Founder Securities(SH:601901) 智通财经网·2025-08-30 23:55Core Viewpoint - The A-share IPO market is experiencing a significant recovery, with a notable increase in the number of IPOs and a shift towards higher quality listings since the implementation of the "827 new policy" by the China Securities Regulatory Commission [2][3]. Summary by Category IPO Trends - As of August 27, 2025, a total of 179 A-share IPOs have been accepted, a substantial increase of 459.4% compared to the same period last year, which had only 32 accepted IPOs [3][4]. - The number of new listed companies in A-shares reached 66, reflecting a year-on-year growth of 15.8% from 57 companies in the same period last year [3]. Withdrawal and Quality of Listings - The number of withdrawn IPO applications has significantly decreased, with only 84 withdrawals in 2025 compared to 330 in 2024, indicating a marked improvement in the quality of companies currently under review [3][4]. Market Structure - The main board has seen a faster listing pace, with 23 new companies listed in 2025, a 35.3% increase from 17 in 2024, surpassing the overall growth rate of new listings [4]. - The Beijing Stock Exchange (北交所) has emerged as a preferred venue for listings, with 115 accepted IPOs, accounting for over 60% of total IPOs, significantly higher than the 30 accepted in 2024 [4]. Performance Metrics - The number of IPOs that experienced a first-day drop has decreased sharply, with 45 in 2023, only 1 in 2024, and none in 2025, indicating improved market conditions [5]. - The weighted first-day return for IPOs in 2025 was 169.7%, a 56% increase from 108.9% in 2024 and 4.6 times higher than the 36.9% in 2023, showcasing a strong improvement in IPO performance quality [5].