IPO周报：沪深北交易所再现单周零撤单，7月撤单量不到去年“零头”

Summary of Key Points Core Viewpoint - The number of companies terminating their IPO review has significantly decreased, with only 6 companies withdrawing in July 2025, a stark contrast to 47 companies in July 2024, indicating a trend of declining withdrawal rates across major exchanges [1][2]. Group 1: Termination of IPO Reviews - As of July 27, 2025, there were 6 companies that terminated their IPO reviews, which is less than 1/7th of the number from the same month last year [1]. - The Shanghai Stock Exchange had no withdrawals in July, while the Shenzhen Stock Exchange had 4 and the Beijing Stock Exchange had 2 [1]. - Since reaching a peak of 109 terminations in June 2024, the number of withdrawals has been decreasing monthly, with figures dropping to single digits from March 2025 onwards [1]. Group 2: Year-to-Date Termination Data - In 2025, a total of 75 companies have terminated their IPO reviews, with 23 of these being companies that had already received approval, accounting for 31% of the total [2]. - The breakdown of terminations shows that the ChiNext board had 21 companies withdraw, with 16 of these being previously approved, representing 76% [3]. - The Beijing Stock Exchange had 28 companies withdraw, with only 4 being previously approved, which is 14% [3]. Group 3: Duration of Review Process - The longest waiting time for a terminated IPO was 1276 days for a ChiNext company, while the shortest was 568 days for a Beijing Stock Exchange company [3]. - Companies that exceed the 12-month validity period of their IPO registration must restart the review process if they wish to attempt an IPO again [4]. - Various factors such as industry risks, compliance issues, and poor performance can lead to the expiration of IPO registration [4].