上交所发布资深专业机构投资者指引

Core Viewpoint - The Shanghai Stock Exchange (SSE) has introduced the "Guidelines for Professional Institutional Investors" to enhance the identification mechanism for high-quality technology enterprises and improve the adaptability of the Sci-Tech Innovation Board [1][2] Group 1: Implementation of Guidelines - The guidelines are effective immediately upon release and apply to new applicants under the fifth listing standard of the Sci-Tech Innovation Board [1] - Issuers are encouraged to self-identify and voluntarily disclose information about professional institutional investors according to the guidelines [1] Group 2: Detailed Criteria for Recognition - The criteria for recognizing professional institutional investors include having a sound governance structure, substantial asset management scale, and a good credit record [2] - Investment experience requires that the institution has invested in at least five technology enterprises listed on the Sci-Tech Innovation Board or ten on major domestic and foreign exchanges in the past five years [2] - Institutions must hold at least 3% of the issuer's shares or an investment amount of over 500 million yuan for a minimum of 24 months prior to the IPO application [2] Group 3: Role in Review Process - The self-identification and disclosure of professional institutional investors serve as a reference for the SSE in assessing the issuer's market recognition and growth potential, but do not guarantee compliance with Sci-Tech attributes or listing conditions [2] - The absence of recognized professional institutional investors does not affect the issuer's eligibility to apply under the fifth listing standard [2] Group 4: Accountability Measures - All market participants, including issuers, professional institutional investors, and intermediaries, are prohibited from engaging in activities that harm investor rights, such as false statements and improper shareholding [2] - The SSE will strengthen regulatory oversight and rigorously combat various illegal activities during the implementation of these guidelines [2]