Group 1 - The core point of the article highlights that in the third quarter of 2025, refinancing activities dominated the Shenzhen Stock Exchange's acceptance process, with 37 cases compared to only 2 IPOs [1][3] - In the registration phase, refinancing also led with 17 cases, while both IPOs and major asset restructurings had 2 cases each [1] - The trend over the first three quarters shows a significant increase in refinancing, with a total of 75 refinancing cases accepted compared to 34 IPOs, reinforcing refinancing's leading position [1] Group 2 - The article also emphasizes two cases of IPO supervision related to violations in R&D investment, highlighting issues such as inadequate management of external experimental materials and inaccurate cost accounting [3] - Despite the identified responsibilities of the issuers and intermediaries, the Shenzhen Stock Exchange only issued verbal warnings, reflecting a regulatory approach that aims to encourage rectification rather than impose severe penalties [3] - Additionally, the exchange summarized five common rectification issues in the acceptance phase, providing clear guidance for market participants on submission requirements [3]