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].

Core Viewpoint - Shenzhen Dapu Microelectronics Co., Ltd. has become the first company to apply for an IPO on the ChiNext board under the third set of standards for unprofitable companies, with a reported net loss of 191 million yuan in 2024 [1][6] Group 1: IPO Details - Dapu Microelectronics is the first company to utilize the third set of standards, which requires a market value of no less than 5 billion yuan and revenue of at least 500 million yuan in the most recent year [1] - The company is also the second to apply for an IPO with special voting rights, where the controlling shareholder's shares have enhanced voting power [1][2] Group 2: Company Performance - Despite not being profitable, Dapu Microelectronics holds a strong position in the enterprise SSD market, being one of the few domestic providers with full-stack self-research capabilities [3] - In 2023, Dapu Microelectronics ranked fourth in the domestic enterprise SSD market with a market share of 6.4% [4] - The company's SSD sales surged from 111,200 units in 2022 to 285,300 units in 2024, representing a growth of 156.56% [5] Group 3: Market Trends - The global enterprise SSD market was valued at $20.454 billion in 2022 and is projected to reach $51.418 billion by 2027, with a compound annual growth rate of 20.25% [4] - The demand for enterprise SSDs is increasing due to applications in AI and cloud computing, with Dapu Microelectronics' products being tested by leading AI companies [4][5] Group 4: Future Plans - Dapu Microelectronics plans to raise 1.878 billion yuan through the IPO to fund the development of next-generation control chips, enterprise SSD research, and production testing bases [6] - The recent policy shift towards allowing unprofitable companies to go public is expected to provide more opportunities for innovative firms [8][9]

Group 1 - The core viewpoint of the article is that the reintroduction of the "new five standards" on the Sci-Tech Innovation Board (科创板) presents new IPO opportunities for sectors such as artificial intelligence, commercial aerospace, and low-altitude economy [3][5]. - The "new five standards" will create a "Sci-Tech Growth Layer" aimed at companies with significant technological breakthroughs, substantial R&D investment, and broad commercial prospects, which may currently have small revenue scales or weak profitability [6][7]. - The new standards will require companies to have "senior professional institutions" as investors and will introduce a pre-IPO review mechanism for eligible companies [7][8]. Group 2 - The new standards will expand the scope of applicable companies beyond biomedicine to include more frontier technology sectors, although specific review criteria are still pending [7][8]. - The IPO review speed will not accelerate, as companies will be allowed to raise funds from existing shareholders during the review process, which may lead to a more flexible financing environment for unprofitable companies [8][9]. - The third set of standards for the ChiNext board (创业板) will also support the listing of quality unprofitable innovative companies, with potential distinctions based on industry, R&D, personnel, and revenue [9]. Group 3 - The first batch of companies likely to list under the new standards may come from previously rumored "green channel companies" on the Sci-Tech Innovation Board, with a focus on digesting existing applications under the old standards [11].