为何引入资深专业机构投资者制度？业内：减少信息不对称，发挥机构定价锚定效应

Core Viewpoint - The introduction of the "1+6" policy for the Sci-Tech Innovation Board aims to enhance the inclusivity and adaptability of the capital market, particularly through the trial implementation of a professional institutional investor system for companies meeting the fifth listing standard [1][4]. Group 1: Policy and Implementation - The first measure of the "1+6" policy is to pilot the introduction of professional institutional investors for companies under the fifth listing standard, which is expected to help assess the technological attributes and commercial prospects of these firms [1][4]. - The system is designed to be a reference factor during the review process rather than a new listing threshold, ensuring it does not alter existing listing standards [6]. Group 2: Market Impact and Investor Role - Professional institutional investors are expected to reduce information asymmetry and provide valuation support, which can stabilize the secondary market and enhance review efficiency [5][6]. - The involvement of seasoned investors can lead to a more favorable investment environment for "hard tech" companies, encouraging early and small investments in innovative sectors [5]. Group 3: Historical Context and Comparisons - The article draws parallels with international practices, noting that private equity and venture capital have played crucial roles in the commercialization of advanced technologies in the past [2]. - The Hong Kong Stock Exchange has previously implemented a similar system for biotech and specialized technology companies, which serves as a reference for the current reforms in the Sci-Tech Innovation Board [2]. Group 4: Current Market Landscape - As of the end of 2024, there are 67 companies listed under the 18A rule, with an average of three professional investors per company, collectively holding about 21% of shares, indicating strong institutional backing [3]. - The private equity investment fund market in China has reached approximately 10.96 trillion yuan, providing substantial financial support to technology companies at various stages of development [3].