If the capital market is likened to a high-speed highway from innovation to public wealth management, then private placements are on-ramps, IPOs are checkpoints, and the secondary market is the main road. Meanwhile, Pre-IPOs are that stretch of connection road that has often been missing in the past—helping companies enter the public market more smoothly, and enabling more investors to participate earlier in the mid-stage benefits from a company’s growth, on the premise of respecting risk and rules.