试点引入资深专业机构投资者制度 精准识别优质科技型企业提升定价效率

Core Viewpoint - The introduction of a professional institutional investor system in the Sci-Tech Innovation Board aims to enhance the identification of high-quality technology enterprises and improve pricing efficiency in the capital market [1][2][3]. Group 1: Introduction of Professional Institutional Investors - The China Securities Regulatory Commission (CSRC) has released opinions to pilot the introduction of professional institutional investors for companies meeting the fifth listing standard on the Sci-Tech Innovation Board [1]. - This initiative is expected to leverage the advantages of market-oriented institutions to accurately identify quality technology companies and guide long-term capital investment [1][2]. - The involvement of professional institutional investors is seen as a key step in supporting technological innovation, with the effectiveness depending on the precise implementation of supporting details and mechanisms [1][5]. Group 2: Mechanism and Benefits - The new system will consider the investment duration, quantity, and proportion of professional institutional investors as references during the registration review for companies applying under the fifth listing standard [2]. - Professional institutional investors are believed to possess unique advantages in identifying high-quality technology enterprises, particularly in assessing the technological attributes and future growth potential of unprofitable companies [2][3]. - The introduction of this mechanism is expected to improve pricing efficiency by reducing information asymmetry and providing a more accurate market valuation of technology companies [3]. Group 3: Comparison with International Practices - Successful practices in mature overseas markets, such as the Hong Kong Stock Exchange, have already implemented similar systems, where professional investors are required for specific industry listings [4]. - Statistics show that companies listed under these rules have experienced significant revenue growth and reduced net losses over three years, indicating the potential benefits of such a system [4]. Group 4: Regulatory Measures and Standards - Regulatory authorities emphasize the need for strict supervision of professional institutional investors to prevent issues like profit transfer and other illegal activities [5]. - The Shanghai Stock Exchange is developing standards for recognizing professional institutional investors, focusing on investment experience, compliance, and independence [5]. - There is a caution against the "herding effect" among institutional investors, which could exacerbate market volatility, highlighting the need for dynamic adjustments in policies based on technological advancements [5]. Group 5: Future Prospects - If the pilot program proves successful, the professional institutional investor system could be expanded to the ChiNext and other markets, further enhancing the internal pricing mechanism and resource allocation effects in the capital market [6].