汉鼎咨询：（2025.Q3版）A 股IPO全攻略：四大板块定位、IPO条件及全流程梳理

Core Viewpoint - The A-share capital market is experiencing a recovery in IPO issuance and financing scale, prompting many companies to plan for listings while facing increased regulatory scrutiny [1][2]. Group 1: Market Structure and IPO Standards - The A-share market has established a multi-tiered structure including the Main Board, Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange, each with distinct characteristics and complementary functions [2]. - The Main Board focuses on "blue-chip" companies, supporting mature business models and stable operating performance, with updated IPO standards effective from April 2024 [2]. - The Sci-Tech Innovation Board prioritizes "hard tech" companies, with recent reforms allowing unprofitable firms to list under specific conditions, reflecting the market's role in supporting technological innovation [2][3]. - The Growth Enterprise Market serves growth-oriented innovative companies, while the Beijing Stock Exchange targets specialized and innovative small and medium-sized enterprises, maintaining a more inclusive listing threshold [2]. Group 2: IPO Conditions and Requirements - Companies must assess their industry attributes, scale, financial status, and technological advantages before pursuing an IPO, ensuring compliance with regulatory standards [1][2]. - General issuance conditions include being a legally established company with at least three years of continuous operation, sound accounting practices, and independence from controlling shareholders [4][6]. - Specific financial metrics for the Main Board include a minimum net profit of 20 million RMB over three years or a market value of at least 5 billion RMB [6]. - The Sci-Tech Innovation Board requires a minimum market value of 1 billion RMB and specific R&D investment ratios, while the Growth Enterprise Market has similar but slightly less stringent requirements [6][8]. Group 3: Regulatory Dynamics and Compliance - Companies are advised to stay updated on the latest policies and regulatory changes from the China Securities Regulatory Commission and stock exchanges to ensure compliance and optimize their listing strategies [3][4]. - The IPO review process involves multiple stages, including pre-disclosure, acceptance, inquiry, feedback, and registration with the CSRC, with specific timelines for each phase [10][14][15].