In what direction is the IPO system changing?

In January 2025, the financial authorities announced 'Measures to Improve the IPO and Delisting Systems', setting out a direction of shifting the IPO market away from investing for short-term gains and toward investing based on corporate value.

Key elements include expanding institutional investors' lock-up commitments (priority allocation), restricting book-building participation by small private fund managers and discretionary investment managers, strengthening the role and responsibilities of underwriters, and introducing cornerstone investors and pre-book-building. Because the system keeps changing, check the securities registration statement for each offering and announcements by the Financial Services Commission.