A股新制度试点，如何解读？

Core Viewpoint - The introduction of the "senior professional institutional investor" system is expected to enhance the pricing and issuance of truly growth-oriented companies on the Sci-Tech Innovation Board, benefiting leading venture capital and private equity firms while tightening the IPO channel for projects with inflated valuations and weak fundamentals [1][3]. Group 1: Introduction of the System - The Shanghai Stock Exchange has officially launched a pilot program for the "senior professional institutional investor" system aimed at companies meeting the fifth listing standard on the Sci-Tech Innovation Board [1]. - The system is designed to leverage the expertise and capital of these institutional investors to improve the assessment of companies' technological attributes and commercial prospects [3]. Group 2: Eligibility Criteria - Eligible institutions include private equity and venture capital fund managers registered with the Asset Management Association of China, government-funded investment funds, and investment institutions established by key technology enterprises [2][4]. - The guidelines specify that senior professional institutional investors must have invested in at least five technology companies that have listed on the Sci-Tech Innovation Board or ten companies listed on major domestic and international exchanges within the last five years [4][5]. Group 3: Impact on Pricing and Market Dynamics - The new system aims to shift the pricing power from investment banks to institutional investors, establishing a "who quotes, who pays" logic that enhances accountability and market efficiency [6][7]. - The involvement of senior professional institutional investors is expected to reduce valuation bubbles and improve the pricing efficiency of IPOs, thereby facilitating a more rational allocation of market resources [7]. Group 4: Changes in Investment Approach - The introduction of this system signifies a shift in investment strategies from "Pre-IPO arbitrage" to a full-cycle accompaniment model, requiring institutions to hold a minimum of 3% equity or invest no less than 500 million yuan [9][10]. - This change emphasizes the need for enhanced compliance management and post-investment oversight to mitigate risks associated with the new requirements [11].