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A股再融资复苏全景图:受理增长128%,过会率100%,但募资合理性仍面临从严监管!
Sou Hu Cai Jing·2025-09-16 02:01

Group 1 - Since 2025, the A-share refinancing market has shown signs of recovery in terms of acceptance, meetings, and terminations, but the average fundraising scale of accepted companies has not increased correspondingly [1][3] - Following the "827" new regulations, the market has entered a "winter period" with stricter refinancing arrangements aimed at guiding resources towards high-quality listed companies and ensuring the rationality and necessity of fundraising [2][9] - In 2024, the number of refinancing applications accepted by the Shanghai and Shenzhen stock exchanges decreased by 65% year-on-year, with total fundraising reaching a 12-year low, indicating a counter-cyclical adjustment effect [3] Group 2 - From January to August 2025, 146 companies' refinancing applications were accepted, a 128% increase compared to the same period last year, surpassing the total acceptance for the previous year [3] - The number of refinancing terminations has significantly improved, with 22 terminations reported from January to August 2025, a 76% decrease from the previous year [5] - All 19 refinancing companies that went to meetings from January to August 2025 were approved, with no instances of postponement or rejection reported as of September 15, 2025 [7] Group 3 - Despite the recovery in the refinancing market, the average fundraising amount for newly accepted companies has not increased, with an average of 1.284 billion yuan, and a declining trend observed from June to August 2025 [9]