其实，作为一家IPO公司来说，选择在哪一家交易所上市，这是IPO公司自己的权利，只要相关的IPO公司符合所选择的交易所IPO条件就行。但不论IPO公 司选择国内哪一家交易所上市，都必须接受相同的IPO严审，尤其是需要直面IPO现场检查的洗礼。所以在IPO现场检查的问题上，需要公平、公正地对待沪 深北三大交易所，以及在三大交易所寻求上市的每一家IPO公司，而不能只将目光锁定沪深交易所，却把北交所的IPO公司落下了。 这种情况的出现显然是欠妥的。毕竟提高上市公司质量，严把IPO公司的审核关，不限于沪市IPO公司，也不限于深市IPO公司，它同样还包括北交所IPO公 司。而且，证监会发布的《首发企业现场检查规定》，也不只是对沪市IPO公司有效，同时也不只是对深市IPO公司有效，它同样对北交所的IPO公司有效。 因此，对北交所IPO公司的审核，同样需要接受IPO现场检查的洗礼。 更何况近年来北交所对IPO公司的受理与审核，以及对IPO公司发行上市的安排，在数量上远远超过了沪市与深市，成为IPO公司寻求新股发行上市的最主要 通道。正因为有更多的IPO公司选择在北交所发行上市，所以选择北交所上市的IPO公司更需要接受IPO ...

Group 1 - The China Securities Association announced the second batch of IPO on-site inspection list for 2025, including 12 companies, which is significantly larger than the first batch of only 2 companies [1] - On-site inspections are an effective method for reviewing IPOs, allowing auditors to verify the financial authenticity of issuers, thus enhancing the scrutiny of IPO applications [1] - The recent list represents the largest number of companies selected for inspection in recent years, aligning with the requirement from the CSRC chairman to significantly increase on-site inspections [1] Group 2 - The distribution of the 12 companies shows that 8 are planning to list on the Shanghai Stock Exchange, including 3 on the main board and 5 on the Sci-Tech Innovation Board, while 4 are set for the Shenzhen Stock Exchange [1] - The author argues that the IPO review process should also include companies listed on the Beijing Stock Exchange, as the CSRC's regulations apply to them as well [2] - The increasing number of IPO applications on the Beijing Stock Exchange necessitates a higher proportion of on-site inspections, especially for companies that previously withdrew applications from other exchanges [2]

2025年IPO第二批现场检查名单近日出炉，共有12家拟上市企业被抽中进入到现场检查的序列，其中 上交所8家，深交所4家，远高于去年同期的抽中企业数量。 南开大学金融发展研究院院长田利辉表示，现场检查的本质是用市场化手段筛选"真优质"企业，防止带病 申报的企业透支市场信任，被抽中的企业增多与排队序列中的拟上市企业同步增多相关，监管层通过现场 检查守好上市入口关，从源头提高上市公司质量。 从12家企业的受理时间来看，有11家企业是在6月份递交的申报材料且被受理的，仅有1家企业的IPO受理 时间在5月份。从审核状态来看，9家企业处于已受理状态，3家处于已问询环节。 这是今年第二批现场检查名单。3月份，中国证券业协会公布了2025年首批现场检查名单，随机抽取结果 显示，江西力源海纳科技股份有限公司、强一半导体（苏州）股份有限公司两家企业被抽中现场检查。把 时间拉长看，2024年共有4家企业被抽中现场检查，2023年有17家，2022年为34家。 为何第二批较今年首批、去年的抽中企业数量出现了明显增长？原因在于抽中企业数量和排队企业数量的 多寡挂钩，根据现有规则，参加随机抽取的企业由未经上市委会议审议且未参与过随机抽 ...

Group 1 - The second batch of on-site inspections for IPOs in 2025 includes 12 companies, significantly higher than the same period last year, with 8 from the Shanghai Stock Exchange and 4 from the Shenzhen Stock Exchange [1] - The increase in the number of companies selected for inspection is linked to the rising number of companies in the IPO queue, with regulatory bodies aiming to enhance the quality of listed companies through these inspections [1][2] - The majority of the inspected companies submitted their IPO applications in June, with 11 out of 12 being accepted during that month [1] Group 2 - The selection of companies for on-site inspections is proportional to the number of companies in the IPO queue, with a current extraction ratio of 20%, up from 5% last year [2] - Since May, there has been a surge in IPO applications, with 150 companies submitting their materials in June alone, indicating a recovery in the market [2] - The on-site inspection mechanism was established in 2017, and recent revisions to the regulations ensure that inspections proceed even if a company withdraws its application [2][3] Group 3 - The inspections serve as a deterrent against companies with issues in their applications, with a historical withdrawal rate of over 70% for companies selected for inspection [3] - Regulatory measures have been strengthened to hold both issuers and intermediaries accountable for any issues discovered during the inspection process [3][4] - In 2023, 75 IPO applications have been terminated, often following inquiries from the exchanges regarding financial stability and the authenticity of financial data [4] Group 4 - There have been 19 IPO withdrawal cases this year involving penalties for intermediaries or issuers, primarily identified during on-site inspections [5] - The audit quality for IPOs is expected to remain stringent, with a focus on key industries supported by the government, indicating a continued emphasis on strong regulatory oversight [6]

Group 1 - A total of 12 companies have been selected for on-site inspections as part of the second batch of IPO applications in 2025, with 11 of these applications being accepted in June 2023 and only one in May 2023 [1][3] - The companies are planning to list on the Shanghai and Shenzhen stock exchanges, with 3 on the main boards of each exchange, 5 on the Sci-Tech Innovation Board, and 1 on the Growth Enterprise Market [1][3] - Among the inspected companies, 3 are seeking to raise over 2 billion yuan, while 9 are aiming for amounts below this threshold [1][4] Group 2 - The regulatory approach towards IPOs has shifted from "expansion" to "quality enhancement," as indicated by the increase in the number of on-site inspections [2] - The inspections aim to ensure the authenticity of financial statements, compliance with regulations, and the effectiveness of internal controls, reflecting a commitment to high-quality listings [2][4] Group 3 - The company with the highest fundraising target among the inspected is Huike Co., which plans to raise 8.5 billion yuan for projects related to OLED technology and other initiatives [3][4] - Huike Co. previously attempted to list on the Growth Enterprise Market but withdrew its application in August 2023 after being accepted in June 2022 with a target of 9.5 billion yuan [3][4] Group 4 - Two other companies, Zhenstone Co. and Future Materials, are also seeking to raise significant amounts, with targets of 3.981 billion yuan and 2.446 billion yuan, respectively [4] - The profitability of the inspected companies varies, with Huike Co. projected to achieve a revenue of 40.31 billion yuan and a net profit of 3.339 billion yuan in 2024 [4] Group 5 - The regulatory body has emphasized strict entry standards, with on-site inspections serving as a critical mechanism to identify issues such as financial fraud and non-compliance [5][6] - There have been instances of companies withdrawing their IPO applications upon being selected for inspections, highlighting the importance of thorough regulatory scrutiny [5][6] Group 6 - Specific cases, such as Guohong Tools, illustrate the consequences of inaccurate disclosures and internal control failures, leading to disciplinary actions including a one-year ban on submitting IPO applications [6][7] - Companies that obstruct inspections or fail to provide accurate information face severe penalties, including extended bans on future IPO submissions [7]

Summary of Key Points Core Viewpoint The IPO market shows signs of recovery in the first half of 2025, with a significant increase in the number of companies applying for IPOs. However, the recent announcement of on-site inspections for several IPO applicants raises concerns about the potential impact on their listing processes. Group 1: IPO Market Activity - A total of 177 companies have submitted IPO applications to the three major exchanges in the first half of 2025, with 150 applications received in June alone, indicating a clear market recovery [1] - The China Securities Association announced a second batch of on-site inspections for 12 IPO companies shortly after June, including 5 from the Sci-Tech Innovation Board and 3 from both the Shanghai and Shenzhen main boards [1][3] - Since the beginning of 2025, a total of 14 IPO companies have been selected for on-site inspections, surpassing the total number for the entire year of 2024 [1] Group 2: Impact of On-Site Inspections - On-site inspections have a strong deterrent effect on IPO applicants, with 69 companies subjected to inspections since 2022, resulting in 42 companies halting their listing processes, leading to a withdrawal rate of 61% [3] - The recent inspections may further complicate the IPO process for the companies involved, as historical data shows a significant correlation between inspections and halted listings [3] Group 3: Financial Data of Selected Companies - The companies selected for the second batch of inspections have proposed fundraising amounts ranging from 6.30 billion to 85.00 billion yuan, with notable entries such as Huike Co., Ltd. proposing to raise 85.00 billion yuan [4] - The first batch of inspected companies in 2025 includes Jiangxi Liyuan Haina Technology Co., Ltd. and Qiangyi Semiconductor (Suzhou) Co., Ltd., with proposed fundraising amounts of 11.81 billion yuan and 15.00 billion yuan respectively [4] Group 4: Historical Context of Inspections - The trend of increasing inspections is evident, with the number of companies inspected in 2025 already exceeding the total for 2024, indicating a tightening regulatory environment [1][3] - The historical data suggests that companies facing inspections are at a higher risk of having their IPO applications terminated, which could deter future applicants from pursuing IPOs under current conditions [3]

来源|贝多财经 7月3日，中国证券业协会发布《关于2025年第二批首发企业现场检查抽查名单的公告》，共有12家公司被抽中现场检查，多数为2025年6月申报IPO，包括 长裕控股集团股份有限公司、易思维（杭州）科技股份有限公司（下称"易思维"）等。 特别说明的是，此前曾有多家公司出现"一查就撤"的情况。公开信息显示，2024年共有三批4家企业被抽中现场检查，其中两家撤回上市申请。2023年，共 有三批17家被抽中现场检查，其中12家已撤回上市申请。 对于"一查就撤"现象，证监会曾表态称，要追究到底、责任到人，在日常监管工作中，特别关注撤否率比较高和"业绩变脸"等市场比较关注的突出问题，严 格落实"申报即担责"，督促保荐机构切实强化内控，履行好核查把关职责。 据贝多财经了解，易思维于2025年6月5日递交招股书，报考在上海证券交易所科创板上市。本次报考上市，易思维计划募资12.14亿元，将用于机器视觉产 品产业化基地项目、机器视觉研发中心项目，以及补充流动资金。 天眼查App信息显示，易思维成立于2017年12月，位于浙江省杭州市。目前，该公司的注册资本为7500万元，法定代表人为郭寅，主要股东包括杭州易实思 远 ...

2025年第二批IPO现场检查名单出炉，12家公司被抽中。 7月3日，中国证券业协会（下称"中证协"）发布公告称，根据监管部门提供的2025年第二批首发企业现 场检查抽签名单，随机抽取结果共有12家公司，分别为：长裕控股集团股份有限公司、易思维（杭州） 科技股份有限公司、深圳市恒运昌真空技术股份有限公司、上海芯密科技股份有限公司、芜湖埃泰克汽 车电子股份有限公司、广西田园生化股份有限公司、浙江振石新材料股份有限公司、江苏康瑞新材料科 技股份有限公司、山东东岳未来氢能材料股份有限公司、中电科蓝天科技股份有限公司、广州慧谷新材 料科技股份有限公司、惠科股份有限公司。 涉及3个中信证券保荐项目 智通财经记者梳理资料发现，本次现场检查的12家IPO公司中，有8家拟登陆上海证券交易所（下称"上 交所"），涉及3家上证主板、5家科创板。有4家拟登陆深圳证券交易所（下称"深交所"），涉及3家深 证主板，1家创业板。 保荐机构方面，12个IPO项目合计涉及9家券商。其中，中信证券保荐了3个，中金公司保荐了2个，西 南证券、国投证券、国金证券、华泰联合证券、国海证券、国泰海通证券、中信建投证券等分别保荐了 1个。 值得一提的是 ...