IPO周报：激增20家排队企业，年内新增受理量达去年近八成

Core Viewpoint - The A-share IPO market is experiencing a significant surge in applications, with a total of 61 new applications accepted this year, representing nearly 80% of last year's total [2][3]. Group 1: IPO Market Activity - In the week of June 16 to June 22, 20 new IPO applications were accepted, marking the highest weekly total this year [3]. - As of June, the total number of IPO applications accepted in 2023 reached 61, compared to only 7 during the same period last year [3]. - The North Exchange remains the dominant player, accepting 35 applications, while the Shanghai and Shenzhen exchanges accepted 14 and 12 applications, respectively [3]. Group 2: Regulatory Reforms - The China Securities Regulatory Commission (CSRC) introduced new policies to support technology innovation companies, including the establishment of a growth tier for the Sci-Tech Innovation Board [4]. - These reforms aim to facilitate the listing of unprofitable innovative companies and improve the confidence of investment institutions in the primary market [4]. Group 3: Company-Specific Risks - Three companies, including Qingdao Gulf Chemical Co., Zhejiang Sunny Solar Technology Co., and Beijing Zhaoxin Information Technology Co., have terminated their IPO applications due to various issues [5]. - Qingdao Gulf Chemical reported a decline in net profit over the years, with figures of 4.25 billion, 2.47 billion, 20.40 billion, and 9.70 billion yuan for 2019, 2020, 2021, and the first half of 2022, respectively [5][6]. - Sunny Technology has faced a decline in gross profit margin from 32.13% in 2020 to 18.34% in the first half of 2023, influenced by subsidy reductions and rising component prices [6]. - Beijing Zhaoxin, a subsidiary of Hong Kong-listed Huicong Group, faces risks related to market demand fluctuations, particularly in the food and beverage sector [7].