Core Insights - The A-share IPO market shows signs of structural recovery in 2025, with 59 new listings from January to July, an 18% increase from 50 in the same period last year. The net fundraising amount reached 54.421 billion yuan, a 63.83% increase from 33.218 billion yuan year-on-year [1]. Group 1: Key Issues Before Share Reform - Transitioning from a discrete investment structure to a group framework, including the selection of the listing entity and integration of equity structure [2]. - Tax planning and establishment of internal employee stock ownership platforms, including tax considerations for these platforms [2]. - Reverse equity incentives for controlling shareholders and equity incentives for distributors/customers, considering the interests of relevant stakeholders [2]. - Compliance with shareholder suitability standards and planning for share payment calculations and investor entry timing [2]. - Calculation of non-recurring net profit and alignment with listing standards, along with overall timeline coordination for share allocation and listing [2]. - Preparation of a business plan and classification of strategic investors, including engagement and negotiation with them [2]. - Valuation and agreement processes, as well as capital increase and equity transfer [2]. - Design of fundraising projects and preparation of feasibility reports, including pre-listing dividends and financing for fundraising projects [2]. - Ensuring cash flow and compliance with fundraising project funding [2]. Group 2: Key Points for Introducing Strategic Investors - Selection of the organizational form for the equity incentive platform, such as natural persons or fund towns [7]. - Determining the location of the equity incentive platform and the individuals involved, including core employees and external consultants [7]. - Distribution of shares using a comprehensive allocation model, considering external regulatory requirements [7]. - Balancing performance metrics with external regulatory requirements in equity incentives [7]. Group 3: Fundraising Project Selection and Feasibility Study - Emphasis on the importance of selecting appropriate fundraising projects and conducting thorough feasibility studies to ensure successful IPO preparation [8].