In H1 2023, China's IPO applications plummeted by a third due to earnings instability, a slowing economy, and stringent regulatory scrutiny. Chinese exchanges received approximately 330 new applications, a sharp decrease from over 500 the previous year. The decline was partially attributed to potential listees' inability to meet revenue or profit criteria as the Chinese economy struggled. Furthermore, stricter regulations and penalties for sponsors have led to increased caution. Despite a downturn in proceeds, China's IPO market remained the largest globally, overshadowing other major hubs like New York and Hong Kong. Nevertheless, over 100 companies withdrew their IPO applications in the first half of the year, indicative of waning confidence in regulatory approval.