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时报观察丨借“智”资深专业机构 精准识别科创企业
Zheng Quan Shi Bao Wang·2025-08-01 23:37

Group 1 - The core point of the article is that Zhuhai Tenomab Pharmaceutical Co., Ltd. has become the first company to apply the professional institutional investor system in the Sci-Tech Innovation Board IPO process, which aims to enhance the identification of technology-driven enterprises and their investment value [1][2] - The introduction of the professional institutional investor system is intended to leverage the insights of leading venture capital and industry funds to improve the efficiency of capital market resource allocation [1] - Tenomab's disclosure of a professional institutional investor that acquired 3.94% of its shares prior to the IPO indicates a positive signal for the company, which is currently in a loss-making phase [1] Group 2 - The professional institutional investor system is a well-established practice in foreign markets, such as the Hong Kong Stock Exchange's rules regarding "professional investors" [2] - Unlike foreign markets, the reform in the Sci-Tech Innovation Board is a pilot program limited to companies under the fifth listing standard, ensuring flexibility and exploration without imposing unnecessary barriers to listing [2] - Regulatory authorities have detailed the criteria for recognizing professional institutional investors based on investment experience and holding duration, which helps prevent sudden share acquisitions and ensures the system's rigor and standardization [2]