Pilot Registration System for IPOs on the Sci-Tech Innovation Board, Applicable Situations Clearly Defined.

On July 13th, the Shanghai Stock Exchange issued the "Guiding Opinions on the Application of the Review Rules for Initial Public Offerings and Listings No. 7 - Pre-Review". Eligible companies can apply to the Shanghai Stock Exchange for a pre-review of their filing documents before formally submitting an application for an IPO on the Sci-Tech Innovation Board. The "Pre-Review Guidelines" specify the applicable circumstances, namely "technology-based enterprises that are conducting key core technology research or meet other specific criteria, and may suffer significant adverse effects on their production and operation due to premature disclosure of business technology information or listing plans, it is necessary to apply for pre-review".