Table 1.

Key steps during the IPO process

StepMain tasksTimeline
1. Application preparationsFinancial auditing; legal compliance; internal review; compilation of application materialsSeveral months to over a year
2. Submission of applicationSubmission of documents; information disclosure; assistance from intermediatesSeveral days to One or Two weeks (relatively short)
3. Preliminary review and feedbackDocument check; evaluation of corporate qualifications; feedback and revision; review cycleA few weeks to several months
4. Detailed reviewManagement interviews; verification of financial authenticity; business risk assessmentSeveral months
5. Expert reviewCollection of professional opinions; risk assessment; qualitative analysisA few weeks
6. Review committee evaluationListing conditions review; meeting discussion; constructive opinions; transparency and independenceA few weeks or more
7. Filing and approvalIssuance of approval documents; publication of prospectusA few weeks
8. Enquiry and pricingRoadshow activities; demand analysis; pricing strategyA few weeks
9. Issuance and listingStock issuance; listing ceremonyA few weeks
10. Post-listing supervisionInformation disclosure; compliance operation; investor relations managementAs long as the company remains publicly listed

Note(s): This table summarizes key steps during the IPO process under the verification-based system in China. Most of the 10 steps last a few weeks to several months

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