Core Viewpoint - The article discusses the implementation of new self-regulatory guidelines for the Science and Technology Innovation Board (STAR Market) in Shanghai, aimed at enhancing the support for high-quality, unprofitable technology companies and improving the overall efficiency of the IPO process [1][5]. Summary by Sections Introduction of New Guidelines - On July 13, the Shanghai Stock Exchange (SSE) released several new self-regulatory guidelines, including the "Guidelines for the Science and Technology Innovation Board's Growth Layer" and others, which will take effect immediately [1]. Public Consultation Process - The SSE conducted a public consultation from June 18 to June 25, receiving over 40 pieces of feedback from market participants, which were carefully reviewed and incorporated into the final guidelines [3][4]. Key Focus Areas for Implementation - The SSE will focus on four main areas to ensure the smooth implementation of the new guidelines: 1. Maintaining the focus on supporting high-quality, unprofitable technology companies without imposing additional listing thresholds for them [5]. 2. Implementing a "new and old separation" for the delisting conditions of existing companies while raising the delisting criteria for newly registered unprofitable companies [5]. 3. Strengthening risk-oriented information disclosure requirements for companies in the growth layer [6]. 4. Enhancing investor suitability management without adding new trading thresholds for individual investors [6]. Pre-Review Mechanism - The introduction of a pre-review mechanism aims to improve the quality of IPO applications by allowing technology companies to seek preliminary feedback before formal submission [7][8]. - Companies must demonstrate the necessity of the pre-review and ensure that their application documents meet specific quality standards [9][15]. Information Disclosure and Management - Companies in the growth layer are required to disclose reasons for not being profitable and the impact on various aspects of their business in their annual reports [12][13]. - The SSE will enforce strict information disclosure regulations and monitor compliance to protect investor interests [10][13]. Regulatory Oversight - The SSE will implement special identification management for stocks in the growth layer, ensuring that investors meet suitability requirements and sign risk disclosure agreements before trading [12][13].

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].