The barrier lakes of Chinese enterprises' IPO have been amassing themselves under increasingly conservative policies after the reform setback of IPO re-launch. In view of ANBOUND research team, the inadequacy of innovation in law, policy and system has forced many Chinese enterprises to turn to overseas financing and thus Chinese capitals are incapable of enjoying the fruits of Chinese enterprises' growth. What’s more, the prosperity and development of China’s capital market are also constrained. Therefore, to actively liberalize the IPOs which are centered round middle and small-sized enterprises will creatively undermine the multi-level capital markets and eventually achieve the goal of ecological evolution.