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[Choice data shows that a total of 345 companies have withdrawn their IPO applications this year.]

Regulators continue to reiterate that IPOs must not be “passed with problems” or “withdrawn out of the blue”, but issuers and intermediaries have repeatedly taken risks.

The China Securities Regulatory Commission recently reported on administrative law enforcement in the first half of this year, stating that for issuers suspected of major illegal and irregular activities, even if they withdraw their application for issuance and listing, they will continue to investigate them to the end, and "named" projects such as Huadao Biological's IPO that were investigated for violations of laws and regulations.

Under the comprehensive registration system, IPOs adhere to the principle of "filing means taking responsibility", but with the "entry barriers" becoming increasingly strict, companies planning to go public and intermediary institutions have repeatedly "escaped at the last minute". Choice data shows that since the beginning of this year, a total of 345 companies have withdrawn their IPO applications; in terms of the withdrawal rate of investment banks, Wind shows that CITIC Securities, CITIC Construction Investment, and Haitong Securities are the top three securities firms in terms of the number of IPO withdrawals this year, with 45, 33, and 25 companies withdrawing their applications, respectively, and the withdrawal rate is about 50%.

The "gatekeepers" cannot escape responsibility for the "failure" of issuing and listing. This year, intermediaries have been punished in the IPO withdrawal projects of Hengda Intelligent Control and Bona Precision.

In addition, the supervision of IPO rejection has been continuously strengthened, and the responsibility has been assigned to individuals. Recently, the China Securities Association (hereinafter referred to as "CSAA") has taken action to regulate the investment banking business of securities companies. It is reported that CSAA requires sponsors to submit specific sponsor rejection projects and basic information since the implementation of the registration system in various sectors of the Shanghai, Shenzhen and Beijing Stock Exchanges. At the same time, the rejection of individual sponsors is also required to be reported.