The cornerstone investor is a system in IPO allotment, that is, the investor signs a subscription agreement with the issuer in advance and subscribes a certain number of shares at the initial price. When subscribing, only the subscription quantity is determined, and the subscription price is not determined. The subscription number is not affected by the oversubscription callback mechanism, but there is a lock-up period of about 6 months after IPO, so it is necessary to disclose the background information of cornerstone investors in the prospectus.

What is the difference between cornerstone investors and Pre-IPO investors?

1. The admission time is different.

Pre-IPO investors enter before the company goes public, and cornerstone investors enter at IPO.

2. The costs are different.

The cost price of cornerstone investors is the price of IPO, that is, the price of new shares issued, while the price obtained by Pre-IPO investors is usually discounted.

3. The lock-up period is different.

Some stocks held by Pre-IPO investors have a lock-up period, while some stocks held by cornerstone investors usually have a lock-up period of 6- 12 months, which means that cornerstone investors cannot sell their stocks within 6- 12 months after the company goes public.

Unlike Pre-IPO strategic investors and anchor investors, cornerstone investors have the following characteristics:

1. Give priority to financial investment, do not interfere in the company's operation, and will not send representatives to the board of directors. Most Pre-IPO strategic investors join the company at an early stage such as private equity financing, and the admission price is usually lower than the IPO price, so they are required to join the board of directors to participate in the company's operation and management.

2. cornerstone investors participate in IPO before inquiry, and their subscription share is guaranteed. Usually, the lock-up period is 6 ~ 12 months; However, anchor investors usually place orders on the first day of inquiry, which has the effect of "pulling one hair and moving the whole body". The subscription commitment is not legally binding, and there is no lock-up period limit, so it is impossible to guarantee the purchase of enough shares.

3. It is necessary to disclose the background introduction, subscription amount and other relevant information of cornerstone investors in the prospectus; Anchoring investors is not a strict institutional arrangement and does not need to be disclosed in the prospectus.