Strictly control the access to issuance and listing, and the China Securities Regulatory Commission issues heavyweight documents. On March 15th, the China Securities Regulatory Commission issued the "Opinions on Strictly Control the Access to Issuance and Listing and Improve the Quality of Listed Companies from the Source (Trial)" (hereinafter referred to as the "Opinions"), aiming to improve the quality of listed companies from the source, comprehensively and strictly strengthen the supervision of enterprise issuance and listing activities, and tighten the responsibilities of all relevant parties in the entire issuance supervision chain. Tian Xuan, Vice Dean of the School of Finance at Wudaokou, Tsinghua University, told reporters that China's capital market has entered a new stage of increasing "quantity" and improving "quality". Against the background of a comprehensive registration system, the construction of a multi-level capital market is gradually improving, and the "entrance gate" and "exit end" will be more balanced. In the future, IPOs will enter a more stable and reasonable issuance rhythm, maintaining a dynamic balance between the primary and secondary markets. The listing standards are expected to continue to improve, and IPO pricing will be further standardized to meet the listing needs of companies with different stages and attributes. The Opinion puts forward requirements for companies, intermediary agencies, exchanges, and dispatched agencies of the China Securities Regulatory Commission to strictly control the entry point of IPOs by tightening the responsibilities of all parties involved in the entire chain of issuance supervision. "Strictly controlling the entry point of IPOs is the most crucial factor for 'strengthening the foundation'." Yang Chao, a strategic analyst and team leader at China Galaxy Research Institute, told Securities Daily reporters that this can effectively improve the quality of listed companies, ensure that companies entering the market have good financial health and sustained profitability, and screen out companies that truly have development potential and innovation ability, To provide investors with better investment choices and reduce overall market risks. The first person responsible for the truthful, accurate, and complete disclosure of information in the issuance application documents of the proposed listed company needs to establish a correct "listing concept". Dong Zhongyun, Chief Economist of AVIC Securities, told Securities Daily reporters that companies planning to go public should disclose information in good faith, ensuring that the disclosed financial status, business model, risk factors, and other information are true, accurate, and complete; Secondly, it is necessary to strengthen internal governance, establish and improve risk control and internal audit mechanisms, and ensure the compliance of company operations; We also need to actively cooperate with regulatory agencies for review, on-site inspections, etc., provide necessary information and materials in a timely manner, and fulfill our obligations. Intermediary institutions should take responsibility and truly play the role of "gatekeepers", which is not only a deep expectation of investors, but also an inevitable requirement to improve the quality of listed companies from the source and promote high-quality market development. In order to strengthen the responsibility of intermediary agencies as gatekeepers, the Opinion proposes to establish a normalized rolling on-site supervision mechanism for intermediary agencies, supervise and inspect the performance of sponsoring agencies, lawyers, and registered accountants, with a three-year cycle, and achieve full coverage in principle. Dong Zhongyun stated that intermediary agencies should conduct comprehensive and objective due diligence on the proposed listed company, verify the financial status and business essence of the enterprise; To review the issuance documents and disclosure materials of the enterprise, ensure that they meet the requirements of laws and regulations, and provide objective and reliable opinions; According to regulatory requirements, objective and comprehensive risk warnings should be provided to help investors evaluate investment risks rationally. For regulatory authorities, the China Securities Regulatory Commission