The latest Review Dynamics published by the Shanghai Stock Exchange has provided detailed criteria for identifying research and development (R&D) personnel in initial public offering (IPO) enterprises, with a particular emphasis on the classification of part-time R&D personnel. Specifically, individuals who engage in both R&D and non-R&D activities will not be considered as R&D personnel if their R&D working hours in the current period constitute less than 50% of their total working hours. Additionally, the Review Dynamics underscores the importance for intermediaries to scrutinize the origins of core technologies, independent R&D capabilities, compliance of industry-university-research collaborations, and expenditure issues related to technological achievements from such partnerships, particularly for companies aiming to list on the Science and Technology Innovation Board. The document further outlines specific verification requirements pertaining to administrative penalties imposed by the China Securities Regulatory Commission or disciplinary actions taken by stock exchanges against intermediaries and their signatories involved in refinancing projects. It also addresses the determination of the grant date for share-based payments.