The China Securities Regulatory Commission (CSRC) for the first time allowed media to witness the entire process of IPO (Initial Public Offering) examination.

　　The review process for new stock issuance has always been shrouded in mystery for both industry professionals and investors. Recently, a Xinhua News Agency reporter conducted an exclusive, in-depth investigation into the China Securities Regulatory Commission's (CSRC) stock issuance review process, conducting a comprehensive follow-up over several months. This marks the CSRC's first attempt to open the entire new stock issuance review process to the media.
　　Over five months, the Xinhua News Agency reporter participated in meetings held by the CSRC's Issuance Department with prospective listed companies, including introductory meetings, feedback meetings, preliminary review meetings, and issuance review meetings. The reporter followed the entire review process of New China Life Insurance, interviewing department heads, review personnel, applicant companies, and intermediary institutions, witnessing firsthand the company's journey through the CSRC's rigorous review process before listing.
　　For any company preparing for an IPO, the restructuring, standardization, and material preparation processes are undeniably arduous, but submitting the application materials to the CSRC marks the true beginning of the major test.
　　The introductory meeting is specifically designed by the CSRC to familiarize companies with the issuance review standards and procedures. In this stage, companies that have submitted materials meet face-to-face with the Issuance Department head, having ten minutes to present their company and explain their reasons for listing. In the subsequent feedback and preliminary review stages, the CSRC's Issuance Department conducts a preliminary review of the company's submitted materials, raises questions, requests verification from intermediary institutions, and prepares a preliminary review report to be submitted to the issuance review meeting.
　　Then, the review enters its most intense and crucial stage—the issuance review meeting. At this meeting, seven members of the issuance review committee engage in over 40 minutes of internal discussion to formulate a list of questions. The company and the sponsoring representative then enter to answer these questions in a 45-minute session. Afterward, the committee votes and announces the review results on the spot.
　　After years of exploration, the current new stock issuance review system has established a complete set of mechanisms, including "dual-person review and collective decision-making," aiming to present investors with qualified companies without unfairly penalizing good companies.
　　This review process is also continuously transitioning from behind the scenes to the forefront, subject to public scrutiny. From the public release of the issuance review committee members' names in 2003, the partial opening of the first issuance review meeting for the ChiNext board in 2009, the publication of reasons for company rejections starting last year, to the current attempt to open the entire review process, the issuance review process, considered the core of the CSRC's power, is striving to operate "in the sunlight."
　　Relevant CSRC department heads revealed that they are currently considering advancing the pre-disclosure of prospective listed companies' prospectuses to allow the public more time to exercise their supervisory role. This reflects the regulatory authorities' consistent philosophy of promoting transparency in new stock issuance reviews, and it is also the inherent meaning of open, fair, and just capital markets.