Core Viewpoint - In May, the A-share IPO market saw a record high with 16 companies accepted for listing, marking a significant increase in activity, particularly on the Beijing Stock Exchange, which accounted for nearly 70% of the total [1][2]. IPO Acceptance and Termination - A total of 16 A-share IPO applications were accepted in May, the highest monthly figure for the year, with 10 from the Beijing Stock Exchange [1][2]. - From January to May, 27 new IPO applications were accepted, representing a year-on-year increase of 1250%, with 18 from the Beijing Stock Exchange [2]. - In May, 8 companies withdrew their IPO applications, an increase from 5 in April, bringing the total number of terminated IPOs to 68 for the first five months of the year, a decrease of 62% compared to the same period in 2024 [4][7]. IPO Listings and Fundraising - In May, 6 companies successfully listed, raising a total of 3.456 billion yuan, a significant drop of 58.2% compared to April's 8.269 billion yuan [9][10]. - For the first five months of the year, 43 companies completed their IPOs, raising a total of 28.202 billion yuan, which is an approximate growth of 13% and 4% year-on-year [17][20]. Underwriting and Fees - The highest underwriting fee rate in May was for Taili Technology, which had a fee rate of 14.08%, significantly higher than other companies [12][16]. - Among the 43 companies listed, 8 raised between 400 million to 500 million yuan, with all but Taili Technology having underwriting fee rates below 9% [16]. Securities Firm Performance - CITIC Securities led the underwriting market with a total of 4.087 billion yuan in underwriting fees, followed by Huatai United and CITIC Construction with 3.879 billion yuan and 2.243 billion yuan, respectively [17][19]. - Guojin Securities ranked 23rd in the market with a total of 339 million yuan in underwriting fees, facing challenges due to a lack of reserve projects [21].
IPO月报|烨隆股份排队40个月终折戟 太力科技承销保荐费用费用率14%为年内最高