募投项目迎“三严”审核IPO募资额集体瘦身

Core Viewpoint - The IPO market is experiencing a trend of reduced fundraising amounts, with over 40% of companies significantly lowering their initial fundraising plans since the normalization of IPO reviews last year [1][2][4]. Group 1: Fundraising Trends - Companies are increasingly opting to cut supplementary liquidity funding, with 38 out of 44 companies that reduced their fundraising plans initially including such provisions [3]. - The average reduction in fundraising amounts for companies that adjusted their plans is over 20%, with the total fundraising amount dropping from 459 billion to 330 billion, a decline of 28% [2][4]. - Notably, no companies have increased their fundraising amounts during this period [2]. Group 2: Regulatory Impact - The tightening of regulatory policies, including the new "National Nine Articles," has led to stricter IPO fundraising review standards, particularly targeting issues like excessive fundraising and high proportions of supplementary liquidity [1][4]. - The China Securities Regulatory Commission (CSRC) has emphasized the necessity of justifying the need for new capacity and the rationality of fundraising plans, which has become a critical aspect of the IPO review process [5][6]. Group 3: Company Strategies - Companies are adopting various strategies to adjust their fundraising plans, including eliminating supplementary liquidity projects, reducing non-core project funding, and making proportional adjustments across all projects [3][5]. - The focus is shifting towards ensuring that fundraising is aligned with core business needs and that funds are used efficiently to support genuine growth and innovation [8][9]. Group 4: Market Dynamics - The current trend of reduced fundraising is seen as a collaborative effort among regulators, intermediaries, and companies to optimize the ecosystem, moving away from a broad financing model to a more precise allocation of funds [9]. - This transformation is expected to enhance the efficiency of capital allocation, allowing funds to flow more effectively into key areas of the real economy [8][9].