The capital market is vast. Most people can see and participate in daily trading through the real-time matching of buy and sell orders on the exchange order book: high liquidity, transparent prices, and mature rules. In contrast, the primary market is most notably represented by Initial Public Offerings (IPOs): companies complete audits, compliance, and the IPO process, officially become public companies, and list for trading. Looking further back, during a company's early financing stages, angel, seed rounds, Series A, Series B, and others belong to the private equity market: relatively loose structure, low liquidity, and limited transparency. Except for a small amount of angel investments that may target individuals, most rounds are dominated by venture capital (VC) and institutional investors, with entry barriers stemming from capital size, professional expertise, information channels, and compliance qualifications. Retail investors are often naturally excluded. The truly critical interval occurs after multiple rounds of financing and before the IPO. Here, there are attractive growth dividends (more clarified business models, faster scale expansion, more concentrated valuation increases), but also obvious gaps in opportunity distribution: the closer to the core growth stage of the company, the easier it is for a few institutions and high-net-worth individuals to capture it; ordinary investors often can only enter after the IPO, by which time market expectations and valuations may have already been re-priced through multiple rounds. This is the significance of Pre-IPOs (pre-IPO financing and equity circulation). It is not a gimmick but a natural evolution of the financial system: for investors, it provides a participatory pathway between private and public offerings; for companies, it offers transitional capital and arrangements between private and public company states, enabling smoother integration of capital structure, governance, and shareholder liquidity. From a company's perspective, the common values of Pre-IPOs include three points: first, the funding needs during the listing sprint are more flexible, usable for expansion, acquisitions, R&D, and compliance costs; second, it provides more controllable liquidity arrangements for early employees and existing shareholders, stabilizing expectations and incentives; third, it allows early rehearsals of information disclosure and internal control governance, adjusting the company to better fit the public market. For retail investors, Pre-IPOs are especially important because they bridge the opportunity gap to some extent. In the past, options were either participating too early without access channels or waiting until after listing to get an entry ticket. If the Pre-IPO market can become more transparent and standardized under a compliant framework, managing expectations through levels of information disclosure, lock-up periods, risk stratification, and understandable exit mechanisms, then it could transform the highly institutionalized period of the past into a segment that more participants can evaluate and bear. The key is to clarify the rules: clear ownership rights, transparent terms, predictable exits, proper suitability management, and full risk disclosure. If we compare the capital market to a highway from innovation to public wealth management, then private placements are on the ramp, IPOs are the checkpoint, and the secondary market is the main road. Pre-IPOs are the missing connecting road that often existed in the past: enabling companies to enter the public market more smoothly and allowing more investors, respecting risks and rules, to participate earlier in the mid-stage dividends of company growth.