Xin Lang Zheng Quan·2025-07-24 08:50Group 1 - The core viewpoint of the article highlights the significant role of the Sci-Tech Innovation Board (STAR Market) in optimizing the A-share market structure and serving as a platform for key technological advancements since its launch on July 22, 2019 [1] - As of July 22, 2025, the STAR Market has seen a total of 591 companies listed, with IPO fundraising totaling 927.156 billion yuan and a total market capitalization exceeding 7 trillion yuan [1] Group 2 - The article discusses the critical role of securities firms in the entire process of companies going public on the STAR Market, with leading firms showing a clear advantage in participation [2] - Guotai Junan Securities leads in both the number of IPOs and the total amount raised, with an underwriting amount of 213.777 billion yuan, making it the only firm to exceed 200 billion yuan in underwriting scale [2][3] - CITIC Securities and CICC rank second and third in terms of IPO participation, with underwriting amounts of 167.069 billion yuan and 130.254 billion yuan respectively [2][3] Group 3 - The top seven securities firms have participated in a significant number of IPOs, with Guotai Junan Securities underwriting 112 companies, CITIC Securities 99, and CICC 70 [3] - The second-tier firms have participated in 10-20 IPOs, with notable mentions including Guosen Securities and Guotai Securities, each involved in 19 IPOs [2][3] - The article provides a detailed table of underwriting amounts and market shares for various securities firms, indicating the competitive landscape in the IPO market [3][4]