The Shanghai Stock Exchange's latest issuance and listing review update showed
it accepted 54 IPO filings in Q2 versus 6 in Q1 (8x). Refinancing acceptances
totaled 43 in Q2, up 72% QoQ, and M&A/restructuring filings reached 15, up 50%
QoQ. The exchange concurrently stepped up on‑site supervision and tightened
review standards; self-regulatory enforcement concentrated on IPO filings and
supervisory measures against issuers and intermediary personnel increased, with
more responsible individuals subject to regulatory action.