科创板IPO预先审阅机制来了！上交所：发行上市审核标准不降低

Core Viewpoint - The new round of reforms for the Sci-Tech Innovation Board (STAR Market) in China aims to enhance the inclusiveness and adaptability of the system, focusing on deepening reforms to better support innovation in the capital market [1] Group 1: Reform Measures - The China Securities Regulatory Commission (CSRC) announced a "1+6" policy framework to promote comprehensive innovation in the capital market ecosystem [1] - One of the key measures is the introduction of a pre-review mechanism for IPO applications from high-quality technology enterprises, modeled after the "secret submission" system used in mature overseas markets [1][2] Group 2: Pre-Review Mechanism - The pre-review mechanism allows companies to submit IPO application documents confidentially, with the review process conducted without public disclosure, thereby reducing exposure time for sensitive business information [2] - This mechanism aims to protect the technical security of technology enterprises and facilitate better management of sensitive information prior to formal IPO applications [2] Group 3: Assurance of Review Quality - The CSRC and stock exchanges will ensure that the quality of reviews remains high and that investor rights to information are protected, maintaining strict adherence to existing rules and procedures regardless of whether a company undergoes pre-review [3] - Companies that undergo pre-review must still fulfill all information disclosure obligations upon formal application, including disclosing the inquiries and responses from the pre-review phase [3]