Core Viewpoint - The article discusses the latest updates from the Shanghai Stock Exchange regarding the issuance and listing review process, focusing on three key questions related to pre-application consultations, inventory custody by third parties, and considerations for light-asset, high R&D investment companies seeking refinancing [2][3]. Group 1: Pre-Application Consultation Requirements - Issuers and intermediaries can apply for pre-application consultations to address significant issues related to business rules before submitting application documents for initial public offerings, refinancing, or asset acquisitions [3][4]. - The consultation is not a mandatory procedure for project acceptance and does not influence the acceptance or approval of the project [4][5]. - Types of issues suitable for consultation include major questions regarding issuance and listing conditions, unprecedented matters, and issues arising from policy adjustments [4][5]. Group 2: Inventory Custody by Third Parties - Intermediaries should focus on the business background of inventory custody arrangements, assessing their reasonableness and necessity [5][6]. - The specifics of inventory custody agreements must be analyzed, including terms related to storage conditions, responsibilities, and loss management [6][7]. - The effectiveness of internal controls related to inventory management should be verified, ensuring that processes cover all aspects of inventory handling and that records are consistent and reliable [6][7]. Group 3: Refinancing for Light-Asset, High R&D Companies - Companies with light-asset and high R&D characteristics must disclose the rationale for using over 30% of raised funds for working capital and debt repayment in their fundraising documents [7][8]. - The use of raised funds must be clearly linked to R&D investments related to the main business, and the underwriters and accountants must verify these disclosures [8].