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

With the arrival of the 2025 earnings report update season, some companies that are preparing for an IPO have hit the “pause button” on their filings.

According to an incomplete count by reporters from the Shanghai Securities News, as of the evening of March 31, 54 companies on the Shanghai and Shenzhen exchanges have had their IPO review status changed to “suspended.” The reason is that the financial information recorded in the application documents for issuing and listing has passed its validity period and needs to be supplemented and submitted.

An investment banking source told reporters that the validity period for financial data of companies undergoing IPO review is 6 months. If it exceeds 6 months, the filing can apply for an extension of 3 months to update the financial data. After the financial data is updated, the company’s IPO process will proceed normally.

Multiple “star” companies’ IPO processes are suspended

Among the 54 companies whose IPOs were suspended this time, there is no shortage of well-known companies such as ChangXin Tech, Blue Arrow Aerospace, and China Resources New Energy.

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

For this IPO, ChangXin Tech plans to raise RMB 29.5 billion, which will be used for technology upgrade and transformation projects for DRAM memory wafer manufacturing production lines, DRAM memory technology upgrade projects, and forward-looking technology research and development projects for dynamic random access memory.

From the equity structure perspective, ChangXin Tech has no controlling shareholder and no actual controller. Shareholders directly holding more than 5% of the company’s shares include Qinghui Jidian, ChangXin Integration, the Second Phase of the Big Fund, Hefei Jingxin, and Anhui Province Investment, which—according to the date when the prospectus was signed—hold 21.67%, 11.71%, 8.73%, 8.37%, and 7.91% of ChangXin Tech’s equity, respectively.

Blue Arrow Aerospace is the first commercial space enterprise to submit an application for issuance and listing after the release of related documents concerning the fifth set of listing standards applicable to commercial rockets for the STAR Market. Its listing progress change has also received widespread attention from both the market and industry insiders.

As a domestic leading commercial space enterprise, Blue Arrow Aerospace mainly engages in the R&D and production of liquid oxygen- methane engines and launch vehicles, and provides commercial rocket launch services. It is committed to building a full industrial chain of “research and development, manufacturing, testing, and launching,” centered on large- and medium-sized reusable liquid oxygen-methane launch vehicles, and to creating a technological complex in the space industry.

For this IPO, Blue Arrow Aerospace plans to raise RMB 7.5 billion for projects aimed at increasing the capacity of reusable rockets and upgrading reusable rocket technologies. Blue Arrow Aerospace filed for tutoring and recordkeeping at the end of July 2025, and was accepted by the SSE on December 31 of the same year. On January 22, 2026, Blue Arrow Aerospace received the first round of inquiry letter from the SSE.

China Resources New Energy, an IPO申报 enterprise for the Shenzhen Main Board in 2025, is a wholly owned subsidiary of China Resources Power, a company listed in Hong Kong. It is the only platform under China Resources Power for investing in, developing, operating, and managing wind and solar power stations.

As the first Main Board IPO project accepted by the Shenzhen Stock Exchange in 2025, China Resources New Energy plans to raise RMB 24.5 billion for new energy base projects, a multi-energy complementarity integrated project, a green ecosystem development comprehensive utilization project, and integrated-development-type new energy projects.

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

It is worth noting that this “suspension” is not “termination.” Instead, it is a normal adjustment step within the IPO review process. Previously, many IPO companies also encountered suspended status due to issues such as expired financial information, but after updating the financial information, their review process was resumed again.

Under the current stock issuance and listing review rules of the Shanghai and Shenzhen exchanges, if the financial information recorded in the application documents for issuance and listing of an IPO applicant has passed its validity period, additional submissions are required. At the same time, A-share IPO prospectus financial statement validity adopts a “6+3” model: the financial statements cited in the prospectus are valid for six months after the cutoff date of its most recent period, and in special circumstances they may be extended appropriately, but not more than three months. Financial statements should use year-end, semiannual-end, or quarterly-end as the cutoff date. This also means that after the review is suspended, the issuer should supplement the documents within 3 months, and while completing the update of financial information, restore the IPO listing review.

“An ‘IPO suspended’ status does not affect a company’s path to listing. This suspension is a technical pause within the review process, giving the company time to update its prospectus and report materials, rather than a full termination of the review. After the company supplements and updates its financial reports, the review procedures will continue.” the above-mentioned investment banking source told reporters.

On the evening of March 31, Blue Arrow Aerospace publicly responded that, according to what is shown as “suspended” on the SSE website, it is because the financial information cited in the company’s filing materials has passed its validity period and needs to be supplemented and submitted. This involves a procedural adjustment of the review status, including the submission of updated relevant financial information and filing documents.

Blue Arrow Aerospace stated that the company is currently advancing, in accordance with regulations, the updating of financial data, audits, and the supplementation of filing documents. The above “suspension” does not constitute a termination of the review. In the next steps, the company will submit the updated materials in a timely manner in accordance with regulations.