严把IPO入口关！现场检查对带病申报说“不”

Core Viewpoint - The increase in the number of companies selected for on-site inspections reflects a stricter regulatory environment aimed at ensuring the quality of IPOs and preventing companies with issues from entering the market [1][2][3]. Group 1: On-site Inspection Overview - A total of 12 companies have been selected for the second batch of on-site inspections for IPOs in 2025, with 8 from the Shanghai Stock Exchange and 4 from the Shenzhen Stock Exchange, significantly higher than the previous year [1]. - The majority of the selected companies submitted their IPO applications in June, with 11 out of 12 being accepted during that month [1]. - The on-site inspection mechanism was first initiated in 2017, and recent regulatory updates have reinforced the commitment to conduct inspections even if a company withdraws its application [2][4]. Group 2: Regulatory Changes and Impacts - The proportion of companies selected for on-site inspections has increased from 5% to 20%, correlating with a rise in the number of companies in the IPO queue [2][3]. - Since May, there has been a surge in IPO applications, with 150 companies submitting materials in June alone, indicating a market recovery [2]. - The regulatory body has implemented a "double penalty" system for companies and intermediaries found to have issues, emphasizing accountability across all parties involved in the IPO process [3][4]. Group 3: Current Trends and Future Outlook - As of this year, 75 IPO applications have been terminated, often following inquiries from the exchanges regarding financial stability and the authenticity of financial data [4]. - There have been 19 instances of IPO withdrawals involving penalties for intermediaries or issuers, highlighting the effectiveness of on-site inspections in identifying issues [5]. - The expectation for 2025 is a stable increase in A-share IPOs, particularly in key manufacturing and strategic emerging industries, while maintaining strict quality control [5].