勿惊！12家IPO企业现场检查名单出炉，已是常规操作！

Summary of Key Points Core Viewpoint The IPO market shows signs of recovery in the first half of 2025, with a significant increase in the number of companies applying for IPOs. However, the recent announcement of on-site inspections for several IPO applicants raises concerns about the potential impact on their listing processes. Group 1: IPO Market Activity - A total of 177 companies have submitted IPO applications to the three major exchanges in the first half of 2025, with 150 applications received in June alone, indicating a clear market recovery [1] - The China Securities Association announced a second batch of on-site inspections for 12 IPO companies shortly after June, including 5 from the Sci-Tech Innovation Board and 3 from both the Shanghai and Shenzhen main boards [1][3] - Since the beginning of 2025, a total of 14 IPO companies have been selected for on-site inspections, surpassing the total number for the entire year of 2024 [1] Group 2: Impact of On-Site Inspections - On-site inspections have a strong deterrent effect on IPO applicants, with 69 companies subjected to inspections since 2022, resulting in 42 companies halting their listing processes, leading to a withdrawal rate of 61% [3] - The recent inspections may further complicate the IPO process for the companies involved, as historical data shows a significant correlation between inspections and halted listings [3] Group 3: Financial Data of Selected Companies - The companies selected for the second batch of inspections have proposed fundraising amounts ranging from 6.30 billion to 85.00 billion yuan, with notable entries such as Huike Co., Ltd. proposing to raise 85.00 billion yuan [4] - The first batch of inspected companies in 2025 includes Jiangxi Liyuan Haina Technology Co., Ltd. and Qiangyi Semiconductor (Suzhou) Co., Ltd., with proposed fundraising amounts of 11.81 billion yuan and 15.00 billion yuan respectively [4] Group 4: Historical Context of Inspections - The trend of increasing inspections is evident, with the number of companies inspected in 2025 already exceeding the total for 2024, indicating a tightening regulatory environment [1][3] - The historical data suggests that companies facing inspections are at a higher risk of having their IPO applications terminated, which could deter future applicants from pursuing IPOs under current conditions [3]