Core Viewpoint - The new round of reforms for the Sci-Tech Innovation Board (STAR Market) aims to enhance the inclusiveness and adaptability of the system, focusing on deepening reforms to better support comprehensive innovation in the capital market ecosystem [1] Group 1: Reform Measures - The first reform measure involves introducing a system for seasoned professional institutional investors for companies applying under the fifth set of listing standards [1][2] - This reform is inspired by practices in overseas markets, where seasoned professional institutional investors' participation is considered a reference factor in the review and registration process for companies [2] Group 2: Market Practices and Success Stories - Successful experiences from mature overseas markets show that private equity (PE) and venture capital (VC) have played crucial roles in the commercialization of advanced technologies [3] - For instance, companies listed under the Hong Kong Stock Exchange's specific rules for biotech and specialized technology firms have seen significant growth in revenue and reduction in losses after attracting seasoned investors [3] Group 3: Challenges in Identifying Quality Enterprises - Identifying and assessing the technological attributes and commercial prospects of innovative enterprises remains a challenge, particularly for unprofitable companies with high R&D costs and long commercialization cycles [4] - The market mechanism, particularly through seasoned professional institutional investors, offers unique advantages in accurately identifying quality technology firms [5] Group 4: Investment Ecosystem and Future Steps - The investment ecosystem has evolved with diverse participants, including government investment funds and private equity firms, providing substantial funding support to technology companies at various stages [6] - Approximately 90% of companies listed on the STAR Market received private equity investment prior to their listing, indicating a solid foundation for the pilot program of the seasoned professional institutional investor system [6]