In the last week of December 2024, a total of 22 IPO companies were newly accepted by the Shanghai, Shenzhen, and BSE Exchanges, revealing the overall landscape of the 2024 IPO market. Since the release of the new "National Nine Articles", the phrase “strictly controlling access to issuance and listing” has become the main theme of the IPO market throughout 2024. The number of IPO acceptances has sharply declined, with only 77 companies newly accepted throughout the year, of which more than 80% were accepted by the BSE, while the acceptances by Shanghai and Shenzhen Exchanges were in single digits. On the other hand, the number of terminations has significantly increased, with the number of IPO terminations in 2024 reaching a new high since the implementation of the registration system, totaling 437, exceeding the number of listings for the entire year of 2023. With a large number of IPO companies being terminated, the current backlog of listings has eased. As of December 31, 2024, there are currently 261 IPO projects waiting for approval and under review at the three exchanges, significantly reduced from over 700 projects at the end of 2023. From the distribution of sponsorship organizations, the reporter has found that large Brokerages still hold an advantage. CITIC SEC remains in the first place with 24 queued companies. However, the number of IPOs newly accepted by CITIC SEC in 2024 is very limited, with only 2 companies.