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].

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]

Core Viewpoint - The increase in the number of companies selected for on-site inspections reflects a stricter regulatory environment aimed at ensuring the quality of IPOs and preventing companies with issues from entering the market [1][2][3]. Group 1: On-site Inspection Overview - A total of 12 companies have been selected for the second batch of on-site inspections for IPOs in 2025, with 8 from the Shanghai Stock Exchange and 4 from the Shenzhen Stock Exchange, significantly higher than the previous year [1]. - The majority of the selected companies submitted their IPO applications in June, with 11 out of 12 being accepted during that month [1]. - The on-site inspection mechanism was first initiated in 2017, and recent regulatory updates have reinforced the commitment to conduct inspections even if a company withdraws its application [2][4]. Group 2: Regulatory Changes and Impacts - The proportion of companies selected for on-site inspections has increased from 5% to 20%, correlating with a rise in the number of companies in the IPO queue [2][3]. - Since May, there has been a surge in IPO applications, with 150 companies submitting materials in June alone, indicating a market recovery [2]. - The regulatory body has implemented a "double penalty" system for companies and intermediaries found to have issues, emphasizing accountability across all parties involved in the IPO process [3][4]. Group 3: Current Trends and Future Outlook - As of this year, 75 IPO applications have been terminated, often following inquiries from the exchanges regarding financial stability and the authenticity of financial data [4]. - There have been 19 instances of IPO withdrawals involving penalties for intermediaries or issuers, highlighting the effectiveness of on-site inspections in identifying issues [5]. - The expectation for 2025 is a stable increase in A-share IPOs, particularly in key manufacturing and strategic emerging industries, while maintaining strict quality control [5].

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]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced a list of 12 companies, including Easy Vision (Hangzhou) Technology Co., Ltd., for on-site inspections as part of the IPO process, highlighting ongoing scrutiny in the IPO landscape [1][3]. Group 1: Company Overview - Easy Vision was established in December 2017 and is based in Hangzhou, Zhejiang Province, with a registered capital of 75 million yuan [1][4]. - The company plans to raise 1.214 billion yuan through its IPO to fund projects related to machine vision product industrialization and research and development [1][3]. Group 2: Shareholder Structure - The major shareholder, Guo Yin, controls 56.13% of Easy Vision's shares through direct and indirect holdings [5][6]. - Guo Yin has been the executive director and general manager since the company's inception, indicating strong leadership continuity [5][6]. Group 3: Recent Developments - Easy Vision submitted its prospectus on June 5, 2025, aiming for a listing on the Shanghai Stock Exchange's Sci-Tech Innovation Board [1][3]. - The company has experienced frequent shareholder changes, with significant transactions occurring between December 2024 and February 2025, including the transfer of shares by major shareholders [6][8]. Group 4: Regulatory Environment - The CSRC has expressed concerns over high withdrawal rates of IPO applications, emphasizing accountability and the need for stricter internal controls by sponsoring institutions [3][6]. - Easy Vision's previous agreements regarding buyback rights and other financial obligations have been modified multiple times, reflecting the dynamic nature of its financial agreements [6][7].

Core Points - The second batch of IPO现场检查名单 for 2025 has been released, with 12 companies selected for inspection [1] - Among the 12 IPO companies, 8 are planning to list on the Shanghai Stock Exchange, while 4 are targeting the Shenzhen Stock Exchange [2] - The total fundraising amounts for the 12 IPO projects range from 600 million to 8.5 billion yuan, with notable projects including 惠科股份 and 浙江振石新材料股份 [3][4] Group 1: IPO Companies and Their Details - The 12 selected companies include 长裕控股集团, 易思维, 恒运昌, 芯密科技, 埃泰克, 田园生化, 振石新材料, 康瑞新材料, 未来材料, 电科蓝天, 慧谷新材, and 惠科股份 [1][2] - 惠科股份 is the only company among the 12 that has previously withdrawn an IPO application, having terminated its创业板 IPO in August 2023 [4][5] Group 2: Underwriting and Review Status - The 12 IPO projects involve 9 different underwriters, with 中信证券 sponsoring 3 projects and 中金公司 sponsoring 2 [2] - Out of the 12 IPOs, 10 are in the accepted status, while 易思维 and 长裕集团 are in the inquiry status [2][4] Group 3: Fundraising Amounts - 惠科股份 aims to raise 8.5 billion yuan, while 浙江振石新材料股份 is targeting approximately 3.98 billion yuan [3][4] - The fundraising amounts for the other companies vary, with 5 projects exceeding 1 billion yuan and 4 projects above 600 million yuan [3][4] Group 4: Company Performance - 惠科股份 has shown a growth trend in revenue and net profit from 2022 to 2024, with revenues of 27.134 billion yuan, 35.797 billion yuan, and 40.31 billion yuan respectively [5] - The company ranks third globally in TV panel shipments and fourth in monitor panel shipments for 2024 [5]