Source International Financial News

On the evening of May 10, both the Shanghai and Shenzhen exchanges issued a notice of the review meeting of the listing Committee, which was intended to review the enterprises on May 16.EuropeanrouletteonlineThe application for IPO and listing. Among them, 1 Shenzhen stock market IPO listing application, 1 Shanghai stock market refinancing application.

Since the Spring Festival in 2024, A shares have not been reviewed by the listing Committee of IPO for three months in a row. The most recent meeting of the exchange's municipal committee was in early February, that is, it has been three months since the IPO enterprise meeting was not scheduled.

As for the Shanghai Stock Exchange, the renewal time for the application of the proposed listed companies will stay on December 31, 2023. Since the 12th review meeting of the Shanghai Municipal Committee was held on February 5, 2024, the 13th review meeting has not been arranged for a long time.

For the Shenzhen Stock Exchange, the new company will be accepted and updated on December 29, 2023. The 8th review meeting of the listing committee was once scheduled to be held on February 7, 2024, but after the announcement of the review meeting of the relevant companies, due to the need for verification of the relevant audit matters, the review was cancelled by the listing committee, and there is no new meeting arrangement so far.

On August 27th, 2023, the Securities Regulatory Commission issued "coordinating the primary and secondary market balance and optimizing the regulatory arrangements for IPO and refinancing", gradually tightening the pace of IPO. Since then, the number of companies that have submitted registration and obtained registration approval on the Shanghai and Shenzhen stock exchanges has remained stable on the whole. At the same time, affected by multiple factors, the number of projects submitted to the Shanghai Municipal Committee for consideration has decreased compared with the same period last year.

In the meeting session, since 2024, only 25 IPO enterprises have announced the meeting, of which 2 enterprises have been cancelled before the meeting. In fact, there are 23 enterprises, including 8 in Shanghai Stock Exchange and 6 in Shenzhen Stock Exchange. Compared with more than 110 in the same period in 2023, the number of enterprises will drop by nearly 80%.

In terms of fund-raising, in April 2024, a total of 5 new shares were listed on the A-share Shanghai, Shenzhen and North stock markets, with a total initial public offering of 27.EuropeanrouletteonlineThe scale of fund-raising dropped by 54% compared with the previous month.Europeanrouletteonline.15%, down 94.59% from the same period last year, breaking the recent five-year lowEuropeanrouletteonlineIn the first four months, the number of new share listings and the amount of capital raised fell 66% and 77% respectively compared with the same period last year.

Market participants believe that the meeting of the Shenzhen and Shanghai Municipal Committee is a concrete manifestation of the implementation of the new rules on issuance and listing and the continuous and steady promotion of the examination and approval of issuance and listing.

On the one hand, recently, the Securities Regulatory Commission and the Stock Exchange have successively issued the supporting system rules for the capital market, in which the issuance and listing rules have modified the conditions for issuance and listing on the main board and gem and the plate positioning requirements. After the specific system has been improved, there are more clear standards for smoothly promoting the examination and approval of issuance and listing.

On the other hand, most companies suspended the audit because the financial data in the IPO application documents exceeded the validity period. A few days ago, the reporting enterprises submitted financial data in 2023 one after another and entered the resumption review process. The relevant audit work needs to continue to be promoted in accordance with the rules and regulations.

According to public statistics, as of May 6, the Shanghai, Shenzhen and North Stock Exchange has announced the termination of the examination (withdrawal of materials + rejection / termination of registration) of 135 enterprises since the beginning of this year. Among them, 133 companies withdrew their orders voluntarily, 1 IPO will be denied, and 1 will be terminated due to failure to eliminate the suspension of audit or supplement the submission of valid documents.