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Since the beginning of this year, the expiration of IPO approval documents is no longer an isolated phenomenon. After all, since the China Securities Regulatory Commission issued the "Opinions on Strictly Controlling the Access to Issuance and Listing and Improving the Quality of Listed Companies from the Source (Trial)" on March 15 this year, the requirements for IPO companies have changed. Therefore, although many companies have obtained IPO approval documents before, because they do not comply with the new IPO policy, these companies' IPO steps can only be stopped. Even if they have obtained IPO approval documents, they can only wait for the approval documents to expire.

Among the IPO companies that have obtained IPO approval, Xiaofang Pharmaceutical, which plans to be listed on the Shanghai Stock Exchange main board, was once sentenced to a suspended death sentence by public opinion. After all, the company's IPO also needs to face up to the reality of sudden dividends and "clearance-style" dividends.

However, on August 7 this year, Xiaofang Pharmaceutical seemed to have survived the brink of death. On that day, the company issued a "Prospectus for Initial Public Offering and Listing on the Main Board", and initially scheduled to start the new share issuance on August 15. For this reason, investors can't help but ask: Did Xiaofang Pharmaceutical's new share issuance trample on the new IPO policy?

Strengthening the supervision of cash dividends of IPO companies is an important part of the new IPO policy issued this year. The "Opinions on Strictly Controlling the Access to Issuance and Listing and Improving the Quality of Listed Companies from the Source (Trial)" issued by the China Securities Regulatory Commission on March 15 this year clearly stipulates that it is necessary to pay close attention to whether the companies to be listed have sudden "clearance-style" dividends before listing, strictly prevent and investigate, and implement negative list management. The "New Nine Articles" issued on April 12 also proposed to further improve the issuance and listing system, and include sudden "clearance-style" dividends before listing in the negative list of issuance and listing.