IPO这一年：受理放量、过会翻倍、撤单锐减、向“新”而行｜回望2025

Core Insights - The IPO market in 2025 is characterized by a significant increase in the number of applications and approvals, indicating a normalization of IPO activities compared to the previous year [1][2][4]. Group 1: IPO Application and Approval Trends - In 2025, a total of 251 IPO applications were accepted across the Shanghai, Shenzhen, and Beijing stock exchanges, which is 3.26 times the number from 2024 [2]. - The number of companies that successfully passed the IPO approval process reached 109, doubling the 53 approvals from 2024, with a pass rate of 93% [4]. - The peak periods for IPO applications were noted in June and December, with June alone accounting for 60% of the total applications for the year [2]. Group 2: Industry and Fundraising Insights - The highest fundraising amount from accepted IPOs was 24.5 billion yuan by China Resources New Energy Holdings, followed by China Electric Power Construction Group with 9 billion yuan and Huike Co., Ltd. with 8.5 billion yuan [3]. - The manufacturing sector dominated the applications, particularly in sub-sectors such as chemicals, industrial machinery, electronic devices, semiconductors, and automotive parts, reflecting increased support for the real economy and innovative enterprises [3]. Group 3: Withdrawal and Registration Trends - The total number of companies withdrawing their IPO applications decreased significantly by 77% year-on-year, with only 95 companies withdrawing in 2025 compared to the previous year [6]. - Among the withdrawn applications, 22 had already passed the approval stage, indicating a trend of companies facing challenges in the registration process [6]. - As of December 30, 2025, there were still 297 companies in the IPO queue, with the majority (173) planning to list on the Beijing Stock Exchange [7][8].