[oiibeats 2023] During the year, 27 companies voluntarily withdrew their listing applications

Of the 27 companies that voluntarily withdrew orders, 4 plan to list on the Science and Technology Innovation Committee, 14 on the Growth Business Market, 2 on the Beijing Stock Exchange, and 7 on the Shanghai. And Shenzhen Motherboard website

AVIC Fund chief economist Deng Haiqing told "Securities Daily" reporter that from the perspective of this year's situation, there are four main reasons why companies voluntarily withdraw orders. Doubts about the ability to operate sustainably, compliance with notices, problems with compliance, disclosures that are not true, accurate or complete, or problems with the financial statements and revenue recognition of the company, etc.

In addition, one company on the main board of the Shenzhen Stock Exchange and another in the growth company market will be rejected from the IPO, mainly focusing on financial issues and positioning in the sector. If Zhuohai Technology's GEM IPO is rejected, the GEM Listing Committee meeting will consider that the issuer has not described the characteristics. In the industry situation, it is completely "three innovations and four innovations". Inadequate descriptions of matters that do not comply with the GEM's placement requirements, which will not comply with the relevant regulations and will have a material adverse impact on the continued operation.

Recently, Kedu Electric voluntarily withdrew its IPO from the Growth Enterprise market, sparking another heated debate in the market. In October of last year, the China Securities Regulatory Commission issued the fourth series of publicly announced quality lottery tickets for companies issued in 2022, including Kedu Electric, Dacheng Precision and Kedu Electric. Botao Intelligent won the prize draw, among which Dacheng Precision and Bo Tao Intelligent withdrew. It applied for an IPO in November of last year, and Kedoo Electric withdrew its application in February of this year.

In addition, on January 6 this year, the China Securities Regulatory Commission conducted a quality lottery for the first issuer disclosure in 2023, and five companies, including the Cashmere family, were drawn. According to the latest information on the website of the China Securities Regulatory Commission, Cashmere Family withdrew its IPO application from the main board of the Shenzhen Stock Exchange on February 6.

Market participants not only include the issuer's idea of "retract after one investigation" but also have issues with loose intermediary audits and poor execution quality.

Chang Chunlin, founder and partner of Beijing Liwu Investment Management Co., Ltd., told "Securities Daily" reporter behind the scenes: It cannot be ruled out that some projects had "diseases" at the same time. Both the awareness of interim audit gatekeepers and the quality of their practices need to be improved.

Zhou Jianhua, a strategist at Zhongyuan Securities, told Securities Daily reporters that the "one investigation and then deletion" reflects how lucky both the company and the brokers were planning the posting. Sponsors do not have strict quality control.

“'Study once and remove' shows that some issuers and brokers are not fully aware of their responsibilities. And it is not operated to comply with the law and protect the rights and interests of investors. And there are risks like counterfeiting and credit disclosure violations.” Deng said the reason is that some companies planning to go public have an inappropriate attitude. It does not start with enhancing its own business performance and technological innovation capabilities. And then there's the side idea of cheating. Or investment banks' quality law firms and accounting firms are not high, and material audits are inappropriate and rigorous, even conducive to concealment and concealment.