Core Viewpoint - The implementation of the regulations has led to increased transparency and standardization in intermediary fees, enhancing the independence of intermediary institutions and improving the quality of listed companies [1][2][4]. Summary by Sections Regulation Overview - The regulations specify the principles for intermediary fees, including underwriting and sponsorship fees from investment banks, audit and verification fees from accounting firms, and legal fees from law firms [2][3]. - Since the regulations took effect on February 15, 2023, 41 companies have gone public, raising a total of 34.074 billion yuan, with an average fundraising of 831 million yuan per company [2]. Fee Structure - The average initial issuance cost per company is approximately 82.1288 million yuan, with underwriting and sponsorship fees averaging 53.6677 million yuan, audit and verification fees averaging 15.4988 million yuan, and legal fees averaging 7.9045 million yuan [2]. - The regulations require that fees be paid in stages based on project progress, enhancing clarity in fee structures [2][3]. Impact on Intermediary Practices - Intermediary institutions are now more focused on project rationality and compliance rather than merely maximizing fundraising amounts, leading to a more thorough due diligence process [4]. - Law firms have shifted their focus from compliance checks to comprehensive risk management throughout the entire process, necessitating a multidisciplinary approach [4]. Regulatory Enforcement - The regulations emphasize the need for strict oversight of intermediary practices, with the possibility of joint inspections and penalties for non-compliance [5]. - Regulatory scrutiny has increased, with more frequent inspections of IPO companies and related intermediaries, resulting in a rise in penalties for non-compliance [5][6].