IPO发审向“新”倾斜现场检查威慑力持续提升

Group 1 - The core viewpoint of the articles highlights an increase in the IPO approval rate in the A-share market, reaching 95.08% this year compared to 85.37% last year, indicating improved quality of companies seeking to go public [1][2] - A total of 61 companies have been reviewed for IPOs this year, with 58 successfully approved, while 16 companies have been selected for on-site inspections to ensure compliance and quality [1][3] - The regulatory environment has shifted towards stricter scrutiny, focusing on the authenticity of financial data, internal controls, and the quality of information disclosure, which is expected to enhance the overall integrity of the IPO process [3] Group 2 - The "1+6" reform policy for the Sci-Tech Innovation Board has accelerated the process for companies in high-tech sectors, with notable examples including GPU leader Moer Thread and optical communication chip company Youxun, which achieved rapid approval times [2] - The path for unprofitable companies to list on the Sci-Tech Innovation Board has become more accessible, with several firms in semiconductor and biomedicine sectors advancing their IPOs under new standards [2] - The focus of IPO selection criteria has shifted from general technology to hard technology, prioritizing companies in artificial intelligence, aerospace, and biomedicine that meet national strategic needs [2] Group 3 - There has been a notable trend of companies opting for dual listings in Hong Kong, with 64 companies submitting applications to the Hong Kong Stock Exchange since September, including over 20 A-share listed companies [4] - A total of 11 A-share companies have achieved "A+H" dual listings this year, raising a combined total of 916.89 million HKD, with leading firms like CATL and Hengrui Medicine contributing significantly to this total [4] - The dual listing trend is driven by policy incentives, expanded pathways for companies, and a return of global capital, enhancing the internationalization of firms and their positions in global supply chains [4]