Core Viewpoint - The article discusses the gradual implementation of the fifth set of listing standards on the Sci-Tech Innovation Board, which is expected to attract more innovative technology companies to go public in China [1]. Group 1: Preparation for IPO - The first part of the manual includes six chapters that cover essential tasks, participants, listing conditions, and overall processes that companies need to understand before going public [8]. - Companies should develop strategies based on whether the IPO initiation point falls within the reporting period, categorizing them into strategies for within and outside the reporting period [8][10]. - When assessing the feasibility of going public, companies must consider potential substantive obstacles and issues that may affect the IPO process, such as sudden shareholding changes and changes in the main business [10]. Group 2: Listing Norms - The second part introduces the "Five-Step Method" for listing norms, which includes adjustments to equity structure, organizational structure, business process refinement, financial system standardization, and ERP implementation [19]. - Each step of the "Five-Step Method" is elaborated upon, providing a systematic approach for companies to follow [19]. Group 3: Share Reform Key Points - The third part focuses on important timing for IPOs, considerations for share reform, and strategies to reduce listing costs, with a significant emphasis on share reform [25]. - Detailed explanations are provided on how to choose the right timing for share reform and the necessary preparations [27]. Group 4: Other Important Matters - The fourth part discusses other capital operations during the IPO process, departmental work arrangements, and highlights case studies from key industries [30]. - It includes analysis of six representative IPO review cases, focusing on regulatory concerns and common issues faced by companies in those industries [32].

Core Viewpoint - The article highlights the significant increase in IPO activities in A-shares during the first half of 2025, driven by the resumption of listing standards for unprofitable companies, particularly benefiting technology innovation enterprises [1]. Group 1: IPO Data Overview - In the first half of 2025, a total of 177 companies were newly accepted for IPO applications across the Shanghai, Shenzhen, and Beijing stock exchanges, surpassing the total number for the entire previous year [1]. - June alone accounted for over 80% of the IPOs in the first half, with 150 new applications [1]. Group 2: Practical Guide for Companies - The "Domestic IPO Practical Manual (Company Perspective)" consists of 254 pages and 123,000 words, divided into four main sections: preparation before listing, listing norms, key points for corporate restructuring, and other important matters [4]. - The first section includes six chapters that cover essential tasks, participants, listing conditions, and overall processes, as well as how to select intermediary institutions and assess the likelihood of listing [7][8]. Group 3: Listing Norms and Procedures - The second section introduces a "Five-Step Method" for listing, which includes adjustments to equity structure, organizational structure, business process refinement, IPO financial norms, and ERP implementation and maintenance [19]. - The manual provides case studies to clarify specific operational strategies and frameworks for companies preparing for IPO [20]. Group 4: Corporate Restructuring Insights - The third section focuses on important timelines for IPOs, considerations for corporate restructuring, and strategies to reduce listing costs, with a significant emphasis on practical guidance for corporate restructuring [24][25]. - It discusses how to choose a restructuring benchmark date and the rationale behind avoiding certain dates, providing detailed explanations from a corporate perspective [26][28]. Group 5: Capital Operations and Departmental Coordination - The fourth section elaborates on other capital operations during the IPO process, departmental work arrangements, and case studies of IPO reviews in key industries [31]. - It includes insights on engaging investors, mergers and acquisitions, and equity incentives, along with how various departments such as finance, sales, and R&D can effectively coordinate for the IPO [33][35].

实践中，为什么大多数企业申请IPO时，自身的实力是可以满足上市标准的，但最终还是没有成功IPO？其中，最重要的原因就是企业 财务不规范 。 从证监会反馈和驳回企业IPO申请的结果来看，企业财务不规范主要体现在以下8个方面： 01 会计事项交接不清 企业财务人员变动频繁、岗位职责不清。会计人员前后会计事项交接不清，甚至出现原始凭证保存不完整，重要会计资料丢失、毁损 的状况。 02 资产负债不完整 由于财务主管未参与公司管理，财务人员得到的业务信息和交易事项的资料受限，或者业务水平有限，导致企业财务报表不能真实反 映企业财务状况，会计核算不清、资产负债不完整以及长期遗留账务未处理等。 03 会计核算基础差 包括往来账与对方长期不对账，导致时间久、差异大无法对清死账；存在大量大额银行存款未达账；更改原始或记账凭证无依据；原 始凭证保持不完整或者丢失等。 04 资产权属确认问题 产权不清晰、无产权证，土地征地手续不合法或不完善、土地以租代征，有房无地、房屋无报建或验收手续等，其他原因未申领产权 证，产权证未过户等。 05 存货、成本核算和管理不到位 有的生产性企业没有费用的归集和分摊，没有成本核算过程；存货进销核算差 ...