Summary of Key Points Core Viewpoint The A-share market in April 2025 saw a significant reduction in IPO applications and terminations, with notable fundraising activities and compliance issues among certain companies. Group 1: IPO Activity - In April 2025, three companies had their IPO applications accepted, all for the Beijing Stock Exchange, with a total of nine companies successfully passing the review [1] - The number of terminated IPO applications in April was five, a significant decrease from the average of 17 in the previous quarter, indicating a reduction in the number of companies waiting for IPO approval [2][5] - As of the end of April 2025, there were 183 companies in the A-share IPO queue, which is less than 200 [1][2] Group 2: Fundraising and Performance - A total of 10 companies successfully listed in April, raising a combined 8.269 billion yuan, which represents a 10.3% decrease from the previous month [1][7] - The highest fundraising amount was achieved by Tianyouwei, which raised 3.74 billion yuan, marking the highest fundraising in the A-share market since August 9, 2023 [7][10] - Tianyouwei's net profit surged from 24 million yuan in 2020 to 1.108 billion yuan in 2024, a 45-fold increase [10] Group 3: Compliance Issues - Zhejiang Shenghua Yunfeng New Materials Co., Ltd. faced scrutiny for "going public with pre-existing issues," leading to penalties for the company and its underwriters due to disclosure violations [5][6] - The company failed to disclose that some of its distributors and OEM suppliers were controlled by the same individual, which was a significant oversight in its IPO application [6] - Tianyouwei has been criticized for its historical non-compliance with social security contributions, with 86% of its employees not receiving full social security payments in 2020 [11] Group 4: Underwriting and Advisory Fees - The underwriting and legal fees for Kent Catalysis were notably high, with a fee rate of 11.33% for underwriting and 3.16% for legal fees, which is significantly above the industry average [11] - In April, the top underwriter was CITIC Securities, which led the underwriting for Tianyouwei's IPO, contributing to its high fundraising total [12][14] Group 5: Market Trends - The first four months of 2025 saw a total of 247.45 billion yuan raised through IPOs, with CITIC Securities leading in both underwriting volume and advisory income [13][14] - The competitive landscape for IPO underwriting has shifted, with CITIC Securities and CICC dropping out of the top ranks in terms of underwriting volume [14]
IPO月报|天有为募资37亿元为近20个月最高 七个交易日股价大跌30%接近破发