Securities firms hope to join hands with top venture capital firms to deeply participate in early investments in "hard-tech" enterprises.

On July 13th, in response to the fifth set of listing standards for companies on the Sci-Tech Innovation Board, the Shanghai Stock Exchange officially launched a pilot program to introduce a system for senior professional institutional investors. In the face of this change, how senior professional institutional investors will play a role and how securities firms will seize opportunities have become the focus of market attention. It is noted that in the past six years, among the 20 companies that successfully listed under the fifth set of listing standards, the majority of investment institutions made last-minute investments within one year before the companys IPO application, indicating that the positive investment atmosphere of "investing early, investing small, and investing long-term" still needs further cultivation. In the view of industry insiders, the above-mentioned changes in the Sci-Tech Innovation Board are conducive to guiding investment institutions to become long-term capital and play a professional judgment role. From the perspective of market participants, securities firms' private equity fund subsidiaries and alternative investment subsidiaries are facing new development opportunities. Interviewees believe that top securities firms will fully benefit from the reforms with their strong investment banking business capabilities and outstanding equity investment capabilities, while the development dividends for small to medium-sized securities firms are relatively limited.