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[according to the guidelines, sponsors should pay attention to whether the issuer has made a sudden large or high-proportion cash dividend before listing. if the total amount of cash dividends during the reporting period accounts for more than 80% of the net profit, they should be cautiously recommended; at the same time, if the issuer's operating performance in the most recent year (period) has declined significantly, the exchange may require it to issue a profit forecast report on its post-period performance, and the sponsor is also required to issue a verification opinion.]

a-share ipos have been fully restarted for more than two months. the exchanges are using multiple means to strictly control the "entry gate", and the beijing stock exchange has further defined the review red line.

on the evening of august 30, the beijing stock exchange issued three review business guidelines for the public issuance and listing of stocks (hereinafter referred to as the "guidelines"), which stipulates situations such as sudden "clearance-style" dividends before listing by companies planning to go public, and a sharp decline in operating performance in the most recent year (period). the guidelines will be implemented from the date of issuance.

according to the guidelines, sponsors should pay attention to whether the issuer has made a sudden large or high-proportion cash dividend before listing, and should make cautious recommendations if the total amount of cash dividends during the reporting period accounts for more than 80% of the net profit. at the same time, if the issuer's operating performance has declined significantly in the most recent year (period), the exchange may require it to issue a profit forecast report on its post-period performance depending on the circumstances, and the sponsor will also need to issue a verification opinion.

will this increase the difficulty for companies planning to go public? the beijing stock exchange mentioned that the guidelines refine and improve some regulations while keeping the existing review requirements unchanged, and overall do not increase the burden on companies.

the reporter noticed that some companies planning to go public on the beijing stock exchange had previously disclosed profit forecast reports before going to the meeting. some industry insiders believe that as the beijing stock exchange strictly examines the fluctuations in corporate performance, profit forecast reports will gradually become the "standard" for ipos on the beijing stock exchange.