新“国九条”一周年观察①丨“进退有序” 市场主体更新提质

Core Insights - The "New National Nine Articles" aims to enhance the quality of listed companies and stabilize the capital market, focusing on investor protection, company quality, regulatory capacity, and governance system construction [1][2] Group 1: Market Quality Improvement - The past year has seen strict control over IPO thresholds and a streamlined delisting process, leading to a depreciation of "shell resources" and a concentration of funds towards high-quality assets [2][3] - A total of 380 companies withdrew their IPO applications from April 12, 2024, to April 12, 2025, indicating a market shift from quantity to quality [3][4] - The number of newly listed companies reached 98, with 75 of them from innovation-driven sectors, representing approximately 76% of the total [4][6] Group 2: Regulatory Enhancements - The regulatory framework has been strengthened, with a significant increase in on-site inspections from 10% to at least 33% for new IPO applications [7][8] - The China Securities Regulatory Commission (CSRC) has handled 739 cases of financial fraud and market manipulation, with penalties exceeding 15.3 billion yuan, more than double that of 2023 [8][9] - The introduction of a "blacklist" system for intermediaries and stricter responsibilities for issuers aims to enhance accountability and improve the quality of listed companies [3][7] Group 3: Delisting and Market Cleanup - The new delisting reforms emphasize a market-driven approach, with 54 companies delisted in the past year, 34 of which were due to face value delisting [10][11] - The focus on financial misconduct and internal control failures has led to a more robust delisting framework, promoting a healthier market environment [10][11] - The balance between market clearing and investor protection is crucial, with mechanisms in place to ensure a smooth transition for delisted companies [11]