严把IPO入口关 现场检查对带病申报说“不”

Group 1 - The second batch of on-site inspections for IPOs in 2025 includes 12 companies, significantly higher than the same period last year, with 8 from the Shanghai Stock Exchange and 4 from the Shenzhen Stock Exchange [1] - The increase in the number of companies selected for inspection is linked to the rising number of companies in the IPO queue, with regulatory bodies aiming to enhance the quality of listed companies through these inspections [1][2] - The majority of the inspected companies submitted their IPO applications in June, with 11 out of 12 being accepted during that month [1] Group 2 - The selection of companies for on-site inspections is proportional to the number of companies in the IPO queue, with a current extraction ratio of 20%, up from 5% last year [2] - Since May, there has been a surge in IPO applications, with 150 companies submitting their materials in June alone, indicating a recovery in the market [2] - The on-site inspection mechanism was established in 2017, and recent revisions to the regulations ensure that inspections proceed even if a company withdraws its application [2][3] Group 3 - The inspections serve as a deterrent against companies with issues in their applications, with a historical withdrawal rate of over 70% for companies selected for inspection [3] - Regulatory measures have been strengthened to hold both issuers and intermediaries accountable for any issues discovered during the inspection process [3][4] - In 2023, 75 IPO applications have been terminated, often following inquiries from the exchanges regarding financial stability and the authenticity of financial data [4] Group 4 - There have been 19 IPO withdrawal cases this year involving penalties for intermediaries or issuers, primarily identified during on-site inspections [5] - The audit quality for IPOs is expected to remain stringent, with a focus on key industries supported by the government, indicating a continued emphasis on strong regulatory oversight [6]