证监会：IPO不会大规模扩容

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes that there will not be a large-scale expansion of IPOs despite the increased inclusivity of the Sci-Tech Innovation Board and the Growth Enterprise Market, maintaining strict control over the listing process [2][3]. Group 1: Regulatory Measures - The CSRC has implemented a "red light pause" for industries with overcapacity while providing a "green channel" for hard technology and green low-carbon sectors, alongside improving information disclosure quality [4]. - In 2025, the CSRC will continue to enforce a 25% on-site inspection ratio for IPO applications, maintaining the regulatory intensity from 2024 to ensure IPO quality and prevent "sick reporting" issues [4]. - The CSRC revised the "Major Asset Restructuring Management Measures" in May 2023, promoting mergers and acquisitions towards industrial integration and efficiency improvement, encouraging technology companies to strengthen their supply chains rather than focusing solely on IPOs [4]. Group 2: Market Response - Following the introduction of supportive policies, approximately 243 companies have initiated IPO counseling filings since 2025, with a significant increase in filings in June and July compared to earlier months [3]. - As of August 7, 2025, 62 new IPOs have been approved, raising over 634 billion yuan, indicating a moderate growth in IPO supply without a significant expansion [3]. Group 3: Global Context - The recent policies in China's capital markets align with global trends, where exchanges like NASDAQ allow unprofitable AI companies to list directly, and the Hong Kong Stock Exchange has introduced specialized technology chapters [5].