市场点评报告：科创板再添“前置工具”，助力IPO生态优化

Core Insights - The report highlights the introduction of a "pre-review" mechanism by the Shanghai Stock Exchange to enhance the IPO ecosystem for hard technology companies, aiming to support their development and streamline the listing process [1][2]. Summary by Sections Market Overview - On July 13, 2025, the Shanghai Stock Exchange officially released the "Guidelines for the Application of the Shanghai Stock Exchange Issuance and Listing Review Rules No. 7 - Pre-Review," effective immediately. This guideline focuses on improving the inclusiveness and adaptability of the review system, specifically for technology companies engaged in critical core technology development [2]. Mechanism Innovation - The pre-review mechanism represents a significant innovation in the review process, transitioning from a "post-correction" approach to a "pre-guidance" model. This mechanism is not mandatory but offers professional inquiry services to reduce information disclosure costs and enhance document quality, particularly for hard technology companies with sensitive information [2][3]. Targeted Support - The guidelines specifically target technology companies involved in critical core technology development or other specific circumstances, aligning with current policy support directions in strategic emerging industries such as semiconductors, biomedicine, high-end manufacturing, and new energy [2][3]. Design and Efficiency - The pre-review process is designed to be confidential, allowing issuers to decide whether to formally apply after receiving review feedback. If the issuer has improved the application documents according to the feedback and there are no new significant issues, the Shanghai Stock Exchange will not conduct repeated inquiries, effectively shortening the formal review time [2][3]. Enhancing Review Quality - The guidelines are aligned with the "Science and Technology Innovation Growth Tier" system proposed at the Lujiazui Forum in June 2025, indicating a shift towards a more refined and structured IPO review system focused on information disclosure [2][3]. Accelerating IPO Processes - The implementation of these guidelines is expected to accelerate the IPO process for technology companies, particularly those in sensitive information disclosure phases, thereby enhancing the value of front-end services provided by investment banks [2][3].