回暖信号？5月IPO受理单数创阶段新高，年内43只新股“零破发”

Group 1 - The number of IPO applications in May reached a monthly high, with 16 new applications, surpassing the total of the previous four months [1][4] - From January to May 2023, a total of 27 IPO projects were accepted, with the Beijing Stock Exchange accounting for over 60% of these applications [1][4] - The trend indicates a concentration of applications during the financial reporting period, with many companies aligning with policy directions in "new quality productivity" sectors [1][4] Group 2 - The largest IPO in nearly three years was by China Resources Holdings, raising 24.5 billion yuan, while 22 other companies aimed to raise less than 1 billion yuan [4] - The capital market is increasingly focusing on "hard technology" and supporting high-quality, unprofitable tech companies to go public [4][5] - The current IPO rhythm reflects a phase of concentrated applications driven by policy and market conditions, with a notable increase in investor confidence [5][6] Group 3 - The trend of A-share companies seeking secondary listings in Hong Kong is expected to continue, driven by the approval pace and the presence of quality companies [6] - The IPO market theme for this year is "A+H," indicating a significant number of A-share companies are looking to list in Hong Kong [6] - The expected increase in IPO numbers in 2025 is linked to companies in key supported industries such as semiconductors and new energy, aligning with national policy directions [6]