7月31日晚，珠海泰诺麦博制药股份有限公司（下称"泰诺麦博"）科创板IPO申请获上交所受理。在招股书申 报稿中，该公司披露了股东中的资深专业机构投资者情况，成为首家适用资深专业机构投资者制度的企业。 精准识别科技型企业的科创属性与商业前景，历来是资本市场面临的一大挑战。如何精准判断投资风险与投资 价值？长期扎根市场一线的资深专业机构投资者具有明显优势，比如，产业投资者身处产业链核心位置，对产 业链的核心技术、市场竞争情况、未来发展方向和潜力有着较为透彻的研究。又如，管理资金规模较大且经验 丰富的头部机构，对被投企业有着一套相对成熟的识别筛选机制。 科创板第五套上市标准试点引入资深专业机构投资者制度，意在借助头部风投、产业基金等专业机构眼光，为 精准识别科创企业注入市场智慧，是提升资本市场资源配置效率的明智之举。 以泰诺麦博为例，其披露的机构投资者为一家资深专业机构。该机构2021年5月入股，在泰诺麦博IPO申报前 24个月内持有泰诺麦博3.94%股份。对于尚处于亏损阶段的泰诺麦博而言，上述机构的入股，显然是加分 项。 事实上，资深专业机构投资者制度已是境外市场一项较为成熟的制度。比如，港交所上市规则第18A和 ...

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].

Core Viewpoint - Zhuhai Tainuo Maibo Pharmaceutical Co., Ltd. (Tainuo Maibo) has submitted its IPO application to the Shanghai Stock Exchange, marking the first company accepted under the newly restarted fifth set of listing standards on the Sci-Tech Innovation Board [1][4]. Group 1: Company Overview - Tainuo Maibo was established in 2015 and is an innovative biopharmaceutical company focused on the development of monoclonal antibody drugs [3]. - The company's core product, Staidotamab Injection (Xintimato®), is the world's first recombinant anti-tetanus toxin monoclonal antibody drug, approved for market in February 2025 [3]. - Tainuo Maibo has faced continuous net losses since its establishment, with cumulative unabsorbed losses reaching 1.024 billion yuan by the end of March 2025 [3]. Group 2: Investment and Institutional Involvement - Tainuo Maibo is the first company to apply the qualified institutional investor system, with Hillhouse Capital's subsidiary holding 3.94% of the company's shares prior to the IPO application [3][4]. - The introduction of the qualified institutional investor system aims to leverage the expertise of top venture capital and industry funds to enhance the review process for companies on the Sci-Tech Innovation Board [5][6]. Group 3: Regulatory Context - The acceptance of Tainuo Maibo's IPO application is a practical implementation of the "1+6" new policy aimed at promoting a dual circulation of technology and capital [4]. - The qualified institutional investor system is a pilot program specifically for companies applying under the fifth set of standards, serving as a reference for review rather than a new listing requirement [6].

Group 1 - The Sci-Tech Innovation Board (STAR Market) has five listing standards, with the first requiring profitability and a minimum market value of 1 billion yuan [1][9]. - The second standard allows for losses if the company has a market value of at least 1.5 billion yuan and revenue of 200 million yuan in the last year, with over 15% of revenue invested in R&D over the past three years [2][3]. - The third standard requires a market value of 2 billion yuan and revenue of 300 million yuan in the last year, along with a net cash flow of 100 million yuan over the past three years [4][9]. - The fourth standard mandates a market value of 3 billion yuan and revenue of 300 million yuan in the last year, without cash flow requirements [5][6]. - The fifth standard does not require profitability, revenue, or cash flow, but mandates a market value of at least 4 billion yuan and approval for core products by relevant authorities [7][8]. Group 2 - Since the launch of the STAR Market, 20 companies have listed under the fifth standard, all in the biopharmaceutical sector [9]. - The fifth standard's listing has been paused since the second half of 2023 due to a lack of data for assessment, but plans to restart it were announced for June 2025 [10]. - The introduction of seasoned professional institutional investors is a key innovation to help assess companies that are unprofitable and have no revenue [10][11]. Group 3 - The STAR Market emphasizes "hard technology" and only accepts technology companies with significant technical content for listing [16]. - Industries such as real estate, finance, and investment are prohibited from listing on the STAR Market [17][18]. - The STAR Market encourages seven specific industries, including new generation information technology, high-end equipment, new materials, new energy, energy conservation and environmental protection, biomedicine, and other fields aligned with its positioning [19][20][21][22][23]. Group 4 - Companies must meet specific technical requirements to qualify as "hard technology," including R&D investment ratios, R&D personnel ratios, and patent counts [24][25][26]. - Companies can also qualify if they have core technologies recognized by national authorities or have received significant national awards [28]. Group 5 - In addition to industry, performance, and technical requirements, companies must have a sound management structure and no issues with equity [34].

Group 1 - The Shanghai Stock Exchange has officially introduced a system for seasoned professional institutional investors for companies applying under the fifth listing standard of the Sci-Tech Innovation Board [1][2] - The guidelines clarify the definition, requirements for shareholding and independence, recognition of seasoned professional institutional investors, and information disclosure and verification requirements [1][4] - This initiative aims to leverage the professional judgment of institutional investors to enhance the review process, increase inclusivity, and guide long-term capital towards early-stage, small-scale, and hard technology investments [1][2] Group 2 - The introduction of seasoned professional institutional investors is expected to improve the identification and assessment of the innovative attributes and commercial prospects of technology companies [2][5] - The guidelines set strict standards for defining seasoned professional institutional investors, including governance structure, asset management scale, and investment experience [4] - The investment landscape has evolved with significant growth in private equity and venture capital funds, providing substantial support to technology companies at various stages [6] Group 3 - The experience from mature markets, such as the Hong Kong Stock Exchange, shows that seasoned investors can significantly contribute to the growth and profitability of listed companies [3] - The new system is anticipated to enhance the attractiveness and vitality of the capital market, optimize resource allocation, and broaden financing channels for venture capital firms [7] - The introduction of this system may lead to a more pronounced "Matthew Effect" in the private equity industry, where leading firms gain more advantages, potentially pushing smaller firms to focus on niche markets [7]

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 [1][3]. Group 1: Institutional Eligibility - The Shanghai Stock Exchange has defined the criteria for "senior professional institutional investors," primarily targeting VC/PE firms, government investment funds, and key technology enterprises [1][3][4]. - Eligible institutions must have a sound governance structure, substantial asset management scale, and a good credit record [3][4]. Group 2: Investment Experience Requirements - Institutions must have invested in at least five technology companies that have listed on the Sci-Tech Innovation Board in the past five years or ten companies listed on major domestic and international exchanges [4]. - Government-backed investment institutions and those from key technology enterprises can bypass these numerical requirements if they can prove relevant investment experience [4]. Group 3: Market Impact and Pricing Mechanism - The new system aims to shift the pricing power from investment banks to institutional investors, establishing a "who quotes, who pays" logic to improve the market-based inquiry system [5][6]. - The involvement of senior professional institutional investors is expected to reduce valuation bubbles and enhance pricing efficiency in the capital market [6]. Group 4: Investment Strategy Shift - The introduction of this system is seen as a validation of the investment capabilities of leading VC/PE firms, with a focus on long-term investment rather than short-term pre-IPO arbitrage [7][8]. - The requirement for institutions to hold at least 3% of shares or invest no less than 500 million yuan for a minimum of 24 months indicates a shift towards a full-cycle investment approach [8]. Group 5: Challenges and Opportunities for PE Firms - Leading PE firms are likely to gain a competitive edge due to their established track records and governance structures, making it easier for them to meet the criteria for senior professional institutional investors [8]. - The new requirements will demand higher levels of professionalism and compliance management from PE firms, emphasizing the need for rigorous post-investment management to mitigate risks [8].