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The difference between strategic investors and cornerstone investors
1. A strategic investor refers to a legal person who meets the requirements of national laws, regulations and provisions, has a cooperative relationship or cooperative intention and potential with the issuer, and is willing to sign a strategic investment placement agreement with the issuer in accordance with the issuer's placement requirements. It is a legal person who has close business ties with the issuing company and wishes to hold the shares of the issuing company for a long time.

Two, strategic investors have the following characteristics:

It is closely related to the issuer's business and has the strength to promote the issuer's business development.

Long-term stable shareholding. Strategic investors generally hold shares for more than 5-7 years and pursue long-term investment interests, which is the primary feature different from ordinary corporate investors.

Large shareholding. Strategic investors generally require holding a certain proportion of shares that can affect the company's operation and management, so as to ensure sufficient influence on the company.

Pursue long-term strategic interests. Strategic investors focus on the strategic interests of the industry when investing in enterprises, and usually hope to realize their strategic position in the industry through strategic investment.

Have the motivation and ability to participate in corporate governance. Strategic investors generally want to participate in the operation and management of the company and improve the corporate governance structure through their rich and advanced management experience.

3. The cornerstone investors are mainly some first-class institutional investors, large enterprise groups, well-known rich people or their affiliated enterprises.

IV. Cornerstone investors have the following functions:

The introduction of cornerstone investors is actually an affirmation of the company's fundamentals and development prospects, which has brought great confidence to the market.

Cornerstone investors need to commit to buy and lock in for 3 to 6 months after listing.

Cornerstone investors cannot subscribe repeatedly. It is especially important for cornerstone investors to disclose some relevant information in the company's prospectus.

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