Zheng Quan Ri Bao·2025-07-13 15:55Core Viewpoint - The China Securities Association (CSRC) has released a draft list of 21 qualified offline professional institutional investors for 2024, which will be open for public supervision from July 11 to July 24, 2025. This initiative aims to enhance the market ecosystem by guiding professional institutional investors to play a demonstrative role [1][2]. Group 1: Institutional Framework - The "white list" is a reputation management mechanism for offline professional institutional investors based on their past participation in the offline inquiry and subscription of newly issued securities, rather than a comprehensive evaluation of their overall business performance [2]. - The CSRC has previously established a selective list evaluation mechanism for offline investors, with the first list published in 2022, which has significantly contributed to self-regulation and orderly issuance of new stocks [2]. Group 2: Selected Institutions - The 21 institutions included in the "white list" comprise 2 securities firms (CITIC Securities and China International Capital Corporation), 1 asset management company (Oriental Red Asset Management), 14 public fund companies (including Bosera, Great Wall, and Southern Fund), and 4 insurance and asset management companies (including China Life Pension Insurance and Ping An Asset Management) [3]. Group 3: Incentive Measures - The "white list" will initially be piloted within securities, fund, and insurance institutions, with plans to gradually expand to other market entities. It aims to enhance resource allocation, mitigate market risks, and support high-quality capital market development [4]. - The CSRC will implement several incentive measures for "white list" investors, including expedited registration processes, reduced information reporting requirements, and priority consideration for committee appointments [4].