IPO发审向“新”倾斜，现场检查威慑力持续提升

Core Insights - The capital market has accelerated its service to technological innovation since the release of the "1+6" reform policy for the Sci-Tech Innovation Board, with an increase in the IPO approval rate this year [1][3]. IPO Performance - As of now, 61 companies have been reviewed for IPOs in the A-share market, with 58 approved, resulting in a 95.08% approval rate, up nearly 10 percentage points from 85.37% in the same period last year [3]. - The improvement in IPO approval rates is attributed to stricter quality controls and better positioning of applicant companies [3][4]. Regulatory Environment - The China Securities Association has conducted on-site inspections for 16 IPO companies this year, focusing on financial authenticity, internal control, and information disclosure quality [6]. - The trend of stricter regulations is evident, with a shift towards more rigorous entry standards for IPOs, emphasizing hard technology sectors such as AI, aerospace, and biomedicine [4][6]. Market Dynamics - There has been a notable increase in companies opting for dual listings in Hong Kong, with 64 companies applying to the Hong Kong Stock Exchange since September, including over 20 A-share listed companies [8]. - The total funds raised by 11 A-share companies that achieved "A+H" dual listings this year amount to 916.89 million HKD, with leading firms like CATL and Hengrui Medicine contributing significantly to this total [8]. Strategic Implications - The dual listing strategy not only expands financing channels but also enhances companies' international presence and resource integration, thereby improving their positions in the global supply chain [8].