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In the present work, we tried to identify the mechanism why by which the steroid alcohols accumulated when hydroxypropyl-β-cyclodextrin (HP-β-CD) was present to enhance the sterol conversion rate. Compared with the bioconversion system without HP-β-CD, the reaction rate was greatly improved in presence of HP-β-CD, but the steroid alcohols largely accumulated concurrently. In a reaction system with an enhanced reaction rate, the higher intracellular NADH/NAD+ level was detected, and the production of steroid alcohols increased also. Myco