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 ...

Core Viewpoint - The article discusses the implementation of the "Science and Technology Innovation Board Growth Layer" guidelines, aimed at enhancing the inclusivity and adaptability of the system, with a focus on the new rules for listing and the management of companies in this layer [1][3]. Group 1: Implementation of Guidelines - The Shanghai Stock Exchange (SSE) has officially released the "Guidelines for Self-Regulatory Supervision of Listed Companies on the Science and Technology Innovation Board - Growth Layer" and related business rules, effective immediately [1]. - The guidelines include a "new and old distinction" for the conditions under which companies can be removed from the growth layer, maintaining existing conditions for current companies while raising the bar for newly registered unprofitable companies [2][3]. Group 2: Conditions for Inclusion and Removal - Existing unprofitable companies will automatically enter the growth layer upon the implementation of the guidelines, while new unprofitable companies will enter upon listing [3]. - The removal conditions for existing companies remain unchanged, requiring them to achieve profitability for the first time post-listing, while new unprofitable companies face stricter removal conditions to encourage faster technological development and market expansion [3]. Group 3: Investor Participation and Risk Disclosure - There are no new trading thresholds for individual investors in the growth layer, maintaining the requirement of "500,000 yuan in assets + 2 years of experience," but investors in newly registered unprofitable tech companies must sign a risk disclosure statement [4]. Group 4: Pre-Review Mechanism - The SSE has clarified the applicable scenarios for the pre-review mechanism, allowing technology companies facing significant operational risks from early disclosure to apply for pre-review [6]. - The pre-review process will not be publicly disclosed, but companies must disclose inquiries and responses from the pre-review phase once they submit their formal IPO applications [7]. Group 5: Recognition of Professional Institutional Investors - The "Guidelines for Recognizing Senior Professional Institutional Investors" detail the criteria for identifying these investors, which include having a sound governance structure, substantial asset management, and a good credit record [9]. - The guidelines specify that these investors must have invested in at least five technology companies that have listed on the Science and Technology Innovation Board in the past five years or ten companies on major exchanges [10]. Group 6: Regulatory Oversight - The SSE emphasizes that the recognition of senior professional institutional investors serves as a reference for assessing a company's market acceptance and growth potential, without altering the standards for listing or the speed of the review process [10]. - The introduction of senior professional institutional investors is expected to create a binding effect, helping to identify genuinely high-potential companies and reduce the risk of low-growth companies being misrepresented [10].