【锋行链盟】科创板IPO流程及核心要点

Group 1: Core Views - The Sci-Tech Innovation Board (STAR Market) serves as a crucial platform for technology innovation enterprises, with an IPO process that adheres to the basic framework of the A-share registration system while emphasizing the review requirements for "hard technology" attributes [2] Group 2: Detailed IPO Process - The IPO process on the STAR Market consists of six main stages: preparation, application and acceptance, review and inquiry, listing committee deliberation, CSRC registration, and issuance and listing, typically taking 6-12 months excluding preliminary rectification time [3] - The preparation stage lasts 3-6 months, focusing on self-assessment and compliance rectification to meet the basic thresholds for the STAR Market [4] - The application and acceptance stage takes 1-2 weeks, where companies submit their application materials to the Shanghai Stock Exchange after preparing them with intermediaries [6] - The review and inquiry stage lasts 2-3 months, during which the Shanghai Stock Exchange conducts a comprehensive review of the application materials, prompting companies to clarify their submissions through multiple rounds of inquiries [7] - The listing committee deliberation stage takes 1-2 weeks, where a committee of 3-7 members, including industry experts, assesses whether the company meets the issuance and listing conditions [9] - The CSRC registration stage occurs within 20 working days, focusing on the formal review of the Shanghai Stock Exchange's opinions and application materials [10] - The issuance and listing stage lasts 1-2 months, where the company initiates the issuance process with the lead underwriter after registration approval [11] Group 3: Core Points of STAR Market IPO - The core attribute of technology innovation serves as the "ticket" for entry into the STAR Market [12] - Information disclosure is prioritized over formality, emphasizing the substance of the information provided [12] - The review focuses on four major dimensions: authenticity of technology innovation attributes, technological advancement, business sustainability, and financial authenticity [13] Group 4: Review Mechanism - The review mechanism involves a dual-check system by the review department and quality control department, concentrating on the authenticity of technology innovation attributes and the sufficiency of information disclosure [13] - The first round of inquiries typically covers 20-30 questions across various dimensions, requiring companies to respond item by item [13] - If initial responses are insufficient, multiple rounds of inquiries may follow, focusing on core issues such as technological independence and reasons for performance fluctuations [13] Group 5: Issuance Pricing and Special Requirements - The pricing for issuance is market-driven, allowing the issuer and underwriters to negotiate based on market conditions while avoiding price manipulation [16] - Special requirements apply to red-chip companies, allowing them to be priced in USD/HKD, provided they meet specific standards [16] - Companies that are not yet profitable may still list if they meet certain criteria, such as a market capitalization of at least 40 billion and specific industry conditions [16]