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].

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].