Core Viewpoint - The approval of Fu'en Co., Ltd.'s IPO registration by the China Securities Regulatory Commission (CSRC) highlights the acceleration of the IPO review process in the Chinese market, with significant reductions in the time taken for companies to move from application to registration [2][3][4]. Group 1: IPO Approval Process - Fu'en Co., Ltd.'s IPO application was accepted on June 24, 2025, and took approximately 206 days to complete the registration [2][3]. - In less than twenty days, the CSRC issued registration approvals for eight IPO companies, with most companies experiencing a queue time of less than eight months [3][4]. - The average review time for 82 companies that received registration from June 18, 2025, to January 16, 2026, was 472 days, with the average for the fourth quarter of 2025 dropping to 393 days [4][5]. Group 2: Increase in IPO Applications - The number of IPO applications received by the three major exchanges in 2025 was 251, which is 3.26 times that of 2024 [4][14]. - The CSRC approved a total of 84 IPO applications from June 18, 2025, to January 16, 2026, including 17 from the Sci-Tech Innovation Board and 31 from the Beijing Stock Exchange [4][14]. Group 3: Focus on Technology Companies - The acceleration in the review process is particularly evident for technology companies, with a notable emphasis on hard-tech enterprises that align with national strategies [8][18]. - For instance, the fastest IPO approval was for Nanfang Network Digital, which took only 112 days from acceptance to registration [17][18]. Group 4: Regulatory Environment - Despite the faster approval process, the regulatory environment remains stringent, with a slight decrease in the approval rate to 93% in the fourth quarter of 2025 [19][20]. - The CSRC has maintained a focus on quality, ensuring that while the pace of approvals increases, the standards for entry into the market remain high [20].

进入12月，IPO审核明显加速，本周继续安排6家企业上会。从受理时间来看，6家企业均为今年5月之 后新受理的IPO。从目前IPO市场生态来看，已经开始逐步告别"排队论"，将审核重点转向"质量优劣"， 优先让符合国家战略、拥有核心技术、业绩表现稳健的企业登陆资本市场，优质IPO企业已然站上资本 C位。 对于优质公司而言，发行上市打破"排队候审"模式是难得的发展机遇。在目前近300家存量IPO中，它们 得以跳过冗长的排队队列，更快地登陆资本市场获取融资。资金是公司发展的血液，尤其是在硬科技、 创新药等领域，研发投入大、资金回笼周期长，快速融资能为公司注入强大动力。优质公司借助资本市 场的资金支持，可以加大在研发创新上的投入，提升技术水平，扩大生产规模，进一步巩固和提升自身 在行业内的地位，这对于高科技公司快速成长为独角兽企业具有重大意义。 与此同时，中介机构也需更加勤勉尽责，做好"看门人"的角色，推动拟上市企业规范运作。这种"优中 选优"的筛选机制，将从源头上净化A股市场，减少"带病上市"现象，保护中小投资者的合法权益。 总之，优质IPO企业站上资本C位是资本市场发展的必然趋势，它为优质企业提供了发展契机，倒逼拟 ...