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[Dahe Financial Cube reporter Zhang Jinyan] As the entry and issuance defense lines are further strengthened, the problem of insufficient independence of some companies has become increasingly prominent, and whether the companies planning IPOs have independent operating capabilities has also attracted more attention.

According to statistics from Cube Public Opinion, as of the end of July, 117 of the 330 companies that withdrew their orders had independence issues, mainly concentrated in areas such as spin-off listing, business dependence, and related transactions.

10 companies failed in listing through “A-split A”

Mainly due to issues such as business independence

Since the beginning of this year, affected by factors such as the policy environment and the companies' own operating conditions, the number of terminations of spin-off listings by companies planning to go public has increased, and the attitudes of regulators and companies towards spin-off listings have also become more cautious.

Wind data shows that as of the end of July, a total of 25 listed companies have terminated their spin-off listings this year. Among them, 10 companies, as subsidiaries of listed companies, voluntarily withdrew their IPO listings, including 6 on the ChiNext, 3 on the Science and Technology Innovation Board, and 1 on the Beijing Stock Exchange.

After reviewing the inquiry letters to the companies that withdrew their orders, Cube Public Opinion found that the issue of corporate business independence was the focus of attention.

Take Xinxinwei, which is backed by the color TV giant Hisense Visual, for example. Xinxinwei was once questioned by the media for its independence. According to the prospectus, Xinxinwei and its major shareholder Hisense Visual have cross-appointments of directors and supervisors, which is inconsistent with the "Rules for Spin-offs of Listed Companies (Trial)". The policy stipulates that after the spin-off, the assets, finances, and institutions of the listed company and the subsidiary to be spun off are independent of each other, and there is no cross-appointment of senior management and financial personnel.