On September 17, 2025, Huo Ruirong, the Vice Chairman of the Shanghai Stock Exchange, announced at the 2025 China Capital Market Development Forum that the pre - review mechanism for Initial Public Offerings (IPOs) on the STAR Market is advancing in a well - organized fashion. Initial communications have already commenced with several interested enterprises, vigorously facilitating the submission of the first project for pre - review. Back on June 18 of this year, the "1 + 6" reform policies tailored for the STAR Market were put into effect. Among these policies, a pivotal move was the pilot implementation of the IPO pre - review mechanism for high - caliber technology enterprises.

### Explanation of Optimization - **"stated" to "announced"**: "Announced" often conveys a more formal and public - facing dissemination of information, which is more suitable in the context of a forum. - **"progressing in an orderly manner" to "advancing in a well - organized fashion"**: This change makes the expression more vivid and natural in English, avoiding the somewhat stiff "progressing in an orderly manner". - **"Pre - communications" to "Initial communications"**: "Initial" gives a clearer sense of the starting stage of the communication process. - **"actively promoting" to "vigorously facilitating"**: "Vigorously" adds more energy and emphasis to the action of promoting, making the sentence more dynamic. - **"implemented" to "put into effect"**: "Put into effect" is a more commonly used and natural phrase in English to describe the start of the application of policies. - **"key measure" to "pivotal move"**: "Pivotal" is a stronger and more expressive word than "key", highlighting the importance of the measure in the policy package. - **"high - quality" to "high - caliber"**: "High - caliber" is a more idiomatic and sophisticated way to describe excellent technology enterprises in English.