From prospectuses to road show materials, every document writes the market’s trust in the institution.
Investment banks, lawyers, auditors—five parties modified the prospectus online at the same time, producing more than a dozen versions in one day. As the company's CFO, I was asked, "Has the risk warning No. 82 been changed in the latest version?" - I went through emails and WeChat, and every attachment was called "Prospectus_v12_Final Version_Re-Change.docx".
Pricing information, lists of cornerstone investors, profit forecasts—these are top-secret trade secrets. An analyst forwarded a roadshow PPT to uninvited investors, and pricing information began to flow secretly. If the exchange discovers that information has been selectively disclosed, IPO may be terminated as a result.
Placing/refinancing requires different information to be disclosed to strategic investors, financial investors, and public shareholders in stages and at different levels. The traditional method relies on sending emails in batches - "Sent to group A is the simplified version" "Group B is the full version" - if one email is copied incorrectly, the pricing model and allotment plan will be fully exposed.
Automatic version comparison - the system highlights every modification, who changed which line of which paragraph, when and why - leaving all traces. Brokerage lawyers can go back to the version 7 days ago with one click, and it only takes 3 seconds to compare the differences. The "latest version" is always unique, certain and traceable.
Person-by-person dynamic watermark—the PPT seen by each invited investor is embedded with his or her personal identity. Limited-time access link – automatically expires 24 hours after the roadshow ends. No downloading allowed - all material is available for online viewing only. Even if someone takes a photo and leaks it, the source of the leak can be found in ten minutes through the watermark.
Strategic investors see the pricing model and full financial forecasts, financial investors see the financial summary, and public shareholders only see the offering announcement - the system automatically assigns document visibility by investor type. There is no possibility of "missing the full version". Even if the wrong name is checked, the system will not let it see the content it should not see.
Banks, counsel, and auditors get separate workspaces so drafts and working papers do not mix, with independent review and approval flows — then converge on one platform.
A temporary read-only channel is opened for CSRC/exchange review—regulators can only see declaration-related documents and cannot download or forward them, and the access period is controlled. The channel will be automatically closed after the review is completed. It can be demonstrated in the audit log that "the institution provided the required materials to the regulator in a timely and complete manner."
Every change to the prospectus from the first draft to the final draft is well documented. During regulatory inquiries, "in which version a certain risk warning was introduced and who wrote it" can be instantly located. It's not "under the impression" - it's "system display".
From pre-roadshow to bookbuilding, pricing, and allocation — each stage’s disclosure scope is precise, with controls that stop earlier-stage information from leaking forward.
Syndicate, counsel, and audit teams share and edit without stepping on each other — tracking progress and comments independently.
Leave your contact information and our advisor will discuss a trial or demo with you.