Core Viewpoint - The IPO market is experiencing a trend of reduced fundraising amounts, with over 40% of companies significantly lowering their initial fundraising plans since the normalization of IPO reviews last year [1][2][4]. Group 1: Fundraising Trends - Companies are increasingly opting to cut supplementary liquidity funding, with 38 out of 44 companies that reduced their fundraising plans initially including such provisions [3]. - The average reduction in fundraising amounts for companies that adjusted their plans is over 20%, with the total fundraising amount dropping from 459 billion to 330 billion, a decline of 28% [2][4]. - Notably, no companies have increased their fundraising amounts during this period [2]. Group 2: Regulatory Impact - The tightening of regulatory policies, including the new "National Nine Articles," has led to stricter IPO fundraising review standards, particularly targeting issues like excessive fundraising and high proportions of supplementary liquidity [1][4]. - The China Securities Regulatory Commission (CSRC) has emphasized the necessity of justifying the need for new capacity and the rationality of fundraising plans, which has become a critical aspect of the IPO review process [5][6]. Group 3: Company Strategies - Companies are adopting various strategies to adjust their fundraising plans, including eliminating supplementary liquidity projects, reducing non-core project funding, and making proportional adjustments across all projects [3][5]. - The focus is shifting towards ensuring that fundraising is aligned with core business needs and that funds are used efficiently to support genuine growth and innovation [8][9]. Group 4: Market Dynamics - The current trend of reduced fundraising is seen as a collaborative effort among regulators, intermediaries, and companies to optimize the ecosystem, moving away from a broad financing model to a more precise allocation of funds [9]. - This transformation is expected to enhance the efficiency of capital allocation, allowing funds to flow more effectively into key areas of the real economy [8][9].

IPO市场正掀起募资"瘦身潮"。9月17日，百奥赛图递交上会申请材料，计划以11.85亿元募集资金投入 募投项目，显著低于2023年6月首次申报时的18.93亿元计划。 自去年IPO审核常态化以来，企业募资规模压缩的迹象明显。据统计，超过四成企业募资规模较最初申 报稿明显缩减，平均压降幅度超过20%。其中"补充流动资金"项目成为缩水最多的部分，不少企业要么 直接取消补流计划，要么大幅下调补流额度。 这一现象背后，离不开监管政策的深化引导。新"国九条"落地，发行上市审核规则和募集资金监管规则 相继修订，使得IPO募资审核标准更趋严格，尤其是对"超募""补流占比过高"等此前存在的问题形成精 准约束。 近半IPO项目压降募资计划 2024年5月，在经历3个月的暂停后，A股IPO审核重启，市场迅速被激活，一大批企业随即加快IPO进 程。 值得注意的是，"缩融资、砍补流"成为此轮IPO申报的一个显著特征。例如，马可波罗最初申报募资 40.18亿元，到注册阶段降至23.77亿元；锡华科技IPO申报时募资额为20.48亿元，上会时调整为14.98亿 元，原计划5.5亿元的补流项目被取消。 证券时报记者梳理发现，自去年IPO ...