市场回暖？IPO终止数量骤降逾六成，年内首发融资总额超330亿元

Core Viewpoint - The A-share IPO market is undergoing a significant transformation, with a notable decrease in the number of IPO terminations and an increase in the total financing amount, reflecting a shift from "quantity expansion" to "quality priority" in capital markets [2][4][5]. Group 1: IPO Termination Trends - As of June 4, 2025, 64 IPOs have been terminated this year, a decline of over 60% compared to 186 in the same period of 2024, with 58 of these being voluntary withdrawals [4][5]. - Monthly termination data shows a downward trend from January to May 2025, with 27, 14, 10, 5, and 8 terminations respectively [4]. - The reduction in IPO terminations is attributed to structural optimization in the market and regulatory policies, leading to an overall improvement in the quality of remaining IPO candidates [4][5]. Group 2: IPO Financing Growth - In 2025, 45 IPO companies have raised a total of 33.209 billion yuan, marking a year-on-year increase of 15.38% and 20.80% [6]. - The financing amounts from various stock exchanges include 13.555 billion yuan from the Shanghai Main Board, 3.12 billion yuan from the Shenzhen Main Board, 3.681 billion yuan from the Sci-Tech Innovation Board, 11.065 billion yuan from the Growth Enterprise Market, and 1.788 billion yuan from the Beijing Stock Exchange, with respective changes of 28.95%, 6.9%, -55.84%, 26.87%, and -10.87% [6]. - Eight companies raised over 1 billion yuan in their IPOs, with Zhongce Rubber leading at 4.066 billion yuan [6]. Group 3: Regulatory Environment - The new "National Nine Articles" has significantly raised the review standards, leading many companies with inadequate conditions to withdraw their applications voluntarily [5][8]. - The regulatory body has intensified accountability for companies attempting to bypass standards, as seen in recent disciplinary actions against companies like Zhongding Hengsheng and Fanyuan Technology for various compliance issues [9]. - Companies are advised to establish a comprehensive compliance system to adapt to the increasingly stringent IPO regulations and market conditions [9].