Core Insights - A new round of IPO现场检查 (on-site inspections) has commenced at the beginning of 2026, with 11 companies selected for inspection [2][12]. Group 1: IPO Inspection Details - The first batch of companies for the 2026 IPO现场检查 includes 11 firms, with 6 from the 科创板 (Sci-Tech Innovation Board), 4 from the 创业板 (ChiNext), and 1 from the 上证主板 (Shanghai Stock Exchange Main Board) [2][12]. - The number of IPO projects accepted in the fourth quarter of 2025 reached 49, a significant increase compared to 2024, indicating a recovery in the A-share IPO market [2][12]. - The ratio of companies selected for on-site inspections aligns with the acceptance rate of new IPO applications, with a target coverage of at least one-third for new applications [3][13]. Group 2: Company Profiles - The selected companies span various sectors, including semiconductors, medical devices, commercial aerospace, and artificial intelligence, with four currently operating at a loss [4][14]. - 蓝箭航天 (Blue Arrow Aerospace) is notable as the first commercial rocket company to be accepted under the new listing standards, with a pre-IPO valuation of 20.7 billion yuan [4][14]. - 汉诺医疗 (Hanno Medical) is the first domestic company to achieve the localization of ECMO systems, while 锐石创芯 (Rui Shi Chuang Xin) focuses on RF chip manufacturing, with significant R&D investments [4][14][15]. - 粤芯半导体 (Yuexin Semiconductor) is the first 12-inch wafer manufacturer in Guangdong, with a post-investment valuation of 25.3 billion yuan and consistent revenue above 1 billion yuan [5][15]. Group 3: Financial Metrics - The total fundraising target for the 11 companies is 26.22 billion yuan, with 蓝箭航天 and 粤芯半导体 each aiming to raise 7.5 billion yuan [5][15]. - 中盐股份 (Zhongyan Co.) is the largest in terms of revenue and profit, with 2024 revenues of 7.044 billion yuan and a net profit of 692 million yuan [5][15]. Group 4: Regulatory Environment - The trend of "一查就撤" (withdrawal upon inspection) has improved, with no companies withdrawing from inspections in 2025, contrasting with high withdrawal rates in previous years [8][18]. - Regulatory measures have been implemented to enhance accountability among investment banks and companies, aiming to improve the quality of listed companies [19][20].

21世纪经济报道记者 杨坪 深圳报道 2026年新年伊始，新一轮IPO现场检查重磅来袭。 1月5日晚间，中证协公布了2026年第一批首发企业现场检查抽签名单，11家拟IPO企业"中签"。 这些企业均为2025年11月~12月受理的项目，其中科创板数量最多，合计有6家企业入选，分别为蓝箭航天、频准激光、高凯技 术、汉诺医疗、韬盛科技、锐石创芯；创业板紧随其后，洛轴股份、粤芯半导体、九安智能、猎奇智能4家企业入选，上证主板 仅中盐股份1家企业入选。 | 企业名称 | 受理日期 | 拟上市板 | 募集资金(亿元) | 保存机构 | | --- | --- | --- | --- | --- | | 洛阳轴承集团股份有限公司 | 2025/11/28 | 创业板 | 18.00 | 中信建投 | | 上海频准激光科技股份有限公司 | 2025/12/8 | 科创板 | 14.10 | 中信建投 | | 粤芯半导体技术股份有限公司 | 2025/12/19 | 创业板 | 75.00 | 广发证券 | | 深圳汉诺医疗科技股份有限公司 | 2025/12/23 | 科创板 | 10.62 | 中信证券 | | 广东九安 ...

Core Insights - The China Securities Association released the first batch of IPO companies for on-site inspection in 2026, including 11 firms such as Blue Arrow Aerospace and Frequency Precision Laser, with half of them coming from the Sci-Tech Innovation Board [1][3] Group 1: IPO Companies and Their Status - Among the 11 companies, only three—Yuexin Semiconductor, Luozhou Co., and Frequency Precision Laser—have entered the inquiry stage, while the remaining eight are still in the "accepted" phase [3] - The majority of companies targeting the Sci-Tech Innovation Board are six, including Blue Arrow Aerospace and Frequency Precision Laser, while four companies are aiming for the Growth Enterprise Market (GEM) and only one for the Shanghai Main Board [3] Group 2: Fundraising and Financial Performance - Blue Arrow Aerospace and Yuexin Semiconductor are both seeking to raise 7.5 billion yuan, despite being in a loss position during the reporting period [3][4] - Yuexin Semiconductor reported revenues of approximately 1.545 billion yuan, 1.044 billion yuan, 1.681 billion yuan, and 1.053 billion yuan for the years 2022 to 2025 H1, with corresponding net losses of about 1.043 billion yuan, 1.917 billion yuan, 2.253 billion yuan, and 1.201 billion yuan [4] - Other companies, including Luozhou Co. and Zhongyan Co., are looking to raise between 1 billion and 2 billion yuan, while companies like Lianqi Intelligent and Ruishi Chuangxin aim to raise less than 1 billion yuan [4] Group 3: Regulatory Context - The on-site inspection of IPO companies is a regulatory enforcement measure under the Securities Law, playing a crucial role in the overall IPO supervision process [4] - In 2025, the China Securities Association published three batches of on-site inspection lists, involving a total of 16 IPO companies, with a noticeable decrease in withdrawal rates compared to previous years [4]

Core Insights - The announcement from the China Securities Association regarding the third batch of IPO companies for on-site inspections in 2025 includes two companies, Electric Power Construction New Energy and Yueya Semiconductor, both newly accepted in September 2023. This brings the total number of companies selected for on-site inspections this year to 16 [1] - Unlike previous years, none of the 16 companies selected for on-site inspections this year have withdrawn their applications, indicating a significant change in behavior compared to past trends where withdrawal rates often exceeded 50% [1] - The phenomenon of "withdraw upon inspection" in previous years was largely due to the influx of low-quality companies attempting to enter the market, which led to many companies choosing to withdraw when selected for inspections [1] Summary by Sections On-site Inspection Changes - The lack of a responsible mechanism in the past allowed problematic IPO companies to evade inspections by withdrawing their applications, leading to the prevalence of the "withdraw upon inspection" phenomenon [2] - The current year has seen a shift, with companies remaining confident in their applications due to stricter IPO reviews and the withdrawal of many problematic companies, leaving behind those that believe they meet the IPO requirements [4] Regulatory Improvements - The revised "On-site Inspection Regulations for IPO Companies" issued by the China Securities Regulatory Commission on March 15, 2024, emphasizes accountability, stating that withdrawal of an application does not halt the inspection process or prevent regulatory actions based on findings [4] - This new regulation effectively closes loopholes that previously allowed companies to escape scrutiny, making it clear that withdrawing an application will not shield them from inspections or consequences [4][5] Future Implications - Companies that choose to withdraw upon inspection may inadvertently signal their own weaknesses, leading to more stringent scrutiny from regulatory bodies [5] - The expectation is that the "withdraw upon inspection" practice will gradually become a thing of the past, reflecting the improvements in the regulatory framework and the overall quality of companies entering the market [5]

Core Viewpoint - The China Securities Association has released a list of companies for on-site inspections, including Electric Power Construction New Energy and Yueya Semiconductor, as part of the IPO process, highlighting the regulatory focus on financial authenticity and the importance of on-site supervision in the IPO review process [1][2][3] Group 1: Electric Power Construction New Energy - Electric Power Construction New Energy aims to list on the Shanghai Stock Exchange, focusing on the development, investment, operation, and management of wind and solar power projects, with an IPO fundraising target of approximately 9 billion yuan [1] - As of March, the company's revenue composition shows wind power accounting for 70.37%, solar power for 28.38%, and other sources for 1.25%, indicating a significant reliance on wind energy [1] - The solar power segment has seen a notable increase in revenue share from 15.47% in 2022 to 28.38% in Q1 2025, although this growth is accompanied by a significant decline in gross margin from 51.03% at the end of 2024 to 30% in Q1 2023, attributed to seasonal sunlight shortages [1] Group 2: Yueya Semiconductor - Yueya Semiconductor plans to list on the ChiNext board, focusing on the R&D, production, and sales of advanced packaging materials and products, with an IPO fundraising target of approximately 1.224 billion yuan [1] - The company reported revenues of 1.667 billion yuan, 1.705 billion yuan, 1.796 billion yuan, and 811 million yuan for the years 2022 to 2025 H1, with net profits showing significant fluctuations [2] - Despite maintaining higher gross margins than industry peers, Yueya Semiconductor's gross margin has declined from 38.97% in 2022 to 24.42% in 2025 H1, primarily due to falling product prices, rising raw material costs, and increased depreciation from new production lines [2]

Group 1 - The core viewpoint of the article highlights the effectiveness of the regulatory measures implemented by the China Securities Regulatory Commission (CSRC) in improving the IPO market, as evidenced by the absence of withdrawal cases among the 16 companies subjected to on-site inspections this year [1][5][7] - The number of companies selected for on-site inspections has increased to 16, with no withdrawals reported so far, contrasting sharply with previous years where withdrawal rates exceeded 50% [1][6] - The regulatory changes, including the emphasis on "responsibility upon application" and increased inspection rates, have contributed to a more stringent IPO approval process, enhancing the overall quality of listed companies [7][8] Group 2 - Two companies, Electric Power Construction New Energy and Yueya Semiconductor, were recently selected for on-site inspections, with Electric Power Construction New Energy showing a significant profit growth trend [3][4] - Financial data indicates that Electric Power Construction New Energy achieved net profits of approximately 1.768 billion, 2.329 billion, 2.589 billion, and 511 million from 2022 to the first quarter of 2025, while Yueya Semiconductor's profits showed volatility during the same period [3][4] - The gross profit margins for Yueya Semiconductor have declined over the reporting period, indicating potential challenges in maintaining profitability [4][6]

Core Insights - The China Securities Association has announced the third batch of companies for on-site inspections in 2025, including China Electric Power Construction Group New Energy Co., Ltd. and Zhuhai Yueya Semiconductor Co., Ltd. [1][3] Company Summaries China Electric Power Construction Group New Energy Co., Ltd. (电建新能) - The company is the only platform under China Electric Power Construction (601669) engaged in domestic renewable energy investment, operation, and management, focusing on wind and solar power projects [4] - As of Q1 2025, the company has a total installed capacity of 21.2461 million kW, holding a market share of 1.43% in the national market, with wind power at 1.85% and solar power at 1.20% [4] - The company plans to raise approximately 9 billion yuan through its IPO, ranking second in fundraising among A-share IPO applicants, following China Resources New Energy's 24.5 billion yuan [4] - Revenue has shown steady growth from 8.382 billion yuan in 2022 to 9.81 billion yuan in Q1 2025, with net profit increasing from 1.768 billion yuan to 2.589 billion yuan in the same period [4] Zhuhai Yueya Semiconductor Co., Ltd. (越亚半导体) - This smaller private enterprise focuses on the R&D, production, and sales of advanced packaging materials and products, including IC packaging substrates and embedded packaging modules [6] - The company's revenue has fluctuated, with figures of 1.667 billion yuan in 2022, 1.705 billion yuan in 2023, and 1.796 billion yuan in 2024, while net profit decreased from 415 million yuan to 91.473 million yuan in the same period [6] - Despite having a higher gross margin than industry peers, the company's gross margin has declined from 38.97% in 2022 to 24.42% in the first half of 2025, attributed to falling product prices and rising raw material costs [6] Regulatory Environment - The regulatory environment has improved significantly, with no companies withdrawing their IPO applications after being selected for on-site inspections in 2025, contrasting with previous years where high withdrawal rates were common [3][9] - The China Securities Regulatory Commission has implemented revised regulations emphasizing accountability during the IPO process, which has led to a notable decrease in the "one check and withdraw" phenomenon [10][11] - The termination rates for on-site inspections have decreased from 71.74% in 2021 to 50% in 2024, indicating a more stable IPO environment [8]

Core Insights - The China Securities Association announced the third batch of companies for on-site inspection, including Electric Power Construction New Energy and Yueya Semiconductor, both of which are preparing for IPOs [1][2] Group 1: Electric Power Construction New Energy - The company aims to list on the Shanghai Stock Exchange and plans to raise approximately 9 billion yuan through its IPO [1] - As of March this year, the revenue composition shows that wind power accounts for 70.37%, solar power for 28.38%, and other sources for 1.25% [1] - The solar power segment has seen a significant increase in revenue share from 15.47% in 2022 to 28.38% in Q1 2025, indicating a clear upward trend [1] - Despite revenue growth of over 8% year-on-year to 5.472 billion yuan in the first half of 2025, the net profit attributable to shareholders fell by 16% to 1.127 billion yuan, primarily due to a decline in gross margin caused by seasonal sunlight shortages [1] Group 2: Yueya Semiconductor - The company is preparing for an IPO on the ChiNext board, aiming to raise about 1.224 billion yuan [1] - Revenue figures for Yueya Semiconductor from 2022 to the first half of 2025 are 1.667 billion yuan, 1.705 billion yuan, 1.796 billion yuan, and 811 million yuan, respectively, showing overall revenue growth but significant fluctuations in net profit [2] - The gross margin for the main business has decreased in recent years, with figures of 38.97%, 26.65%, 25.49%, and 24.42% from 2022 to the first half of 2025, attributed to falling product prices, rising costs of precious metals, and increased depreciation from new production lines [2] Group 3: Regulatory Environment - The regulatory body has emphasized the importance of on-site inspections as a key tool for IPO review, highlighting the need for strict accountability of intermediary institutions [2] - The Shenzhen Stock Exchange has revised its listing rules to enhance the role of on-site inspections in preventing financial fraud and ensuring the integrity of the IPO process [2][3]

Group 1 - The China Securities Association announced the third batch of companies for on-site inspection in 2025, including China Electric Power Construction Group New Energy Co., Ltd. and Zhuhai Yueya Semiconductor Co., Ltd. [1] - With the announcement of the third batch, the total number of companies selected for on-site inspection this year has reached 16 [2]. - China Electric Power Construction New Energy aims to list on the Shanghai Stock Exchange, seeking to raise approximately 9 billion yuan, while Zhuhai Yueya Semiconductor plans to list on the ChiNext board, aiming to raise about 1.224 billion yuan [1]. Group 2 - The on-site inspection of newly listed companies is a regulatory enforcement measure granted to the China Securities Regulatory Commission (CSRC) under the Securities Law, playing a crucial role in the IPO regulatory chain [1]. - In 2024, the CSRC modified the random inspection ratio for newly listed companies from 5% to 20% [1].

Core Viewpoint - The second batch of IPO on-site inspection list released by the China Securities Association includes 12 companies, indicating a significant increase in the number of companies undergoing inspections compared to the first batch, which only had two companies [1][2]. Group 1: IPO Inspection Significance - On-site inspections are an effective method for IPO review, allowing auditors to verify the authenticity of the financials of the issuing companies [1]. - The increase in the number of companies undergoing inspections aligns with the call from the chairman of the China Securities Regulatory Commission (CSRC) to significantly enhance on-site inspections [2]. Group 2: Distribution of Companies - Among the 12 companies listed for inspection, 8 plan to list on the Shanghai Stock Exchange (SSE), including 3 on the main board and 5 on the Sci-Tech Innovation Board, while 4 aim for the Shenzhen Stock Exchange (SZSE), comprising 3 on the main board and 1 on the ChiNext [2]. - Notably, there are no companies listed for inspection that plan to go public on the Beijing Stock Exchange (BSE), indicating a potential oversight in the inspection process [2][3]. Group 3: Need for Fairness in Inspections - The current approach to IPO inspections appears inadequate as it does not include companies seeking to list on the BSE, despite the CSRC regulations applying to all exchanges [3]. - The BSE has seen a significant number of IPO applications, and companies choosing to list there, especially those that previously withdrew applications from SSE or SZSE, should also be subjected to on-site inspections [4]. - It is essential to ensure that all IPO companies, regardless of their chosen exchange, are treated equally and face the same rigorous inspection standards [4].