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Recent reports indicate that many of the hundreds of companies currently waiting in line for listing have already started to prepare and submit their annual reports and additional documents, which will be officially submitted soon. This development suggests that the official restart of the trial period is moving forward. Investment bankers estimate that around 200 companies in the initial review stage are expected to be among the first to attend the review meetings once they complete all required materials.
"We’ve already begun preparing for the submission of the annual report and other documents, even before the Spring Festival holiday," said some executives who are planning to go public this year. "Even if we're on track, many companies are ahead of us in the process."
Earlier information suggested that those who submit their materials early may gain an advantage, with some companies aiming to be the first to move forward in the process.
In addition to the annual report, listed companies must also provide supplementary materials such as letters of commitment from the issuer, controlling shareholders, actual controllers, and Dong Jiangao, along with plans to stabilize stock prices.
According to the IPO audit workflow issued by the China Securities Regulatory Commission (CSRC), there are ten basic steps from material acceptance to issuance approval. The most recent steps include the preliminary review meeting and the release of the preliminary review report, during which the issuer and its sponsors are informed to prepare accordingly. According to the latest CSRC queuing data, there are 98 companies in the initial review stage at the Shanghai Stock Exchange and 116 at the Shenzhen Stock Exchange. Investment bankers believe these 200 companies will be the first wave to advance in the trial process.
Some investment bankers noted that while many companies submitting annual reports this month are aiming for the preliminary review meeting, completing the materials doesn’t guarantee immediate access to the meeting. If a company has entered the preliminary review but hasn’t received the first feedback, it’s unlikely to be scheduled for a meeting in March.
Although the trial is set to resume soon, some bankers expressed concerns about the new rules that increase the responsibilities of investment banks, leading to hesitation in rushing to acquire new shares. As a result, this round of material submissions isn't as intense as before. Additionally, due to factors like supplementary documentation and pre-disclosure timelines, many companies that haven’t yet submitted their materials need to revise their prospectuses, making it difficult for the queue to grow quickly. Moreover, companies that have been in the market for some time will take several months from the review meeting to the actual listing. Therefore, the earliest listed companies after the trial restart are expected to come in late March or April. Overall, the pressure on new share issuance in the short term remains limited.