A股IPO“中考”成绩单：打新单日平均收益超200％，赚钱效应重现

Group 1 - In the first half of 2025, A-shares saw 50 companies achieve IPOs, raising over 37.1 billion yuan, with both the number of IPOs and the amount raised increasing by 14% year-on-year [2] - The average first-day return for A-share IPOs reached 220%, a significant increase from 136% in the first half of 2024, with no IPOs experiencing a price drop on debut [2][3] - The enthusiasm for IPO subscriptions in A-shares has surged due to the high returns and the scarcity of IPOs, leading to a substantial increase in the average oversubscription multiple [2][3] Group 2 - The A-share market's IPOs are characterized by a focus on smaller companies, with an average fundraising amount of 743 million yuan, while the first-day price increases are substantial [3][4] - In contrast, the Hong Kong market experienced a significant increase in IPO activity, with 40 companies raising approximately 108.7 billion HKD, marking a 33% increase in the number of IPOs and a 711% increase in the amount raised year-on-year [5] - Despite the increase in IPOs in Hong Kong, the market faced challenges, with 30% of new stocks experiencing a price drop on their first day and an average first-day return of only 11%, down 10 percentage points from the previous year [5] Group 3 - Both A-shares and H-shares are seeing a trend towards hard technology in their IPOs, with significant activity in the industrial, technology, and materials sectors [6][7] - The A-share market is increasingly focusing on technology-driven companies, with the China Securities Regulatory Commission emphasizing support for high-quality, unprofitable tech firms to go public [6][8] - The introduction of the "Tech Company Special Line" in Hong Kong aims to facilitate the listing of technology and biotech companies, enhancing the market's appeal to innovative firms [7][8]