With the arrival of July, a wave of momentum left many investment bankers "sleepy and sleepy" as the IPO pre-disclosure drama finally came to an end. However, what caught everyone by surprise was the recent update from the Securities and Futures Commission (SFC), which revealed that out of 637 companies that had submitted applications and were disclosed in advance, a staggering 589 were marked as "suspended review"—over 90% of the total. This development has raised eyebrows across the financial sector.
The *Daily Economic News* reporter noted that on July 1, more than 50 high-profile companies, including Dog Nomine Group, Poly Culture Group, and Dalian Wanda Commercial Real Estate, were abruptly removed from the IPO queue. The sudden shift in status has sparked widespread speculation about the reasons behind these decisions.
According to past practices, the SFC typically updated IPO review statuses every Friday night. But this time, the information was released unexpectedly on Tuesday, July 1, causing confusion among market participants. Within just a few days, the landscape of the IPO queue changed dramatically.
In the official report published on the China Securities Regulatory Commission (CSRC) website, it was revealed that only 48 companies remained in the queue—14 on the Shanghai Stock Exchange, 7 on the Shenzhen Stock Exchange, and 27 on the SME and GEM boards. Out of these, 25 were already meeting the requirements, while the rest were either under review or suspended.
So where are the companies still in the normal review process? According to the CSRC's official Weibo account, as of July 1, a total of 637 companies had submitted their IPO applications, with 40 having passed the initial meeting and 597 still under review. Among those 597, only 8 were in the normal review stage, while 589 had been suspended.
The reason for the suspension is primarily linked to expired financial data. A senior investment banker told the *Daily Economic News* that the CSRC had previously indicated they would no longer issue individual suspension notices. Instead, they opted for a mass announcement on July 1.
At a press conference held by the CSRC on June 27, spokesperson Zhang Xiaojun explained that if the financial information in an issuer’s application documents had expired, the review would be suspended. If the data wasn’t updated within three months, the review would be terminated. This rule applied especially to companies that had completed pre-disclosure but hadn’t met the deadline for updating their financials.
According to the CSRC, 568 of the 589 suspended companies were due to expired financial data, while 11 were related to changes in intermediaries, and 10 others were under investigation by the SFC. These developments have created uncertainty among companies waiting for their turn.
Meanwhile, some companies that were labeled as "suspended" may still have a chance to resume their IPO journey once they update their financial reports. However, the 129 companies that were officially terminated face a tougher path. Once a review is terminated, the company must re-apply and re-queue for the IPO process, which can be both time-consuming and costly.
The *Daily Economic News* also pointed out that before June 20, the number of terminated reviews was growing slowly, with a total of 59 cases. But between June 21 and June 30, the number jumped to 16, and on July 1 alone, 54 companies were terminated in one day. Many of these were well-known names that had previously attracted significant market attention.
This sudden shift highlights the importance of timely financial reporting and regulatory compliance in the IPO process. As the market continues to evolve, companies must stay vigilant and prepared for potential regulatory changes that could impact their listing plans.
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