高瓴、正心谷出手！“资深专业机构投资者”再现科创板！

Core Viewpoint - Core Medical has submitted its IPO prospectus for the Sci-Tech Innovation Board, marking the first company to recognize two seasoned professional institutional investors since the introduction of the system in June this year [1] Group 1: Institutional Investors - The prospectus highlights two seasoned professional institutional investors: Hillhouse Capital and Zhengxin Valley Investment, both managing over 10 billion yuan [2] - Hillhouse Capital has invested in seven technology companies that have listed on the Sci-Tech Innovation Board in the past five years, demonstrating substantial investment experience [2] - Zhengxin Valley Investment has invested in five technology companies that have listed on the Sci-Tech Innovation Board in the past five years, also showcasing significant investment experience [2] Group 2: Regulatory Background - In June, the China Securities Regulatory Commission (CSRC) introduced the seasoned professional institutional investor system for companies applying under the fifth set of listing standards on the Sci-Tech Innovation Board [4] - The aim of this reform is to enhance the identification of quality technology companies and improve the overall quality of listed companies in the A-share market [4] - The system is a pilot program and will only apply to companies under the fifth set of standards, with the involvement of seasoned professional institutional investors serving as a reference for review rather than a new listing condition [4][6] Group 3: Recognition Standards - The recognition standards for seasoned professional institutional investors include having a sound governance structure, large asset management scale, and a good credit record [5] - Investment experience requires that the institution has invested in at least five technology companies that have listed on the Sci-Tech Innovation Board or ten companies listed on major domestic and foreign exchanges in the past five years [5] - Institutions must hold at least 3% of the issuer's shares or invest over 500 million yuan continuously for 24 months prior to the IPO application [6]