China's CSRC Reopens IPOs for Unprofitable Tech Firms as Shanghai Exchange Accepts 2025 IPO Application

China's securities regulator, the China Securities Regulatory Commission (CSRC), is taking steps to reopen the initial public offering (IPO) window for high-quality, unprofitable technology firms. This move comes as the Shanghai Stock Exchange has accepted its first IPO application of 2025, with several previously withdrawn firms now resuming their listings. Sources indicate that this initiative aims to provide intensified financing support for technology innovations, particularly in the fields of artificial intelligence and robotics. Additionally, there are concerns regarding the sustainability of social insurance financing in China, as local governments have struggled to balance budgets while subsidizing these programs. Predictions suggest that individuals may need to contribute more towards social insurance in the future, as labor-intensive firms face a larger financial burden due to social-insurance contributions linked to wages.