Core Viewpoint - The IPO plans of several new energy vehicle companies are facing significant delays or cancellations due to stricter review processes, changing capital market conditions, and policy shifts [1][3]. Group 1: IPO Delays and Cancellations - Many new energy vehicle companies had planned to achieve IPOs this year, but the tightening of IPO reviews has led to a slowdown or halt in progress [1]. - A specific new energy vehicle company backed by a large group has not met sales targets and has not achieved profitability, resulting in pressure on its valuation [1]. - A traditional car manufacturer in East China is still pursuing a split listing for its new energy division, but its main board IPO progress has slowed [1]. Group 2: Employee Stock Ownership Issues - The company previously promoted an employee stock ownership plan, providing loans to employees for stock purchases, with a repayment structure starting in 2025 [2]. - As the repayment deadline approaches, the company has threatened to treat non-payment of interest as a default, leading to tensions between employees and management [2]. - Reports indicate that management received full refunds and interest compensation, exacerbating employee grievances [2]. Group 3: Policy and Market Influences - The decision to proceed with the IPO of the subsidiary brand is not solely determined by the group, as it is influenced by various government bodies [3]. - Other brands in different regions, such as Wuhan and Anhui, are also experiencing similar IPO delays due to policy and market conditions [3]. - The future of IPOs for these companies may improve if policies become clearer and allow for new energy vehicle companies to proceed with listings [3].