国台、岩博被“除名”，酱酒IPO路在何方？

Core Viewpoint - The path to IPO for liquor companies, particularly for sauce-flavored liquor, is becoming increasingly difficult, with a significant reduction in the number of companies listed as potential candidates for IPOs in 2025 [1][4]. Group 1: Company-Specific Insights - Guizhou's National Taiwan Liquor Industry has shown a strong desire to go public, having submitted its IPO application to the Shanghai Stock Exchange in May 2020, but faced multiple setbacks [1][3]. - National Taiwan Liquor's revenue growth from 2017 to 2020 was notable, with total revenues of 573 million, 1.177 billion, 1.888 billion, and 4.005 billion yuan respectively, indicating a strong upward trend [3]. - The company ultimately withdrew its IPO application in June 2021 due to feedback from the China Securities Regulatory Commission regarding issues such as related party transactions [3][4]. Group 2: Industry Trends - The number of new liquor companies entering the A-share market has been stagnant, with only a few successful listings in recent years, such as Jinhui Liquor in 2016 and Shanghai Gui Liquor in 2021 [4]. - The implementation of a registration system reform in February 2023 has led to speculation that the China Securities Regulatory Commission may impose stricter industry requirements for liquor companies seeking to go public [4]. - The successful listing of Zhenjiu Lidu in Hong Kong in 2023, raising 5.3 billion HKD and achieving a market value exceeding 30 billion HKD, presents a potential alternative for domestic liquor companies facing challenges in the A-share market [5].