Recently, the reporter learned from brokerage investment bankers that the Shanghai Stock Exchange released the first issue and listing review update in 2026, saying that the Shanghai and Shenzhen Exchange recently completed the 2024 evaluation of the practice quality of sponsor agencies. According to the “Implementation Measures on Quality-Oriented Quality Evaluation of Sponsor Agencies of Listed Companies” jointly issued by the Shanghai and Shenzhen Exchange, a total of 104 sponsoring agencies with sponsorship business qualifications were involved in this evaluation. According to the evaluation, 7 sponsor agencies are classified as Class A, 22 sponsor agencies are classified as Class B, 7 sponsor agencies are classified as Class C, and the remaining 68 sponsoring agencies are classified as Class N due to unsponsored listed companies or initial projects that did not enter the review and registration process in the relevant year. In this evaluation work, the two sponsoring agencies made mandatory delisting adjustments and risk adjustments in accordance with relevant regulations because the companies sponsored and listed in 2019 had already been forcibly delisted or were subject to delisting risk warnings. According to the exchange, the 2024 evaluation results will continue to apply the relevant arrangements during the transition period, and the two companies have already targeted the evaluation results to various sponsor agencies in the early stages. The exchange will continue to improve and operate the evaluation system in conjunction with practice, urge sponsor agencies to effectively improve the quality of declarations and the level of practice, and give full play to their role as “gatekeepers” of the capital market.

Recently, the reporter learned from brokerage investment bankers that the Shanghai Stock Exchange released the first issue and listing review update in 2026, saying that the Shanghai and Shenzhen Exchange recently completed the 2024 evaluation of the practice quality of sponsor agencies. According to the “Implementation Measures on Quality-Oriented Quality Evaluation of Sponsor Agencies of Listed Companies” jointly issued by the Shanghai and Shenzhen Exchange, a total of 104 sponsoring agencies with sponsorship business qualifications were involved in this evaluation. According to the evaluation, 7 sponsor agencies are classified as Class A, 22 sponsor agencies are classified as Class B, 7 sponsor agencies are classified as Class C, and the remaining 68 sponsoring agencies are classified as Class N due to unsponsored listed companies or initial projects that did not enter the review and registration process in the relevant year. In this evaluation work, the two sponsoring agencies made mandatory delisting adjustments and risk adjustments in accordance with relevant regulations because the companies sponsored and listed in 2019 had already been forcibly delisted or were subject to delisting risk warnings. According to the exchange, the 2024 evaluation results will continue to apply the relevant arrangements during the transition period, and the two companies have already targeted the evaluation results to various sponsor agencies in the early stages. The exchange will continue to improve and operate the evaluation system in conjunction with practice, urge sponsor agencies to effectively improve the quality of declarations and the level of practice, and give full play to their role as “gatekeepers” of the capital market.