深交所三季度再融资受理37家，IPO仅2家

Group 1 - The core point of the article highlights that in the third quarter of 2025, refinancing activities dominated the Shenzhen Stock Exchange's acceptance of projects, with 37 cases compared to only 2 IPOs [1] - In the same quarter, the Shenzhen Stock Exchange processed 11 major asset restructuring cases, indicating a strong focus on refinancing and restructuring rather than new IPOs [1] - The trend is further emphasized when looking at the first three quarters of 2025, where a total of 34 IPOs were accepted, while refinancing cases reached 75, solidifying the dominance of refinancing in the acceptance process [1] Group 2 - The article mentions that there were two cases of oral warnings issued due to violations related to R&D investment, underscoring the strict regulatory scrutiny on the authenticity and accuracy of R&D expenditures [1] - In the registration phase, refinancing also led with 17 cases, while both IPOs and major asset restructurings had 2 cases each that completed registration [1] - The article notes that there were 5 IPO projects that terminated their review process during the quarter, primarily concentrated in the IPO sector [1]