【锋行链盟】科创板IPO全流程解析

Core Viewpoint - The article outlines the comprehensive process of the IPO on the Sci-Tech Innovation Board (科创板), detailing the strict adherence to regulations set by the China Securities Regulatory Commission (CSRC) and the Shanghai Stock Exchange (SSE) throughout the entire IPO cycle [1]. Pre-IPO Preparation Phase - Companies must conduct self-assessments and strategic decisions, requiring collaboration with four core intermediaries [3] - Initial due diligence and issue rectification are essential steps before moving forward [3]. Counseling and Filing Phase - After signing a counseling agreement with the sponsor, companies must submit counseling materials to the local CSRC, initiating a counseling period typically lasting at least three months [3]. - The counseling process includes training on listing rules, corporate governance, and information disclosure requirements [5]. Application and Acceptance Phase - Companies must prepare application materials in accordance with the Sci-Tech Board's focus on "hard technology" across six key sectors [4]. - The selection of intermediary institutions is crucial, including sponsors, accounting firms, law firms, and asset appraisal agencies [4]. SSE Review Phase - The SSE employs an "inquiry-based review" process, involving multiple rounds of inquiries to uncover risks, requiring truthful responses from companies and intermediaries [6]. CSRC Registration Phase - Following SSE approval, application materials are submitted to the CSRC for registration review [9]. - The CSRC focuses on compliance with legal requirements and the accuracy of information disclosure during its review [12]. Issuance and Listing Phase - After receiving registration approval, companies conduct pre-roadshows and determine the issuance price range through market-based inquiries [15]. - The distribution of shares includes a minimum of 70% allocated to qualified institutional investors and a maximum of 30% to public investors [15]. Post-Listing Continuous Supervision Phase - Companies must adhere to ongoing regulatory requirements, including regular disclosures and maintaining corporate governance standards [14]. - The Sci-Tech Board has a stricter delisting system, with conditions triggering delisting procedures [15].