Zhong Guo Jing Ying Bao·2025-07-13 11:13Core Viewpoint - The Shanghai Stock Exchange (SSE) has officially released the "Guidelines for Pre-Review of IPO Applications" to enhance the quality of IPO application documents and improve review efficiency, particularly for high-quality technology enterprises [1][2][3]. Group 1: Pre-Review Mechanism - The pre-review mechanism aims to optimize the allocation of review resources and strengthen risk prevention, reflecting a balance between supporting "hard technology" and protecting investors [3]. - The SSE has established a pre-review system for IPO applications, which allows eligible technology enterprises to apply for pre-review before formally submitting their IPO applications [2][4]. Group 2: Implementation and Quality Improvement - The SSE emphasizes the importance of accurately identifying the applicable scenarios for pre-review, particularly for technology enterprises facing potential negative impacts from early disclosure of business information [4][5]. - Issuers are required to prepare high-quality pre-review application documents that are true, accurate, and complete, in accordance with relevant regulations [5]. Group 3: Review Process and Disclosure Management - The SSE will conduct the pre-review process in accordance with formal review procedures, providing feedback to issuers and sponsors, but the review opinions do not constitute a pre-confirmation of compliance with listing conditions [5]. - During the pre-review period, related application documents and processes will not be disclosed to the public, but issuers must disclose relevant inquiries and responses on the SSE website upon formal application submission [5].