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]

今年7月底，科创板IPO企业泰诺麦博也引入了资深专业机构投资者，是首家引入资深专业机构投资者 的科创板IPO企业，不过只引入了1家，也是珠海高瓴。截至本招股说明书签署日，珠海高瓴管理的私 募基金高瓴辰钧直接持有发行人3.94%的股份。 试点资深专业机构投资者制度 近日，核心医疗递交了科创板IPO的招股书。 招股书显示，公司将高瓴以及正心谷投资2家百亿私募，认定为资深专业机构投资者。据悉，这是今年6 月科创板试点资深专业机构投资者制度以来，首家同时认定2位资深专业机构投资者的科创板IPO企 业。 此前，证监会对于适用科创板第五套上市标准的企业，试点引入资深专业机构投资者制度。希望借助这 些机构投资者的专业判断、真金白银投入，帮助审核机构、投资者增强对企业科创属性、商业前景的判 断。 高瓴、正心谷同时现身 核心医疗招股书专门介绍了发行人股东中的资深专业机构投资者情况。一家是珠海高瓴，管理规模100 亿元以上。珠海高瓴管理或控制的珠海莎恒、祈睿医疗自首次入股核心医疗至本招股说明书签署日均已 超过24个月；自2021年5月至本招股说明书签署日，珠海高瓴通过祈睿医疗、珠海莎恒持有的核心医疗 股份比例持续高于3%，该期间 ...

近日，核心医疗递交了科创板IPO的招股书。 招股书显示，公司将高瓴以及正心谷投资2家百亿私募，认定为资深专业机构投资者。据悉，这是今年6月科 创板试点资深专业机构投资者制度以来，首家同时认定2位资深专业机构投资者的科创板IPO企业。 此前，证监会对于适用科创板第五套上市标准的企业，试点引入资深专业机构投资者制度。希望借助这些机构 投资者的专业判断、真金白银投入，帮助审核机构、投资者增强对企业科创属性、商业前景的判断。 高瓴、正心谷同时现身 范围试点，同时有别于境外市场，资深专业机构投资者入股情况只作为审核注册的参考，不构成新的上市条 件。 证监会称，交易所将抓紧细化资深专业机构投资者的认定标准，明确作为审核参考的具体方式，加强资深专业 机构投资者的行为监管，严厉打击可能出现的利益输送、商业腐败等违法违规行为。 今年7月，上交所制定了《资深专业机构投资者指引》。发行人适用科创板第五套上市标准申请发行上市的， 鼓励其按照规则规定自主认定、自愿披露资深专业机构投资者的信息。中介机构需要对发行人认定和披露的情 况进行审慎核查。 具体认定标准包括：主体方面，包括治理结构健全、管理资产规模较大、具有良好诚信记录的私募基金 ...

Core Viewpoint - The establishment of the Sci-Tech Innovation Growth Layer is a key component in building a multi-tiered capital market to support technological innovation, focusing on high-quality, unprofitable tech companies while balancing development and safety [1][2][3] Group 1: Regulatory Framework - The Shanghai Stock Exchange (SSE) released the "Self-Regulatory Guidelines for Sci-Tech Innovation Board Listed Companies No. 5 - Sci-Tech Innovation Growth Layer" along with several related business guidelines [1][2] - The introduction of the pre-review mechanism and the professional institutional investor system aims to optimize resource allocation efficiency and enhance risk control [1][2][9] Group 2: Market Impact - The reforms are expected to address the challenges faced by tech companies in the listing process, enhancing the Sci-Tech Innovation Board's inclusivity and adaptability [2][3] - The establishment of the Sci-Tech Innovation Growth Layer is anticipated to support early-stage innovative companies, providing them with financing channels and enhancing China's competitive advantage in global industrial development [3] Group 3: Entry and Exit Criteria - A total of 32 existing unprofitable companies will enter the Sci-Tech Innovation Growth Layer, with no additional listing thresholds for unprofitable companies [4] - The exit criteria for existing companies remain unchanged, while new unprofitable companies will have stricter exit conditions [4] Group 4: Information Disclosure and Investor Management - The guidelines emphasize risk-oriented information disclosure, requiring companies to disclose risks related to unprofitability and technology development [5] - There are no new trading thresholds for individual investors, maintaining the existing requirement of "500,000 yuan in assets + 2 years of experience" [5][6] Group 5: Pre-Review Mechanism - The pre-review mechanism allows tech companies to have their IPO application documents reviewed before formal submission, aiming to protect sensitive business information [7][8] - The pre-review process will not be publicly disclosed until the formal IPO application is accepted, ensuring market oversight [8] Group 6: Professional Institutional Investor System - The introduction of the professional institutional investor system aims to enhance the identification of high-quality tech companies, with specific criteria for eligible investors [9][10] - This system is viewed as a significant step towards improving the efficiency of capital market resource allocation [9][10]

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].

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]

Group 1 - The core viewpoint of the news is that Zhuhai Tenomab Pharmaceutical Co., Ltd. has become the first company to apply for an IPO under the new system for qualified institutional investors on the Sci-Tech Innovation Board, which aims to enhance the identification of technology-driven enterprises and their commercial prospects [1][2] - The introduction of the qualified institutional investor system is intended to leverage the insights of leading venture capital and industry funds to improve the efficiency of resource allocation in the capital market [1][2] - Tenomab disclosed that a qualified institutional investor acquired 3.94% of its shares within 24 months prior to the IPO application, which is seen as a positive indicator for the company, especially as it is still in a loss-making phase [1] Group 2 - The qualified institutional investor system is a well-established practice in foreign markets, such as the Hong Kong Stock Exchange, which includes specific regulations for "qualified investors" [2] - Unlike foreign markets, the reform on the Sci-Tech Innovation Board is a pilot program limited to companies under the fifth set of listing standards, ensuring flexibility and exploration without imposing unnecessary barriers to listing [2] - Regulatory authorities have detailed criteria for identifying qualified institutional investors based on investment experience, holding period, and other factors, which helps prevent sudden stock acquisitions and ensures the system's rigor and standardization [2]

Core Viewpoint - The recognition of Zhuhai Hillhouse as a qualified professional institutional investor marks a significant milestone for Tianomaibo's IPO process on the Sci-Tech Innovation Board, being the first company to be accepted under the new fifth listing standard [1][2]. Group 1: Company Overview - Tianomaibo Pharmaceutical Co., Ltd. has received acceptance for its IPO application on the Sci-Tech Innovation Board, making it the first company to be accepted under the newly restarted fifth listing standard [1]. - The company has a diverse base of institutional investors, with over 40 participating in its last four financing rounds, including notable shareholders such as Kangzhi Pharmaceutical and Gree [3]. Group 2: Institutional Investor Recognition - Zhuhai Hillhouse was recognized as a qualified professional institutional investor, having held a stake of 3.94% in Tianomaibo for over 24 months, meeting the new regulatory requirements [2]. - The new regulations stipulate that qualified institutional investors must hold at least 3% of the company's shares or invest no less than 500 million yuan prior to the IPO application [1][2]. Group 3: Investment Strategy and Market Impact - The introduction of the qualified professional institutional investor system aims to enhance the assessment of companies' technological attributes and commercial prospects, thereby reducing the risk of low-quality companies entering the market [3]. - The investment model is shifting from "Pre-IPO arbitrage" to a full-cycle accompaniment approach, which demands higher professional judgment capabilities from investment institutions [3].

Core Viewpoint - The article discusses the recognition of Zhuhai Highfields as a qualified professional institutional investor by Tianomaibo, marking a significant milestone in the implementation of the new fifth listing standard on the Sci-Tech Innovation Board [2][6]. Group 1: Recognition of Institutional Investors - Tianomaibo is the first company to be accepted for IPO under the new fifth listing standard on the Sci-Tech Innovation Board [2]. - Zhuhai Highfields has been recognized as a qualified professional institutional investor, which is a new initiative aimed at enhancing the evaluation of companies' technological attributes and commercial prospects [6][8]. Group 2: Investment Requirements - The new regulations require that qualified professional institutional investors must hold at least 3% of the issuer's shares or invest no less than 500 million yuan, and they must have held these shares for at least 24 months prior to the IPO application [3][4]. - Highfields held 3.94% of Tianomaibo's shares as of the signing of the prospectus and has maintained this investment for over 24 months without reducing its stake [4]. Group 3: Investment Experience - Highfields has invested in at least 7 technology companies in the past 5 years, with some having been listed on the Sci-Tech Innovation Board [4]. - The introduction of qualified professional institutional investors aims to leverage their expertise and long-term capital to assist in identifying high-quality technology enterprises [8]. Group 4: Shareholder Structure - In the latest financing rounds, Tianomaibo has had over 40 institutional investors, with notable shareholders including Kangzheng Investment and Gree's subsidiaries [6][7]. - The article provides a detailed breakdown of the shareholding structure before and after the IPO, highlighting the changes in ownership percentages among key investors [7].

Group 1 - The core point of the news is that Zhuhai Tainuo Maibo Pharmaceutical Co., Ltd. has had its IPO application accepted by the Shanghai Stock Exchange, marking the first company to be accepted under the newly restarted fifth set of listing standards on the Sci-Tech Innovation Board [1][3] - Tainuo Maibo is the first company to apply the qualified institutional investor system, with Hillhouse Capital having held 3.94% of the company's shares for 24 months prior to the IPO application [3][4] - Founded in 2015, Tainuo Maibo is an innovative biopharmaceutical company, with its core product, Staidotamab Injection (New Timo®), approved for market in February 2025, recognized as the first domestic innovative monoclonal antibody drug for tetanus [3][4] Group 2 - The company has reported continuous net losses from 2022 to 2025, with a cumulative unabsorbed loss of 1.024 billion yuan as of March 2025 [3] - The introduction of the qualified institutional investor system is seen as a practical implementation of the "1+6" new policy, enhancing the role of the Sci-Tech Innovation Board in serving unprofitable tech companies [3][5] - The qualified institutional investor system is a mature practice in overseas markets, aimed at leveraging the expertise of top venture capital and industry funds to provide market insights during the review process [4][5]