Xin Lang Zheng Quan·2025-07-25 09:08Group 1 - The Sci-Tech Innovation Board (STAR Market) was officially launched on July 22, 2019, marking the implementation of the registration system, with a total of 591 companies listed by July 22, 2025, including two that have been delisted [1] - The total funds raised through IPOs on the STAR Market amount to 927.156 billion yuan, with a total market capitalization exceeding 7 trillion yuan [1] - The STAR Market has significantly optimized the industry structure of the A-share market and serves as an important platform for tackling key core technologies under a new type of national system [1] Group 2 - Among the 591 companies listed on the STAR Market, two have been delisted, and three have been subjected to other risk warnings [5] - The underwriting situation shows that Guotai Junan and Haitong Securities lead with a total of 213.777 billion yuan raised through 112 underwriting cases [4][5] - CITIC Securities ranks second with 167.069 billion yuan raised through 99 underwriting cases, while China International Capital Corporation follows with 130.254 billion yuan from 70 cases [4][5] Group 3 - Guojin Securities has underwritten 13 STAR Market IPO projects over six years, with a total underwriting amount of 10.428 billion yuan, ranking 14th in the industry [5] - The company *ST Tianwei, which Guojin Securities sponsored, faced delisting risk due to a significant drop in revenue and net profit [5][6] - The financial performance of *ST Tianwei showed a drastic decline post-IPO, with revenue falling to 0.78 billion yuan in 2024, a year-on-year decrease of 44.65% [6][7] Group 4 - Six out of the 12 IPO projects sponsored by Guojin Securities experienced a decline in revenue or net profit in the year of listing, indicating potential issues with the performance of these companies [7] - The last IPO project sponsored by Guojin Securities, Jiuzhou Yitui, also reported a loss in its first year, raising concerns about the underwriting practices [7]