Group 1 - The article discusses the implementation of a pre-review mechanism for companies applying for IPOs on the Sci-Tech Innovation Board, aimed at enhancing the inclusivity and adaptability of the regulatory framework [6][12] - The Shanghai Stock Exchange has drafted guidelines for the pre-review process, which is not mandatory but serves to improve the quality of IPO application documents and enhance review efficiency [8][9] - The pre-review guidelines consist of five main requirements, including applicable scenarios, application document requirements, working mechanisms, confidentiality requirements, and related responsibilities [8][10] Group 2 - Companies can apply for pre-review if early disclosure of sensitive business information may adversely affect their operations, and they must provide a justification for the necessity of the pre-review [8][9] - The application documents for pre-review must adhere to specific disclosure standards and include a special statement regarding the applicability of the pre-review [9][10] - The confidentiality of information during the pre-review phase is emphasized, with a requirement for companies to disclose relevant documents only upon formal IPO application [10][11] Group 3 - The introduction of the pre-review mechanism is a response to the needs of technology companies to manage sensitive information and reduce exposure during the IPO preparation phase [11][12] - The Shanghai Stock Exchange has established a communication mechanism for companies and intermediaries to consult on complex issues before formal applications, which has proven beneficial in reducing preparation costs and increasing predictability [11][12] - The pre-review process and its results will remain confidential, aligning with the goal of protecting sensitive information of technology enterprises [12]

Core Viewpoint - The Shanghai Stock Exchange (SSE) has drafted the "Guidelines for the Application of the Shanghai Stock Exchange Listing Review Rules No. 7 - Pre-review (Draft for Comments)" to enhance the support for high-level development of technology enterprises and improve the quality of IPO application documents [2][5]. Group 1: Pre-review Process - The pre-review is a service provided by the SSE to check the quality of IPO application documents before formal submission, but it is not a mandatory procedure for companies [2][3]. - Companies wishing to apply for a pre-review must explain the necessity of the request, considering the existing information disclosure exemption system [2][3]. - The pre-review does not represent the SSE's formal review opinion after the official application and does not confirm whether the issuer meets the listing conditions [2][3]. Group 2: Application Requirements - Issuers must submit pre-review application documents according to specific guidelines, including a cover marked "Pre-review Document" and a special explanation regarding the applicability of the pre-review [3]. - The sponsor must verify whether the issuer meets the conditions for pre-review and provide an opinion [3]. Group 3: Work Mechanism - The SSE will conduct the pre-review by asking questions and receiving responses from the issuer, following the procedures outlined in the existing listing review rules [3]. - The SSE will form review opinions based on the pre-review and inform the issuer and its sponsor, who can then decide whether to formally apply for the IPO [3]. Group 4: Confidentiality and Transition to Formal Review - Information and documents from the pre-review phase will not be disclosed publicly [4]. - Upon formal IPO application, issuers must disclose relevant documents on the SSE website, including responses to inquiries from the pre-review phase [4]. Group 5: Responsibilities and Compliance - Issuers, sponsors, and related personnel must ensure the authenticity, accuracy, and completeness of the documents provided and accept self-regulatory supervision from the SSE [4]. - The SSE may terminate the pre-review process and take regulatory actions if there are violations of the guidelines [4].