专业机构投资者引入将发挥专业估值和价格锚定作用 市场资源仍将向“头部”集中

Core Viewpoint - The introduction of seasoned institutional investors in the Sci-Tech Innovation Board (STAR Market) aims to enhance the evaluation of unprofitable companies' technological attributes and commercial prospects, addressing issues such as information asymmetry and valuation difficulties [1][2][4]. Group 1: Introduction of Institutional Investors - The Shanghai Stock Exchange announced a meeting to review the listing application of Wuhan Heyuan Biotechnology Co., marking the first company to be reviewed under the new fifth set of standards for unprofitable enterprises [1]. - The "1+6" policy measures introduced by the China Securities Regulatory Commission (CSRC) emphasize the role of seasoned institutional investors in providing market validation for companies' technological capabilities and business prospects [2][3]. Group 2: Impact on Market Dynamics - Experts believe that while the introduction of institutional investors may not reverse the trend of resource concentration towards leading firms, it does provide development space for smaller institutions [4][5]. - The policy aims to mitigate the risks associated with unprofitable companies by leveraging the expertise of institutional investors, which can help in setting appropriate IPO pricing and reducing irrational market fluctuations [2][3]. Group 3: Regulatory Considerations - Concerns regarding potential conflicts of interest due to institutional investors acting as both shareholders and endorsers have been raised, prompting the Shanghai Stock Exchange to enhance regulatory measures and establish a "blacklist" system to prevent misconduct [1][7]. - Recommendations include developing specific legal provisions to regulate the behavior of institutional investors and ensuring thorough due diligence to prevent the over-packaging of companies [6][7].