2025年Q3共69家中企境内外IPO，募集资金共计1026.27亿元人民币丨睿兽分析IPO季报

Core Insights - The number of Chinese company IPOs in Q3 2025 shows a year-on-year increase of 32.69% compared to Q3 2024, and a quarter-on-quarter increase of 2.99% from Q2 2025 [1] - A-shares remain the primary market for IPOs, with 27 companies listed in both Q1 and Q3 2025, while Hong Kong's IPO numbers fluctuate but have a significantly higher fundraising amount, exceeding A-shares by 72.91% [2] Market Overview - In Q3 2025, A-shares had the highest IPO activity with 27 companies, while Hong Kong had 24 companies, and the US market maintained a stable number of listings [1] - The overall trend for Hong Kong IPOs shows a pattern of "peaking and maintaining a high level" [1] Industry Distribution - Among the 69 companies that went public in Q3 2025, the healthcare and traditional industries each had 9 IPOs, accounting for 26.09% of the total [7] - The top five industries by fundraising scale were traditional industry (25.64 billion RMB), automotive transportation (21.38 billion RMB), energy and electricity (18.85 billion RMB), materials (8.14 billion RMB), and intelligent manufacturing (7.98 billion RMB) [7] Regional Distribution - In Q3 2025, Hong Kong led with 15 IPOs raising 27.68 billion RMB, followed by Jiangsu with 12 IPOs raising 9.88 billion RMB, and Guangdong with 10 IPOs raising 8.30 billion RMB [7] Investment Insights - Out of the 69 IPO companies, 34 had received prior investments, resulting in an institutional penetration rate of 49.28% [14] - In A-shares, 15 out of 27 companies had prior investments, with a penetration rate of 55.56% [18] - In Hong Kong, 18 out of 24 companies had prior investments, leading to a penetration rate of 75.00% [18]