近日，中国证监会通报2025年首发企业现场检查情况，新受理企业申报质量进一步提升，"一查就撤"等 市场乱象得到根本扭转。 发行上市是资本市场的入口关，是确保上市公司质量的第一道防线。过去部分企业存在侥幸心理，将上 市申请视为一场闯关游戏，粉饰材料、美颜数据，一旦被抽中现场检查，往往因底子不牢、问题难掩而 主动撤回，试图换个时间、换种方式再来。这种"见势不妙，拔腿就跑"的行为，扰乱了发行审核秩序， 浪费了监管资源，动摇了投资者对市场的信任根基。 资本市场的入场券不应靠闯，而应靠练。为提高拟上市企业申报质量，近年来，监管部门对首发申请企 业常态化开展"随机抽取+问题导向"两类现场检查，从严查处披露舞弊、财务造假等恶意"带病闯关"行 为。其目的，就是要把好上市质量关，将那些试图通过包装甚至欺诈入市的问题企业挡在大门之外，让 诚实经营、规范运作的优秀公司脱颖而出，更顺利地获得融资支持。 企图蒙混过关者知难而退。根据证监会披露，2025年随机抽取的16家企业均未撤回申请，其中7家已通 过交易所上市委审核，"一查就撤"乱象不再，现场检查的严肃性和威慑力得以确立。越来越多企业明 白，现场检查不是走过场，是要实实在在进车间、 ...

证监会表示，下一步将进一步科学统筹现场检查覆盖面与有效性，坚持风险导向、突出重点、分类处 置，以实事求是的态度，努力做到严而有效、严而有方、严而有度，不断提高拟上市企业申报质量，持 续提升市场各方获得感和投资者权益保护水平。 2025年，证监会紧扣防风险、强监管、促高质量发展工作主线，在现场检查工作中，坚守监管主责主 业，严把资本市场入口关，同时坚持重要性原则，防止检查工作简单化，合理把握投资者保护与制度包 容性平衡。 对首发申请企业，证监会常态化开展随机抽取与问题导向两类现场检查。其中，对新受理企业，证监会 按照20%比例随机抽取检查对象，核验申报质量。检查工作突出重要性原则，防止"眉毛胡子一把抓"。 检查结束后，监管部门根据问题性质精准适配处理措施，分类推进审核程序。 对在审企业，如存在与发行上市条件相关且无法提供合理解释的重大存疑事项，证监会按程序开展问题 导向现场检查。检查工作强化风险防范，从严查处披露舞弊、财务造假等恶意"带病闯关"行为。一经查 实，监管部门坚决否决发行上市申请，依法从严追究相关主体责任。 据证监会介绍，从全年检查情况看，新受理企业申报质量进一步提升。截至2025年底，16家随机抽取 ...

Core Insights - The IPO approval rate in the A-share market has improved significantly this year, with a current approval rate of 95.08%, up nearly 10 percentage points from 85.37% in the same period last year [1] Summary by Categories IPO Performance - A total of 61 companies have been reviewed for IPOs this year, with 58 successfully approved, indicating a strong performance in the IPO process [1] Regulatory Environment - The regulatory approach has become stricter, with 16 companies selected for on-site inspections to ensure compliance and prevent any companies from "sneaking through" the approval process [1] Market Development - The capital market is undergoing deep reforms focused on supporting new productive forces, aiming to facilitate the entry of high-quality companies into the market through both domestic and international channels [1]

Core Viewpoint - The recent trend of IPO withdrawals has raised concerns, with 72 companies terminating their IPO applications this year, primarily due to material withdrawal, with over 40% of these companies originally planning to list on the Shenzhen Stock Exchange [1][5]. Group 1: IPO Withdrawals - Two notable companies, Zhongchuan Shuangrui (Luoyang) Special Equipment Co., Ltd. and Guangdong Shunde Rural Commercial Bank Co., Ltd., have recently withdrawn their IPO applications after long waiting periods, with the former having been approved for 8 months and the latter waiting for 6 years [1][2]. - As of July 9, 2023, a total of 72 companies have terminated their IPO applications this year, with the Shenzhen Stock Exchange seeing the highest number at 29, followed by the Shanghai Stock Exchange with 16 and the Beijing Stock Exchange with 27 [5][6]. - Among the withdrawn applications, four companies had been waiting for over 5 years, including Shunde Rural Commercial Bank, Zhejiang Destai New Materials Co., Ltd., Guangzhou Bank, and China Tea Co., Ltd. [6]. Group 2: Reasons for Withdrawal - The reasons for these withdrawals include policy changes, shifts in industry profitability, and changes in company operations, with some companies potentially facing reports of misconduct [1][11]. - Zhongchuan Shuangrui's IPO was halted due to a lack of registration submission after passing the review, with concerns raised about its related party transactions and independence during the review process [3]. - Shunde Rural Commercial Bank faced extensive feedback from the regulatory body, including 62 issues related to information disclosure and asset quality, leading to its eventual withdrawal after years of waiting [4]. Group 3: Impact of On-Site Inspections - Several companies that withdrew their IPO applications had been subject to on-site inspections, with all five companies from the first batch of inspections in 2023 ultimately withdrawing their applications [12]. - Companies that faced on-site inspections and subsequently withdrew their applications have also faced penalties for various violations, including undisclosed internal control deficiencies [13].