Using some idle raised funds to temporarily replenish working capital and then return it does not mean that listed companies have made money. If the company shows in the materials submitted to the CSRC that 100% of the raised funds flow to working capital or repay bank debts, the risk of raising funds will be too great, and the staff of the CSRC who have grown up will generally question this, and the inquiry will be blocked and the underwriting risk will be great.

Generally, in the process of IPO, brokers will advise enterprises to reduce the proportion of raised funds invested in working capital, which is conducive to the success of fundraising. Therefore, in theory, all funds can be raised into working capital, but obviously this is unrealistic.