During the year, 86 companies planned to terminate 77 IPOs to withdraw 70 % of the active withdrawal

This year, over 100 new stocks have been successfully listed, but dozens of companies have passed with A shares and missed the listing.

The reporter comprehensively sorted out the information of the CSRC and the Shanghai and Shenzhen Exchange disclosed that as of June 13, 86 Shanghai and Shenzhen cities were terminated for the review of the IPO project of the listed company. From the science and technology board. It is worth noting that most of the company's initiative to terminate, and a few are the project review.

The active withdrawal application has become the main reason why the IPO project is terminated this year. According to relevant public information, 77 of the aforementioned 86 companies that terminated IPO projects originated from relevant companies' initiative to withdraw from IPO application materials, accounting for about 90%. The reporter noticed that the active withdrawal application occurred after the relevant IPO project was inquired after being inquired in the second or three -wheeled inquiry.

"After the inquiry of the issuance committee and the penetrating supervision of the regulatory agency, some companies have clearly controlled themselves and have not met the relevant public issuance conditions, and then take the initiative to withdraw from the application." Daily reporter said in an interview.

The reasons behind the "retreat" are also different, mainly due to the changes in the objective conditions and subjective reasons of the enterprise. Liu Chunyan, an associate professor at the Law School of Tongji University, told the reporter of the Securities Daily that objectively speaking, the operating conditions of some enterprises have changed from the original conditions of listing to no listing conditions. Essence

"During the application process, such enterprises may be affected by factors such as time nodes, and the company's business changes or emergencies have led the company to take the initiative to withdraw from the application." Attorney Gao Peijie, a Beijing Jingshi Law Firm There may be a phenomenon of "taking a disease" in the intended listed enterprise. During the review, the regulatory agency was discovered or afraid of being discovered and actively withdraws the application.

In addition, some companies have made a withdrawal decision for the omissions of the application materials. According to Gao Peijie, the intermediary agencies entrusted by some companies have omissions on the contents of the materials that have been submitted or to be submitted, causing listed companies to withdraw an IPO application.

Tian Lihui said that some IPO projects actively withdrawn from the issuer's discovery of the sponsor materials insufficient and true, and it takes time to carry out relevant documents. In addition, the issuer believes that the current market valuation is seriously lower than expected and then withdraw the IPO application.

"Most companies that take the initiative to withdraw from IPO have certain problems in procedures or entities." Lawyer Zhang Dan, executive director of Liaoning Baoyu Law Firm, told the Securities Daily that in recent years, the regulatory authorities have successively issued a series of review matters to stipulate and deterred The company's "application with illness" has improved the quality of the company that has been listed. At the same time, strict supervision also guides the puzzle to be responsible for the return of the sponsor to create a good service environment for the securities market.

Recently, the Shenzhen Stock Exchange took written warning measures for the two sponsors. The two sponsor representatives did not perform the sponsor's duties in the service Fengsheng Optoelectronics IPO project, and did not conduct a comprehensive verification and verification of the issuance of the listing application documents. They did not fully pay attention to the lack of internal control in the inventory management of the issuer and irregular accounting accounting.

Tian Lihui believes that my country insists on penetrating supervision, continuously improves the quality of letter, and carries out for life entities such as Baodai, which helps the securities market strictly implement the standards for issuance and listing, enhance the quality of IPO companies, and promote capital on the source to promote capital High -quality development of the market.

(Editor in charge: Peng Yanzhang)

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