Multiple companies have suspended their IPOs, but the listing process has not been terminated.

With the arrival of the 2025 financial reporting update season, some companies planning to go public have pressed the “pause button” on their filings.

According to an incomplete count by a Shanghai Securities News reporter, as of the evening of March 31, 54 companies listed on the SSE and SZSE have seen their IPO review status changed to “suspended.” The reason is that the financial data recorded in the offering and listing application documents has passed its validity period and needs to be supplemented and resubmitted.

A person from an investment bank told the reporter that the validity period for financial data for IPO companies under review is 6 months. If it exceeds 6 months, the company may apply for an extension of 3 months to update its financial data. After the financial data is updated, the company’s IPO process will proceed normally.

IPO progress halted for multiple “star” companies

Among the 54 companies whose IPOs were suspended this time, there are no shortage of headline names such as Changxin Tech, Blue Arrow Space, and China Resources New Energy.

Among them, Changxin Tech adopted a pre-review mechanism for an SSE STAR Market IPO, and its IPO progress has drawn significant market attention. The prospectus shows that Changxin Tech focuses on the design, R&D, manufacturing, and sales of dynamic random access memory (DRAM). The company has already formed a diversified product layout such as DDR series and LPDDR series, and can offer various product solutions including DRAM wafers, DRAM chips, and DRAM modules. The company has three 12-inch DRAM wafer fabs in Hefei and Beijing. According to Omdia data, based on capacity and shipment volumes, the company has become China’s No. 1 and the world’s No. 4 DRAM supplier.

For this IPO, Changxin Tech plans to raise RMB 29.5 billion, to be used for a technology upgrade and改造 project for DRAM wafer manufacturing mass production lines, a technology upgrade project for DRAM memory, and a research and development project for advanced dynamic random access memory technologies.

In terms of the equity structure, Changxin Tech has no controlling shareholder and no actual controller. Shareholders holding more than 5% of the company’s shares directly include Qinghui JiDian, Changxin Integrated, the Second Phase of the National Integrated Circuit Industry Investment Fund (Big Fund II), Hefei Chengxin, and Anhui Provincial Investment, which—according to the date the prospectus was signed—held 21.67%, 11.71%, 8.73%, 8.37%, and 7.91% of Changxin Tech’s equity, respectively.

Blue Arrow Space is the first commercial space enterprise to submit a filing for issuance and listing after the release of the relevant documents for the fifth set of listing standards applicable to commercial rockets under the STAR Market, and changes in its listing timeline have also attracted broad attention from both the market and the industry.

As a leading domestic commercial space enterprise, Blue Arrow Space is mainly engaged in the R&D and production of liquid oxygen/liq. methane engines and carrier rockets, and provides commercial space rocket launch services. The company is committed to building a full industrial chain of “R&D, manufacturing, testing, and launches,” centered on medium- and large-size reusable liquid oxygen/methane launch rockets, and to creating a science and technology complex in the space sector.

For this IPO, Blue Arrow Space plans to raise RMB 7.5 billion, to be used for projects to increase capacity for reusable rockets and to upgrade reusable rocket technology. Blue Arrow Space filed a counseling record in late July 2025, and was accepted by the SSE on December 31 of the same year. On January 22, 2026, Blue Arrow Space received the SSE’s first round of inquiry letter.

The ShenZhen Main Board IPO filing company China Resources New Energy is a wholly owned subsidiary of China Resources Power, a company listed in Hong Kong. China Resources Power’s wind and solar power station investment, development, operation, and management business is served by China Resources New Energy as its sole platform.

As the first Main Board IPO project accepted by the SZSE in 2025, China Resources New Energy plans to raise RMB 24.5 billion, to be used for new energy base projects, an integrated multi-energy complementarity project, a comprehensive utilization project for green ecological development, and a new-energy project driven by integrated development.

This “suspension” is not the same as “termination”

It is worth noting that this “suspension” is not the same as “termination,” but rather a normal adjustment step in the IPO review process. Previously, many IPO companies have also previously appeared in a suspended status due to issues such as expired financial materials, but their review process was resumed again after the financial materials were updated.

According to the current stock issuance and listing review rules of the SSE and SZSE, if the financial data recorded in the offering and listing application documents of an IPO applicant has passed its validity period, it needs to be supplemented and submitted. At the same time, the validity period for financial reports in A-share IPO prospectuses adopts a “6+3” model: the financial statements cited in the prospectus are valid for six months after the closing date of the most recent reporting period in question; in special circumstances, they may be extended appropriately, but not more than three months. Financial statements should use the year-end, half-year-end, or quarter-end as the cutoff date. This also means that after a review suspension, the issuer should supplement the documents within 3 months to complete the update of financial data while resuming the listing review.

“Being in an IPO suspended status does not affect a company’s path to listing. This suspension is a technical pause during the review process, giving the company time to update its financial report materials, not a complete termination of the review. After the company supplements and updates its financial reports, the review procedures will continue.” The above investment bank person said to the reporter.

On the evening of March 31, Blue Arrow Space publicly responded that the “suspension” shown on the SSE website is because the financial data cited in the company’s submission materials has passed its validity period, and therefore related financial data and filing documents need to be supplemented and resubmitted. This falls under a procedural review status adjustment.

Blue Arrow Space stated that the company is currently advancing the work of updating financial data, conducting audits, and supplementing filing documents in accordance with regulations. The above “suspension” does not mean termination of the review; going forward, the company will submit updated materials in a timely manner in accordance with regulations.