Key steps during the IPO process
| Step . | Main tasks . | Timeline . |
|---|---|---|
| 1. Application preparations | Financial auditing; legal compliance; internal review; compilation of application materials | Several months to over a year |
| 2. Submission of application | Submission of documents; information disclosure; assistance from intermediates | Several days to One or Two weeks (relatively short) |
| 3. Preliminary review and feedback | Document check; evaluation of corporate qualifications; feedback and revision; review cycle | A few weeks to several months |
| 4. Detailed review | Management interviews; verification of financial authenticity; business risk assessment | Several months |
| 5. Expert review | Collection of professional opinions; risk assessment; qualitative analysis | A few weeks |
| 6. Review committee evaluation | Listing conditions review; meeting discussion; constructive opinions; transparency and independence | A few weeks or more |
| 7. Filing and approval | Issuance of approval documents; publication of prospectus | A few weeks |
| 8. Enquiry and pricing | Roadshow activities; demand analysis; pricing strategy | A few weeks |
| 9. Issuance and listing | Stock issuance; listing ceremony | A few weeks |
| 10. Post-listing supervision | Information disclosure; compliance operation; investor relations management | As long as the company remains publicly listed |
| Step . | Main tasks . | Timeline . |
|---|---|---|
| 1. Application preparations | Financial auditing; legal compliance; internal review; compilation of application materials | Several months to over a year |
| 2. Submission of application | Submission of documents; information disclosure; assistance from intermediates | Several days to One or Two weeks (relatively short) |
| 3. Preliminary review and feedback | Document check; evaluation of corporate qualifications; feedback and revision; review cycle | A few weeks to several months |
| 4. Detailed review | Management interviews; verification of financial authenticity; business risk assessment | Several months |
| 5. Expert review | Collection of professional opinions; risk assessment; qualitative analysis | A few weeks |
| 6. Review committee evaluation | Listing conditions review; meeting discussion; constructive opinions; transparency and independence | A few weeks or more |
| 7. Filing and approval | Issuance of approval documents; publication of prospectus | A few weeks |
| 8. Enquiry and pricing | Roadshow activities; demand analysis; pricing strategy | A few weeks |
| 9. Issuance and listing | Stock issuance; listing ceremony | A few weeks |
| 10. Post-listing supervision | Information disclosure; compliance operation; investor relations management | As 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