2025年企业IPO最新隐形门槛

Core Insights - The article discusses the evolving landscape of IPO requirements across different stock exchanges in China, highlighting the increasing profit thresholds for companies seeking to go public [1][2][3]. IPO Requirements by Exchange - North Exchange (北交所): - The North Exchange has become a primary venue for IPOs, with 116 companies applying, benefiting from low thresholds and efficient review processes [8][27]. - Companies listed here do not undergo on-site inspections, significantly reducing compliance costs and time [32]. - ChiNext (创业板): - Companies need a minimum net profit of 1.5 billion to be considered viable for listing, with many firms in the semiconductor sector applying despite recent losses [2][15]. - The average revenue for companies applying is above 3 billion, with a median of 9.41 billion [16]. - Sci-Tech Innovation Board (科创板): - The board has accepted several loss-making companies with high valuations, indicating a focus on innovative firms [3][20]. - Companies must demonstrate significant revenue, with a median of 4.56 billion for applicants [22]. - Main Board (主板): - The main board has seen a resurgence in traditional industries, with companies needing at least 2 billion in net profit to apply [5][13]. - The average revenue for applicants is above 5 billion, with a median of 27.02 billion [11]. Market Trends - The first half of 2025 saw a significant increase in IPO applications, with a total of 177 companies, marking a 130% increase from the previous year [8]. - The North Exchange accounted for 65% of these applications, reflecting its attractiveness to innovative small and medium enterprises [8][32]. - The overall market is showing a trend towards supporting consumer-oriented companies, aligning with government policies [13][15].