have trading permissions for the Science and Technology Innovation Board and have a risk tolerance assessment result of C4 (active) or above can trade stocks or depositary receipts listed after the new regulations are published, provided they sign a risk disclosure statement [7][11]. - For investors who have not yet opened trading permissions for the Science and Technology Innovation Board, they must first meet the basic requirements and then sign the risk disclosure statement to participate in the Growth Layer [11][12]. Group 3: Requirements for Investors - To open trading permissions for the Science and Technology Innovation Board, individual investors must have an average daily asset of no less than RMB 500,000 in their securities and funds accounts over the past 20 trading days, excluding funds and securities borrowed through margin trading [12]. - Investors must also have at least 24 months of trading experience and pass a knowledge test regarding the risks associated with trading on the Science and Technology Innovation Board [12]. Group 4: Identification of Growth Layer Stocks - Stocks of companies listed on the Growth Layer will have a "U" identifier to indicate their unprofitable status, with new registered stocks labeled as "成" and existing stocks labeled as "成1" to differentiate between them [17].

Core Viewpoint - The article discusses the launch of the "Science and Technology Innovation Growth Layer" on the STAR Market, aimed at supporting unprofitable but promising technology companies, with specific guidelines for investors to participate in trading these stocks [5][19]. Group 1: Introduction to the Growth Layer - The "Science and Technology Innovation Growth Layer" was officially established on July 13, 2025, by the Shanghai Stock Exchange, marking a new phase for unprofitable technology enterprises [5]. - This layer is designed to enhance inclusivity for technology companies with significant growth potential that are not yet profitable [9][17]. Group 2: Participation Guidelines - Investors who already have STAR Market trading permissions and have a risk tolerance assessment of C4 (active) or above can trade stocks or depositary receipts listed after the new regulations [7][11]. - For investors without STAR Market trading permissions, they must first meet the basic requirements and open trading permissions before signing the risk disclosure for the Growth Layer [11][12]. - Specific requirements for individual investors include maintaining an average asset of at least 500,000 RMB in their accounts over the past 20 trading days, having at least 24 months of trading experience, and passing a knowledge test on STAR Market trading [12]. Group 3: Identification and Labeling - Stocks from the Growth Layer will have a "U" identifier to indicate their unprofitable status, with new registered stocks labeled as "成" and existing stocks labeled as "成1" to differentiate between them [17].