The effectiveness of the whole chain of IPO review is becoming evident, and the quality of corporate filings is steadily improving.

With the effectiveness of various regulatory measures, the quality of A-share IPO reviews has significantly improved. The standardization and disclosure quality of reporting companies has greatly increased, and market irregularities such as "stop after one inspection" have been fundamentally reversed. Market participants have a clearer expectation of on-site inspections, and the mentality of company applications has shifted from "lucky breakthroughs" to "compliant applications." A securities investment banker stated that regulatory authorities have increased the requirements for the financial authenticity and disclosure quality of prospective listed companies through mechanisms such as "responsibility upon application," on-site inspections, and strengthened inquiries. The IPO market has completed a structural transformation from quantity expansion to prioritizing quality. With increasingly clear policy expectations, intermediaries are strict at the entrance, making it easier for high-quality companies with technical advantages and growth potential to gain capital favor and support.