Someone has envisioned a radical new way of going public that completely overturns the traditional IPO process. It does not follow the route of underwriters, incurs no underwriting fees, and does not require the conventional procedures. Instead, it features an innovative structure called SPARC: allowing companies to go public through a shell transaction while directly allocating preferential investment rights to existing major shareholders.

The brilliance of this scheme lies in its allocation mechanism. Each shareholder can obtain SPARs certificates for free according to their shareholding ratio. Once they have the certificate, they have the option to either purchase the stocks of the newly listed company at a fixed price directly or choose other methods of handling. This design breaks the information asymmetry in traditional financing, allowing existing investors to directly participate in new growth opportunities, eliminating intermediaries, and making the entire logic appear more transparent and efficient.