Group 1 - The introduction of the new registration system for IPOs is expected to increase the delisting rate in the A-share market, which has historically been low at less than 1%, compared to around 5% in the US [1] - The previous approval system allowed companies to maintain their listings even with significant stock price declines, as long as there was potential for restructuring and recovery [1] - With the new registration system, the barriers to listing are lowered, leading to a more competitive environment where the quality of companies may vary significantly, increasing the risk of delisting for investors [1] Group 2 - Under the new registration system, IPOs are no longer merely a means for companies to raise funds, as market dynamics will dictate valuations rather than management-set price-to-earnings ratios [3] - The scarcity of listing resources has diminished, leading to a more discerning investment landscape where investors are less likely to assign high valuations to companies with limited growth prospects [3]
新修订《证券法》出台，会有更多企业IPO, 破发会更多吗？
Sou Hu Cai Jing·2025-12-13 16:05