Core Insights - The A-share IPO market has seen a significant decline in both planned and actual fundraising amounts due to various regulatory changes, including the "827 New Policy" and "315 New Policy" [1][2] - A growing number of IPO companies are reducing their fundraising targets during the review process, with over half of the companies in 2025 adjusting their planned fundraising amounts [1][5] Fundraising Trends - From 2022 to 2025, 917 companies have gone public in the A-share market, with a notable decrease in the number of IPOs, particularly in 2024, where only 100 companies were listed [3] - The proportion of companies that failed to raise sufficient funds has surged to over 50% since 2024, with significant increases across various boards, excluding the Beijing Stock Exchange [5] Fundraising Shortfalls - The average shortfall in fundraising for IPO companies since 2022 fluctuates between 23% and 35%, with some companies experiencing drastic shortfalls, such as Xingchen Technology, which raised only 6.27 billion CNY against a planned 30.46 billion CNY, resulting in a shortfall of 79.39% [7] Regulatory Adjustments - Companies that do not meet their fundraising targets must adjust their investment projects according to regulatory requirements, which necessitate board approval and may require disclosure of adjustments [9][10] - The adjustments typically involve reducing the amount allocated to one or more projects, canceling supplementary projects, or eliminating specific investment projects altogether [11] Case Studies of Adjustments - Haibo Shichuang adjusted its fundraising project amounts after raising 76.65 million CNY against a planned 78.28 million CNY, reducing its working capital allocation [12] - Huazhi Jie reduced multiple project amounts while maintaining the intended use of funds, raising 44.42 million CNY against a planned 48.61 million CNY [13] - Taili Technology cut its working capital allocation by 32% after raising 36.95 million CNY against a planned 54.22 million CNY [15] - Taihe Co. canceled several detailed investment projects after raising only 38.98 million CNY against a planned 104.49 million CNY [21] - Saifen Technology also canceled supplementary and other investment projects after raising 16.58 million CNY against a planned 80 million CNY [24]