Group 1 - The core viewpoint of the articles highlights the high withdrawal rate of IPOs by certain securities firms, particularly Guotou Securities, which has a withdrawal rate of 36.84% for the 19 IPOs it sponsored this year, with only two companies successfully listed [2] - Regulatory measures have effectively reduced the number of companies withdrawing or terminating their IPOs, with approximately 100 companies withdrawing this year compared to over 400 last year, indicating a significant year-on-year decrease [2] - Specific companies that withdrew their IPO applications under Guotou Securities include Hongxing Technology, Boshi Ran, Chuda Intelligent, Jingyang Electromechanical, and Dahan Software [2] Group 2 - Guotou Electric's main board refinancing project was accepted in October 2024 and received registration approval from the CSRC on January 22 of this year, with Guotou Securities and CITIC Securities as the sponsoring institutions [3] - Two representatives from Guotou Securities involved in the refinancing project share names with those who received regulatory warnings, indicating potential issues within the firm [3] - Guotou Securities has eight representatives listed in the C category of the sponsor representative classification list, which indicates penalties, highlighting ongoing compliance challenges within the firm [3]

Group 1 - The core viewpoint of the articles highlights the challenges faced by Guotou Securities in the IPO market, with a high withdrawal rate despite a favorable approval rate for IPOs this year [1][2] - Guotou Securities has sponsored 19 IPO companies in the first 11 months of this year, with 7 companies voluntarily withdrawing their applications, resulting in a withdrawal rate of 36.84% [1] - The number of companies withdrawing or terminating their IPO applications has significantly decreased compared to last year, with approximately 100 companies withdrawing this year compared to over 400 last year [1] Group 2 - Guotou Securities' major projects that were withdrawn include companies like Hongxing Technology and Desitai New Materials, some of which have attempted to go public multiple times without success [1] - Regulatory measures have been implemented, with the Shanghai Stock Exchange issuing warnings to Guotou Securities and two of its representatives due to compliance issues [2] - Guotou Securities reported a revenue of 57.98 billion yuan in the first half of the year, a year-on-year increase of 5.77%, while its investment banking business saw a decline in revenue by 15.99% to 2.82 billion yuan [3]