时报观察｜借“智”资深专业机构 精准识别科创企业

Core Viewpoint - The introduction of the senior professional institutional investor system in the Sci-Tech Innovation Board aims to enhance the identification of technology-driven enterprises and improve the efficiency of capital market resource allocation [1][2]. Group 1: Company Overview - Zhuhai Tenomab Pharmaceutical Co., Ltd. (referred to as "Tenomab") has had its IPO application accepted by the Shanghai Stock Exchange, becoming the first company to apply the senior professional institutional investor system [1]. - Tenomab disclosed that a senior professional institutional investor holds 3.94% of its shares, which is a positive indicator for the company, especially as it is still in a loss-making phase [1]. Group 2: Industry Context - The senior professional institutional investor system is a mature practice in overseas markets, such as the Hong Kong Stock Exchange's listing rules [2]. - The reform in the Sci-Tech Innovation Board is a pilot program specifically for companies under the fifth set of listing standards, ensuring flexibility and exploration without imposing unnecessary barriers to listing [2]. - Regulatory authorities have established detailed criteria for recognizing senior professional institutional investors, focusing on investment experience and holding duration, which helps prevent sudden share acquisitions and ensures the system's rigor and standardization [2].