Zhong Guo Ji Jin Bao·2025-11-17 07:31Core Insights - The A-share IPO market has experienced a significant surge in acceptance and review speed in 2023, with IPO acceptance volume increasing over 400% year-on-year from January to October [1][2] - The Beijing Stock Exchange (BSE) has become the main venue for new applications, while the Sci-Tech Innovation Board (STAR Market) has also injected new vitality into the market [1][2] IPO Acceptance Growth - A total of 195 IPO companies were accepted in the first ten months of this year, compared to only 35 in the same period last year, marking an increase of over 400% [2] - The BSE accounted for 122 of the new acceptances, and the STAR Market welcomed its first batch of companies in the Sci-Tech Growth Layer in October, indicating early success of institutional innovations [2] Market Sentiment and Business Adjustments - Investment banks are actively adjusting their structures and deepening industry engagement in response to the IPO business recovery, with an increase in preliminary project approvals and enhanced client confidence [1][2] - Companies like Industrial Securities and Guojin Securities have reported a noticeable increase in project reserves and are focusing on international business development [2] North Exchange Review Acceleration - The BSE has accelerated its IPO review process, with a significant increase in application activity, attributed to its lower listing requirements compared to the Shanghai and Shenzhen exchanges [4] - The average time from registration to listing on the BSE is approximately 40 days, which is about half the time required by the other exchanges [4] Sci-Tech Innovation Board Developments - The introduction of the Sci-Tech Growth Layer on the STAR Market is seen as a significant step in capital market institutional innovation, aimed at optimizing resource allocation and enhancing liquidity [5] - This new layer allows unprofitable tech companies to access financing, thereby broadening their funding channels while ensuring investor awareness through specific risk disclosure mechanisms [5][6]