Group 1 - The A-share private placement market is experiencing a significant recovery, with 155 listed companies raising a total of 824.45 billion yuan in 2025, nearly quadrupling the 206.65 billion yuan raised in 2024 and surpassing the 780.45 billion yuan raised in 2022 [1][5][4] - The fundraising completion rate for private placements in 2025 reached 98.81%, a substantial improvement of 12.25 percentage points compared to 2024, indicating strong market demand for quality projects [2][5][6] - The surge in private placement activity is attributed to multiple factors, including a stable market since September 2024, a shift towards a more relaxed refinancing policy, and the release of previously delayed financing needs [6][7] Group 2 - The total underwriting amount for securities firms in private placements soared to 716.89 billion yuan in 2025, more than five times the 140.57 billion yuan in 2024, with CITIC Securities leading at 188.56 billion yuan [2][9] - The competitive landscape among underwriters has changed, with nine firms surpassing the 10 billion yuan mark in underwriting amounts in 2025, compared to only two in 2024 [9][10] - CITIC Securities secured the main underwriting role for all four major private placement projects exceeding 100 billion yuan, highlighting its dominance in the market [10][11]
8245亿定增“解渴”A股 规模飙涨四倍 券商承销格局生变
2 1 Shi Ji Jing Ji Bao Dao·2025-12-29 11:59