This discussion is very interesting. I just chatted with @jack_xiong137 in the group and would like to share my views. Investment banks lower the pricing, distributing shares to major clients, and the stock surges on the first day of trading as a form of PR, with the company collaborating with the media to create a narrative, while venture capitalists look for buyers. Retail investors have no chance to participate. In fact, I believe this shows that IPOs are shifting from "financing" to "performance." Many companies are not actually short on cash; the essence of the POP is the concentrated release of emotions and narratives, not a true reflection of value. Thus, the entire system forms a tacit relationship of "one is willing to fight, and the other is willing to be beaten." Can stock tokenization solve the problem? I think it's not about stock tokenization, but whether the company has the courage to abandon the old rules of the game and dare to break Wall Street's unspoken rules. This is the real threshold. For most entrepreneurs/unicorns, stock tokenization may seem "fairer" in theory, but it is not "safer" in reality.