【西街观察】IPO“预审”不等于上市直通车

Core Viewpoint - The introduction of the IPO pre-review mechanism on the Sci-Tech Innovation Board aims to enhance the efficiency of the listing review process while protecting the core business secrets of high-quality technology companies, without lowering the listing threshold [1][3]. Summary by Relevant Sections IPO Pre-Review Mechanism - The IPO pre-review mechanism is not a universal channel and has strict eligibility criteria, serving as an upgrade to the IPO consultation communication system [1]. - It allows eligible companies to apply for a pre-review of their application documents before formally submitting an IPO application, with the process and results kept confidential [1][2]. Benefits for Companies - This mechanism acts as a rehearsal for the IPO process, providing companies with confidence and reducing unnecessary steps before the formal application [2]. - Companies that have updated their application documents based on pre-review feedback may avoid repeated inquiries from the exchange, potentially shortening the IPO timeline for high-quality firms [2][3]. Targeted Support for High-Quality Tech Companies - The mechanism is specifically designed for technology companies engaged in critical core technology development or other specific circumstances, ensuring that sensitive business information is not disclosed prematurely [3]. - The pre-review mechanism reflects a commitment to investor-centric principles by providing a preliminary assessment of the investment value of technology firms [3]. Implications for the Market - The availability of the pre-review mechanism is expected to alleviate "listing anxiety" for high-quality technology companies, potentially leading to a wave of listings in the hard technology sector [4].