Since the beginning of this year, several A-share companies in China have voluntarily withdrawn their IPO (initial public offering) applications, with a significantly higher number than last year, which has attracted attention. According to statistics from financial data service provider Wind, as of May 19th, 144 companies have voluntarily withdrawn their IPO applications this year, including 47 companies on the main board of the Shanghai and Shenzhen Stock Exchanges, 21 companies on the Science and Technology Innovation Board, 38 companies on the Growth Enterprise Board, and 38 companies on the Beijing Stock Exchange; This quantity is about 1.7 times that of the same period last year. Among them, there are many enterprises that have already passed the review by the Listing Review Committee of the Exchange (hereinafter referred to as the Shanghai Municipal Committee) by pressing the "withdrawal button". For example, according to a recent announcement by the Shenzhen Stock Exchange, Anhui Jingqi Network Technology Co., Ltd. voluntarily requested the withdrawal of its registration application documents during the review of its IPO and listing on the Growth Enterprise Market by the China Securities Regulatory Commission. It is worth noting that the company had already passed the meeting as early as 2021. Zhao Xijun, Co Dean of the China Capital Market Research Institute at Renmin University of China, stated in an interview with China News Agency that based on publicly available information, the reason why the above-mentioned companies voluntarily withdrew their IPO applications is mainly due to the discovery of problems in compliance, sector positioning, information disclosure, accounting treatment, and other aspects during the IPO self inspection process, which were promptly corrected. The reason why companies are so proactive in self inspection and self correction on IPO issues is closely related to the current trend of "strict supervision" in China's capital market. After assuming the position of Chairman of the China Securities Regulatory Commission, Wu Qing has repeatedly emphasized in public that listed companies are the foundation of the market and the source of investment value. To further promote the improvement of the quality of listed companies. Since the release of the new "National Nine Articles" this year ("Several Opinions of the State Council on Strengthening Supervision and Preventing Risks to Promote High quality Development of the Capital Market"), "strengthening the foundation, strengthening the foundation, and strict supervision and management" has become the regulatory tone of China's capital market. At the recent "5.15 National Investor Protection Promotion Day" event, Wu Qing once again spoke out: from the "entry" of listed companies to continuous supervision, and then to "export", more stringent institutional arrangements are being established. The purpose is to firmly block counterfeiters, implement the requirement of openness and transparency throughout the entire process of company information disclosure, integrate the concept of respecting and rewarding investors into various mechanisms of corporate governance, and resolutely remove "zombie enterprises" and black sheep from the market. The latest "strict supervision" signal comes from the "Guidelines for the Application of Regulatory Rules - Issuance Category No. 10" issued by the China Securities Regulatory Commission on May 15, which requires issuers to publish statements to investors in the prospectus, improve information disclosure rules for post IPO dividend policies, and strengthen information disclosure related to unprofitable enterprises. Zhao Xijun stated that due to the regulatory authorities implementing the "two strong and two strict" tone throughout the entire process of regulating corporate issuance and listing, and continuously carrying out IPO supervision, listed company supervision, and delisting supervision, this has to some extent forced prospective listed companies to conduct serious self inspection and self correction of IPOs, effectively curbing the behavior of "overcoming obstacles with illness" and speculative listing. It is worth noting that this strict tone is also reflected in the Marco Polo project. As the first public meeting project after the promulgation of the new regulations for issuance and listing,