An attempt by the mainland’s securities regulator to slow the so-called quake lake of listing applications on the mainland may turn out to have been a botched strategy, with fewer than expected companies voluntarily withdrawing their listing plans during the enforced re-examination campaign.

According to the China Securities Regulatory Commission (CSRC), 124 IPO applicants had terminated their share-sale plans as of Friday, while 765 firms continued to await a nod from the regulator for their listing plans.