Xin Lang Zheng Quan·2025-12-31 02:27Group 1 - A total of 116 companies successfully went public in the A-share market this year, representing a year-on-year increase of 16%. The total funds raised amounted to 131.77 billion yuan, a 95.64% increase compared to the previous year, with an average fundraising amount of 1.14 billion yuan, up 68.66% [2] - There were 278 companies accepted for IPO, with 124 going to the review stage, 107 approved, 99 withdrawn, and 7 terminated. The approval rate was 95.7%, while the actual approval rate was 45.3% [2] - As of December 31, 2025, there are still 333 companies in the IPO queue, with 68 accepted, 178 in inquiry, 15 approved, 2 deferred, 29 submitted to the CSRC, 13 registered, and 28 under review suspension [2] Group 2 - The total underwriting fees for IPOs by securities firms reached 6.44 billion yuan this year, marking a year-on-year increase of 45.47%. This growth is attributed to the expansion of fundraising scale and the concentration of benefits among leading firms in large projects, further reinforcing the industry’s Matthew effect [4] - A total of 30 securities firms (including parent and subsidiary companies) secured A-share IPO sponsorship projects this year. Guotai Junan led the industry with 17 sponsorship projects, a year-on-year increase of 142.86% [5] - CITIC Securities topped the underwriting revenue with 1.17 billion yuan, an 80.84% increase, accounting for 18.10% of the total underwriting fees for the year. The top five firms in underwriting revenue also include Guotai Junan, CITIC Jianzhong Securities, Huatai Securities, and CICC, with revenues of 974 million yuan, 853 million yuan, 716 million yuan, and 424 million yuan, respectively [5]