蔡大总又提“常态化上市”一词，可以休矣。（两会评论）

Core Viewpoint - The article critiques the concept of "normalization" in the context of IPOs and financing for technology companies, arguing that the term is misused and should be abandoned in favor of a more regulated and market-driven approach [5][10]. Group 1: Normalization of IPOs - The term "normalization" in the context of IPOs suggests that there have been issues with the frequency and management of new stock issuances, particularly from 2021 to mid-2023, which led to market imbalances [5][6]. - The article emphasizes that a truly functioning market should inherently have regular listings, financing, and mergers, and that the recent surge in IPOs was more of a "leap forward" rather than a normalization [5][6]. - It is noted that the high frequency of IPOs during the specified period created a false sense of market prosperity, which ultimately harmed the market's health [6]. Group 2: Regulatory Reforms - The new "National Nine Articles" introduced in April 2024 aims to address issues in the IPO process, corporate governance, and market regulation, indicating that previous practices were inadequate [7]. - The article highlights that the pace of new stock issuances has slowed since 2021, which is viewed positively as it helps restore market balance [7]. - It is argued that any push for "normalization" in IPOs should be carefully managed to avoid market disruptions, and that alternative exit strategies for investors should be considered beyond just IPOs [7]. Group 3: Support for Technology Companies - The article discusses the need for innovative mechanisms to support technology companies in financing, suggesting that avenues such as mergers and acquisitions should be explored alongside traditional IPOs [8]. - It emphasizes the importance of patient capital and the role of discerning investors in recognizing and supporting technology firms, rather than relying solely on frequent IPOs [8]. - The article also mentions that the regulatory framework should facilitate the entry of technology companies into the capital market while adhering to market principles [9].