资深专业机构投资者制度

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精准识别优质科技型企业 科创板试点引入资深专业机构投资者制度
Zheng Quan Ri Bao· 2025-07-14 16:12
Core Viewpoint - The Shanghai Stock Exchange has introduced guidelines for recognizing senior professional institutional investors, aimed at enhancing the listing process for companies applying under the fifth set of listing standards on the Sci-Tech Innovation Board [1][2]. Group 1: Guidelines Overview - The guidelines consist of 13 articles detailing the definition, shareholding, independence requirements, information disclosure, and verification for senior professional institutional investors [1]. - The inclusion of senior professional institutional investors as a reference for evaluating companies applying for the fifth set of listing standards is intended to improve the identification of high-quality technology enterprises [1][2]. Group 2: Investment Characteristics - Companies eligible for the fifth set of listing standards typically exhibit high R&D investment, significant operational uncertainty, long paths to profitability, and potential for explosive growth [2]. - Senior professional institutional investors possess a mature screening mechanism for identifying and investing in technology enterprises, which is crucial for supporting the development of self-reliant technology and new productive forces [2][5]. Group 3: Investment Experience and Requirements - Relevant investment institutions must have invested in at least five technology enterprises that have listed on the Sci-Tech Innovation Board or ten that have listed on major domestic or international exchanges within the last five years [3]. - Institutions are required to invest at least 500 million yuan or hold a minimum of 3% of shares for at least 24 months prior to the issuer's IPO application, preventing sudden investments [3][4]. Group 4: Market Wisdom and International Practices - The introduction of senior professional institutional investors is based on the needs of technology enterprises, successful practices in overseas markets, and a solid foundation for piloting this system domestically [4][5]. - Internationally, similar systems have been implemented, such as the Hong Kong Stock Exchange's requirements for technology companies to secure investments from senior independent investors prior to listing [4]. Group 5: Encouragement for Self-Identification - The guidelines encourage issuers to self-identify and disclose the involvement of senior professional institutional investors, which is particularly relevant for unprofitable enterprises engaged in cutting-edge R&D [6][7]. - The recognition of senior professional institutional investors includes private equity funds, government-established funds, and investment institutions set up by leading enterprises, which are crucial for understanding market dynamics and technological advancements [6][7].
科创板重磅!刚刚,上交所发布
新华网财经· 2025-07-13 07:56
为落实《关于在科创板设置科创成长层 增强制度包容性适应性的意见》,进一步深化科创板改革, 7月 13日,上交所正式发布《科创板上市公司自律监管指引第5号——科创成长层》(以下简称《科创成长 层指引》)等配套业务规则,并自发布之日起施行 。 其中,《科创成长层指引》《发行上市审核规则适用指引第7号——预先审阅》(以下简称《预先审阅 指引》)此前向社会公开征求意见。上交所表示,对合理化建议予以了吸收采纳,包括进一步明确预先 审阅机制的适用情形、明确科创成长层调出标准中有关指标的计算口径等。 《发行上市审核规则适用指引第8号——资深专业机构投资者》(以下简称《资深专业机构投资者指 引》从投资经验、合规运作、投资入股时间、持股规模、独立性等多个维度,明确了资深专业机构投资 者的认定条件。 科创成长层调出条件实施"新老划断" 在《科创成长层指引》发布实施后,上交所表示,将重点抓好坚守科创成长层定位、科创成长层调出条 件实施"新老划断"、强化风险导向信息披露、加强投资者适当性管理4个方面工作,推动改革尽快落地 见效。 从纳入条件来看,这次改革没有针对未盈利企业纳入科创成长层设置额外的上市门槛,存量32家未盈利 企业将自指 ...
中国证监会新闻发言人就《关于在科创板设置科创成长层 增强制度包容性适应性的意见》答记者问
证监会发布· 2025-06-18 07:38
Core Viewpoint - The China Securities Regulatory Commission (CSRC) has implemented the "Opinions on Setting Up a Growth Layer in the Sci-Tech Innovation Board to Enhance Institutional Inclusiveness and Adaptability," aiming to better support technology innovation and improve the capital market's service capabilities for tech enterprises [1][2]. Summary by Sections Background of the "Sci-Tech Innovation Board Opinions" - The issuance of the "Sci-Tech Innovation Board Opinions" aligns with the directives from the 20th National Congress and the Central Financial Work Conference, emphasizing the need for a financial system that supports technological innovation [2][3]. Overall Reform Approach and Principles - The reform aims to comprehensively implement the central government's decisions on capital market support for technology innovation, focusing on creating a dedicated layer for growth-oriented tech companies, particularly those that are currently unprofitable [5]. - Key principles include: - Target and problem orientation to facilitate the integration of technology and industry innovation [5]. - Focus on key areas and comprehensive measures to support high-quality tech enterprises [5]. - Emphasis on stability and pilot programs to balance reform and risk management [5]. Considerations for Setting Up a Growth Layer - The establishment of a growth layer on the Sci-Tech Innovation Board is designed to serve tech companies with significant breakthroughs and large ongoing R&D investments, even if they are currently unprofitable [6]. - This initiative aims to enhance the capital market's support for tech innovation, stabilize market expectations, and provide a controlled environment for testing more inclusive policies [6]. Investor Protection Measures - The reform includes specific measures to strengthen the protection of small and medium investors, such as: - Designating a special identifier "U" for stocks of companies in the growth layer [7][8]. - Requiring regular disclosures from unprofitable companies regarding their financial status and risks [8]. - Enhancing risk assessment processes by securities firms and ensuring investors are well-informed [8]. Policies to Enhance Inclusiveness and Adaptability - Six key policy measures have been introduced to enhance the inclusiveness and adaptability for quality tech enterprises, including: - Introducing a professional institutional investor system to better identify quality tech firms [9]. - Implementing a pre-review mechanism for IPOs to protect sensitive information [10]. - Expanding the applicability of the fifth listing standard to more frontier technology sectors [11][12]. Implementation of the "Sci-Tech Innovation Board Opinions" - The CSRC is committed to ensuring the effective implementation of the "Sci-Tech Innovation Board Opinions" by balancing risk management and promoting high-quality development [13]. - Efforts will include enhancing communication with market participants and conducting investor education to foster a supportive environment for tech innovation [13].