"The Middle Layer" in the Capital Market: How Pre-IPO Brings Opportunities from Few People to More People


The capital market is very large. Most people in daily activities who can see and participate in transactions are in the secondary market, which is a real-time matching mechanism for buying and selling between parties on the stock exchange order book: high liquidity, transparent prices, mature rules.
Conversely, the primary market, most notably, is the initial public offering (IPO): companies complete audits, compliance, and the share offering process, then officially
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