IPO market is set off by the wave of "slimming" fundraisings, with stricter review standards.

The IPO market is starting a trend of "slimming down" fundraising. On September 17th, Baosight Technology submitted materials for listing, planning to raise 1.185 billion yuan to invest in fundraising projects, significantly lower than the 18.93 billion yuan initially planned in June 2023. Since the normalization of IPO audits last year, there has been a clear trend of shrinking fundraising scale for companies. According to statistics, more than 40% of companies have significantly reduced their fundraising scale compared to their initial application drafts, with an average reduction of over 20%. The "supplementary working capital" project has become the most downsized part, with many companies either canceling their plans for supplemental capital or significantly reducing the amount. Behind this phenomenon is the deepening guidance of regulatory policies. The new "Nine Articles" have been implemented, and the rules for issuance and listing audits and fundraising supervision have been revised successively, making the IPO fundraising audit standards more stringent, especially in precise constraints on issues such as "over-raising" and "excessive proportion of supplemental capital" that existed previously.