Strictly control the IPO entry process; Yushu Technology and China Aerospace will undergo on-site inspections.

《证券时报》记者 程丹

Recently, the China Securities Industry Association released the list of companies selected for on-site inspections in the second batch of 2026. Two companies were randomly selected: Unitree Robotics Co., Ltd. (hereinafter referred to as “Unitree Robotics”) and iFlytek? (Not) - actually “Institute of Aerospace? Technology?” Wait; translation must be accurate. Let’s translate names directly as provided: “中科宇航技术股份有限公司” (hereinafter referred to “中科宇航”). They are, respectively, the popular picks for becoming “China’s A-share first listed company in humanoid robots” and “China’s leading commercial spaceflight first listed company.”

Unitree Robotics focuses on R&D, production, and sales of high-performance general-purpose humanoid robots, quadruped robots, robot components, and embodied intelligence models. It was the first in the world to achieve public sales and industry adoption of high-performance quadruped robots. Meanwhile, CAS Space? Wait—should translate: “中科宇航” relies on the LiJian series launch vehicles, as described. It is the first mixed-ownership commercial rocket enterprise in China. Relying on the integrated strengths of the LiJian series launch vehicles in areas such as high reliability and larger payload capacity, it has successfully completed 11 launch missions, cumulatively placing 86 satellites and 1 spacecraft into their intended orbits, with the total launch payload mass of nearly 16 tons.

“On-site inspection is one of the main means of pre-entry supervision under the new stock issuance registration system. In principle, the regulatory authorities organize the draw every 3 months. For newly accepted companies, inspections are randomly selected in a 20% proportion to verify the quality of the submissions, except those that have already been designated as problem-oriented inspection targets before the draw.” A spokesperson from the securities firm’s investment banking department said that on-site inspections mainly focus on aspects such as the authenticity of companies’ financials, the compliance of internal controls, the quality of information disclosure, and the professional practice quality of intermediaries. By comprehensively strengthening quasi-entry supervision such as on-site inspections for IPOs, it can strengthen compliance deterrence for companies planning to go public and intermediaries, make application for issuance and listing more cautious and compliant, and reduce the risk of “submitting while carrying problems.”

Earlier, there had been cases like “withdraw once inspected.” Some issuers would withdraw their issuance applications arbitrarily or passively cooperate with inspection work. Under the regulatory requirement of “responsibility attaches upon filing,” market participants have a clearer understanding of on-site inspection work and more explicit expectations, and situations such as “withdraw once inspected” have been fundamentally reversed. Of the 13 companies selected for on-site inspections in 2026, all are currently in normal review procedures. In 2025, among 16 IPO companies that were randomly selected, 1 withdrew its application, 7 have been listed, 2 are awaiting issuance, and 6 are under review.

Previously, the CSRC publicly notified and criticized issuers that were found to have deficiencies in information disclosure quality during on-site inspections. The CSRC pointed out that some issuers had issues such as paying fees through personal bank cards instead of properly accounting for them, inappropriate accounting treatment for material matters, and disclosure omissions by controlling shareholders or key related parties. There were also regulatory compliance defects in some companies’ information disclosure, including improper definition of the scope of consolidated financial statements and an imprudent estimation of the useful life for asset depreciation. The CSRC has urged issuers and intermediaries to rectify and standardize their practices.

The investment banking spokesperson above said that for companies with deficiencies in information disclosure quality or compliance defects, once problems are found, the review schedule will be disrupted, and only after rectification and standardization can the review process continue.

The CSRC has previously stated publicly that it will further scientifically coordinate the coverage and effectiveness of on-site inspections, adhere to a risk-based approach, focus on key areas, and handle cases by category. With an attitude of seeking truth from facts, it will strive to be strict and effective, strict and appropriate, strict with proper intensity—continuously improve the submission quality of companies planning to list, and continuously enhance the market’s sense of gain and the level of protection of investors’ rights and interests.