上交所从源头把好IPO“质量关” 科创板试点引入预先审阅制度

Group 1 - The article discusses the implementation of a pre-review mechanism for companies applying for IPOs on the Sci-Tech Innovation Board, aimed at enhancing the inclusivity and adaptability of the regulatory framework [6][12] - The Shanghai Stock Exchange has drafted guidelines for the pre-review process, which is not mandatory but serves to improve the quality of IPO application documents and enhance review efficiency [8][9] - The pre-review guidelines consist of five main requirements, including applicable scenarios, application document requirements, working mechanisms, confidentiality requirements, and related responsibilities [8][10] Group 2 - Companies can apply for pre-review if early disclosure of sensitive business information may adversely affect their operations, and they must provide a justification for the necessity of the pre-review [8][9] - The application documents for pre-review must adhere to specific disclosure standards and include a special statement regarding the applicability of the pre-review [9][10] - The confidentiality of information during the pre-review phase is emphasized, with a requirement for companies to disclose relevant documents only upon formal IPO application [10][11] Group 3 - The introduction of the pre-review mechanism is a response to the needs of technology companies to manage sensitive information and reduce exposure during the IPO preparation phase [11][12] - The Shanghai Stock Exchange has established a communication mechanism for companies and intermediaries to consult on complex issues before formal applications, which has proven beneficial in reducing preparation costs and increasing predictability [11][12] - The pre-review process and its results will remain confidential, aligning with the goal of protecting sensitive information of technology enterprises [12]