Sou Hu Cai Jing·2025-07-02 00:04A股市场 - In the first half of the year, the Shanghai and Shenzhen stock exchanges, along with the Beijing Stock Exchange, received a total of 177 IPO applications, surpassing the total from the previous year [1][3] - Among these, the Shenzhen market had 32 applications (11 from the main board and 21 from the ChiNext), the Shanghai market had 30 applications (9 from the main board and 21 from the Sci-Tech Innovation Board), and the Beijing Stock Exchange had 115 applications [1][3] - In June alone, the three exchanges received 150 new listing applications, accounting for 84.7% of the total for the first half of the year [1][3] 港股市场 - The Hong Kong Stock Exchange had 44 new stocks in the first half of the year, raising over HKD 1 billion, making it the top exchange globally in terms of IPO financing [3] - The total equity financing amount in the Hong Kong primary and secondary markets reached HKD 250.129 billion, a year-on-year increase of 318.15% [3] 保荐机构 - 37 sponsoring institutions handled the 177 IPO applications, with Guotai Junan and Haitong Securities leading with 26 applications, surpassing CITIC Securities [3][7] - The top six sponsoring institutions accounted for over 50% of the total applications [7] 科创板与未盈利企业 - Many unprofitable technology innovation companies are applying for IPOs, particularly on the Sci-Tech Innovation Board, which has diversified listing standards [5][6] - Notable companies like the domestic GPU "unicorn" Moore Threads and GPU leader Muxi Co., Ltd. have attracted significant investments from prominent venture capital and state-owned shareholders [5][6] 下半年展望 - The A-share IPO market is expected to remain active in the second half of the year, driven by ongoing reforms in the Sci-Tech Innovation Board and the ChiNext, as well as improvements in the Beijing Stock Exchange's systems [4][9] - Analysts predict a trend of "stable quantity and improved quality" in the A-share IPO market, supported by deeper registration system reforms and an increase in applications from specialized and innovative enterprises [9]