Recently, at the regular press conference of the China Securities Regulatory Commission, in response to the recent market concerns about "whether the enhancement of inclusiveness of the Science and Technology Innovation Board and the ChiNext will lead to a large-scale expansion of IPOs", Li Ming, spokesman of the China Securities Regulatory Commission, said that the China Securities Regulatory Commission will continue to strictly control the entrance to issuance and listing, do a good job in counter-cyclical adjustment, and there will be no large-scale expansion.

At present, the world's major markets are actively adapting to the development trend of science and technology, increasing institutional innovation, and continuing to absorb high-quality enterprises and improve regulatory services, while in turn promoting the activity and strength of the secondary market.

| Is the "spring" of IPO back?

To be precise, it is not a comprehensive recovery, but a "policy spring rain" of precise drip irrigation, which is quietly sprinkling on those truly hard-core technology companies.

Back a month ago, on June 18, the capital market ushered in two major policies:

Science and Technology Innovation Board: The "1+6" new policy is launched and restarted, and unprofitable enterprises are subject to the "fifth set of standards" for listing; The new coverage areas are cutting-edge technologies such as artificial intelligence, commercial aerospace, and low-altitude economy; pilot the introduction of a senior professional institutional investor system (let knowledgeable people invest in technology companies); Launch an IPO pre-review mechanism to help enterprises "pre-check" in advance and avoid detours.

GEM: The third set of listing standards will be upgraded and launched simultaneously, which will also support the listing of high-quality unprofitable innovative enterprises.

As soon as the policy came out, the market immediately "picked up". Since 2025, as of August 7: about 243 new counseling and filing enterprises across the country; Among them, 112 new companies were added in June and July, with an average of 56 per month; In the first five months, there were only 20-30 per month.

The contrast is too obvious, and as soon as the policy wind blows, enterprises take immediate action. Especially in the fields of AI, aerospace, and low-altitude economy, many companies launched IPO counseling overnight.

Don't think this is a signal of a big expansion of IPOs - the rhythm of the regulators is tight. Although there are many registered companies, only 43 have really come to the door of the issuance review committee; the pass rate is as high as 95.35%, almost "those who come will not refuse" high-quality enterprises; 62 new listings were added, raising a total of more than 63.4 billion yuan.

The attitude of the regulators is very clear: welcome real technology, but do not make a big leap forward.

Policy meaning: support the "future industry" and do not speculate on the concept

There are three strategic intentions behind this policy adjustment:

1. Support "long-term investment" in cutting-edge science and technology

AI, aerospace, low-altitude economy, etc., are all fields of "burning money for technology"; Allowing unprofitable companies to go public is to give them a longer "growth time".

2. Guide capital to invest early, small, and technology

through the "senior professional investor system", let institutions that really understand technology participate in pricing; Avoid "laymen investing in insiders" to prevent valuation bubbles.

3. Create a Chinese version of the "Nasdaq" ecosystem

The Science and Technology Innovation Board and the ChiNext Board are evolving to support the development of the whole life cycle of innovative enterprises; From VC/PE to IPO, a complete closed loop is formed.

The "new way of playing" of the China Securities Regulatory Commission

In the past six months, you may have only noticed that the pace of IPOs has slowed down, but in fact, the regulators are quietly doing a big thing: using the idea of "counter-cyclical adjustment" to accurately guide the flow of capital to where it should go. This is not a small change, but an upgrade of the underlying logic of the capital market.

The China Securities Regulatory Commission is now like an "intelligent traffic commander", shining different lights on different industries.

Of course, the green light is not "inspection-free passage", but "check while walking, and the quality should be high". For all enterprises, the information disclosure requirements are stricter.

In 2025, the China Securities Regulatory Commission will continue to maintain an on-site inspection ratio of about 25% for IPO companies under review - this ratio, the same as in 2024, is one of the strictest standards in the world; The inspection content includes: financial authenticity, related party transactions, core technology disclosure, etc.; Once a problem is found, the materials will be withdrawn at best, and the case will be filed for investigation.

The result? "Packaging listing" is becoming more and more difficult, and "honest people" are going more steadily. This is not to suppress IPOs, but to improve the overall quality.

How to deal with the new regulatory environment?

In the face of this "quiet change", Jingtai's suggestion is:

1. Prioritize the layout of the "green light industry"

focus on hard technology, green and low-carbon, and cutting-edge manufacturing; Avoid areas of overcapacity and policy restrictions.

2. Pay attention to "M&A potential stocks"

look for those "invisible champions" who are strong in technology but small in scale and may be acquired by the leader; M&A tends to lead to revaluation faster than IPOs.

3. Pay attention to corporate compliance and information disclosure quality

Don't invest in companies that "tell a good story but can't stand up to scrutiny"; See whether the financial report is clear and whether the technical disclosure is detailed.