今年首批IPO现场检查锁定11家企业 明星硬科技项目成焦点

Core Insights - A new round of IPO现场检查 (on-site inspections) has commenced at the beginning of 2026, with 11 companies selected for inspection [2][12]. Group 1: IPO Inspection Details - The first batch of companies for the 2026 IPO现场检查 includes 11 firms, with 6 from the 科创板 (Sci-Tech Innovation Board), 4 from the 创业板 (ChiNext), and 1 from the 上证主板 (Shanghai Stock Exchange Main Board) [2][12]. - The number of IPO projects accepted in the fourth quarter of 2025 reached 49, a significant increase compared to 2024, indicating a recovery in the A-share IPO market [2][12]. - The ratio of companies selected for on-site inspections aligns with the acceptance rate of new IPO applications, with a target coverage of at least one-third for new applications [3][13]. Group 2: Company Profiles - The selected companies span various sectors, including semiconductors, medical devices, commercial aerospace, and artificial intelligence, with four currently operating at a loss [4][14]. - 蓝箭航天 (Blue Arrow Aerospace) is notable as the first commercial rocket company to be accepted under the new listing standards, with a pre-IPO valuation of 20.7 billion yuan [4][14]. - 汉诺医疗 (Hanno Medical) is the first domestic company to achieve the localization of ECMO systems, while 锐石创芯 (Rui Shi Chuang Xin) focuses on RF chip manufacturing, with significant R&D investments [4][14][15]. - 粤芯半导体 (Yuexin Semiconductor) is the first 12-inch wafer manufacturer in Guangdong, with a post-investment valuation of 25.3 billion yuan and consistent revenue above 1 billion yuan [5][15]. Group 3: Financial Metrics - The total fundraising target for the 11 companies is 26.22 billion yuan, with 蓝箭航天 and 粤芯半导体 each aiming to raise 7.5 billion yuan [5][15]. - 中盐股份 (Zhongyan Co.) is the largest in terms of revenue and profit, with 2024 revenues of 7.044 billion yuan and a net profit of 692 million yuan [5][15]. Group 4: Regulatory Environment - The trend of "一查就撤" (withdrawal upon inspection) has improved, with no companies withdrawing from inspections in 2025, contrasting with high withdrawal rates in previous years [8][18]. - Regulatory measures have been implemented to enhance accountability among investment banks and companies, aiming to improve the quality of listed companies [19][20].