183家待审， 平均历时306天，北交所IPO排起长龙

Group 1 - The core viewpoint is that the Beijing Stock Exchange (BSE) is experiencing a surge in IPO applications, leading to a potential backlog in the approval process, with 183 companies currently under review, accounting for 60% of the total A-share IPO applications [1] - In June 2025, BSE received a record 97 IPO applications in a single month, surpassing the previous record of 92 applications in June 2022 [1] - Despite the high number of applications, the actual number of new listings on BSE remains low, with only 6 new listings compared to 14 on the Shanghai main board and 22 on the ChiNext board during the same period [1] Group 2 - The average waiting time for IPO approvals at BSE has increased significantly, with median waiting times rising from 218 days in 2022 to 306 days in 2024 [2] - As of 2025, BSE has received 115 IPO applications, with an average of 26 days from application to the first round of inquiries, which is longer than other boards [2] - For companies accepted in 2024, the average time from acceptance to the first round of inquiries is 26 days, while the time from the first inquiry to the listing committee meeting averages 258 days, significantly longer than other boards [2] Group 3 - Lin Tai New Materials, a company specializing in automotive automatic transmission friction plates, had the shortest waiting time for an IPO in 2024, completing the process in 173 days [3] - The company’s revenue from 2021 to the first half of 2024 shows rapid growth, with a 41% year-on-year increase in the first half of 2024 [4] - Lin Tai New Materials reduced its planned fundraising from 200 million yuan to 116 million yuan, indicating a significant decrease in its financing scale [5] Group 4 - The BSE has seen a stricter review process, with 107 companies terminating their IPO applications in 2024, reflecting a focus on improving the quality of listed companies [8] - The average revenue of companies currently under review at BSE is 738 million yuan, with 36 companies reporting over 100 million yuan in net profit [9] - The increase in the quality of companies applying for IPOs is attributed to better performance of newly listed companies on the New Third Board and improved resources from investment banks [9]