A股迎新制度试点：VC/PE入围“资深玩家”

Core Viewpoint - The introduction of the "senior professional institutional investor" system will reshape the pricing logic of technology companies, shifting the investment model from "Pre-IPO arbitrage" to full-cycle value companionship [2][3]. Group 1: Introduction of New Regulations - On July 13, the Shanghai Stock Exchange officially piloted the introduction of the senior professional institutional investor system for companies meeting the fifth listing standard of the Sci-Tech Innovation Board [3]. - The new guidelines clarify the definition of "senior professional institutional investors," primarily targeting VC/PE institutions, which is expected to benefit leading venture capital firms [3][5]. Group 2: Eligibility Criteria for Institutions - Eligible institutions include private equity and venture capital fund managers registered with the Asset Management Association of China, government investment funds, and core enterprises with key technologies and their investment arms [5][6]. - Over 170 investment institutions meet the requirement of having invested in at least five companies listed on the Sci-Tech Innovation Board in the past five years, while nearly 80 institutions have invested in over ten companies listed on major domestic and foreign exchanges [6]. Group 3: Impact on Pricing and Market Dynamics - The new system aims to reduce the influence of investment banks on IPO pricing, addressing the prevalent "three highs" issues (high valuation, high expectations, and high risk) [8]. - The introduction of senior professional institutional investors is expected to enhance the market-based inquiry system, promoting a "buyer pricing, buyer responsibility" approach, which will improve pricing efficiency and resource allocation in the capital market [8]. Group 4: Shift in Investment Strategy - The introduction of the senior professional institutional investor system is seen as a recognition of the investment capabilities of venture capital institutions, particularly benefiting leading firms [10]. - The new guidelines require that investment institutions hold at least 3% of shares or invest no less than 500 million yuan, indicating a shift from "Pre-IPO arbitrage" to a full-cycle companionship investment model, which raises the bar for investment institutions' professional judgment and fund matching [11].