Group 1 - The core viewpoint of the article is the initiation of a new round of reforms in the Sci-Tech Innovation Board, which includes the establishment of a Sci-Tech Growth Tier and a pre-review mechanism for IPO applications [1] - The pre-review mechanism allows companies to have their IPO application documents reviewed by the exchange before formal submission, aiming to help tech companies manage sensitive information and reduce exposure time during the IPO process [1] - The Shanghai Stock Exchange emphasizes that the pre-review is not a mandatory step for companies and does not replace the formal review process after the official application [2] Group 2 - The Shanghai Stock Exchange will continue to adhere to existing rules, procedures, and timelines for the review process, regardless of whether the IPO application has undergone pre-review [2]

Core Viewpoint - The article discusses the establishment of the "Science and Technology Innovation Growth Tier" on the Sci-Tech Innovation Board, aimed at enhancing the inclusivity and adaptability of the system for unprofitable technology companies [2][3]. Group 1: Establishment of the Growth Tier - The China Securities Regulatory Commission (CSRC) issued guidelines for setting up the Sci-Tech Innovation Growth Tier to better serve unprofitable technology companies with significant technological breakthroughs and promising commercial prospects [4][5]. - The Shanghai Stock Exchange (SSE) is developing supporting business rules to implement these guidelines and enhance the service capabilities of the Sci-Tech Innovation Board [2][5]. Group 2: Mechanisms and Standards - The new rules will establish mechanisms focusing on three main areas: implementation standards and procedures, risk disclosure, and improving information disclosure quality [5]. - Companies in the Growth Tier will have special identification management for their stocks, requiring investors to sign a risk disclosure agreement when investing in newly registered companies [5]. Group 3: Pre-Review Mechanism - A pre-review mechanism for stock issuance applications is being proposed to help technology companies manage sensitive information before formal applications [6][8]. - The pre-review process will not replace the formal application review but will provide feedback to issuers and underwriters before the official submission [8][9]. Group 4: Professional Institutional Investors - The article emphasizes the importance of professional institutional investors in identifying and selecting quality technology companies, which will help guide financial capital towards early, small, and long-term investments in hard technology [10][11]. - The SSE plans to establish rules to encourage issuers to voluntarily disclose information about professional institutional investors, which will be considered in the review process but not as a mandatory condition for listing [11][12].