北交所占比超50%！2025年A股IPO，中小企业融资迎来春天？

Core Insights - The A-share IPO market in 2025 saw a significant increase in the number of companies accepted for listing, reaching 251, which is more than three times that of 2024 [1] - The surge in applications reflects both market enthusiasm and strategic considerations from companies and regulators [1] Group 1: Application Trends - A total of 251 companies applied for IPOs, with 60 applications to the Shanghai Stock Exchange, 55 to the Shenzhen Stock Exchange, and 136 to the Beijing Stock Exchange, making the latter the most popular choice [3] - The Beijing Stock Exchange accounted for 54% of the applications, primarily due to its lower entry barriers, making it attractive for small and medium-sized enterprises facing financing challenges [3] - The distribution of applications was notably concentrated in June and December, with 150 applications in June and 46 in December, driven by the financial reporting deadlines [5][7] Group 2: Industry Focus - The manufacturing sectors, particularly chemicals, industrial machinery, and semiconductors, saw the highest concentration of IPO applications, indicating a strong alignment with the capital market's support for the real economy [8] - Major fundraising efforts included China Resources New Energy raising 24.5 billion and China Electric Power Construction raising 9 billion, highlighting the financing needs for energy transition [8] Group 3: Approval and Listing Statistics - In 2025, 117 companies were reviewed, with 109 successfully passing the review, resulting in a 93% approval rate, which is double that of 2024, and 62 companies successfully listed [10] - The distribution of approved companies included 28 on the main board, 18 on the Sci-Tech Innovation Board, 14 on the Growth Enterprise Market, and 49 on the Beijing Stock Exchange, with the latter accounting for 42% of approvals [11] Group 4: Changes in Listing Criteria - A significant change in 2025 was the allowance for unprofitable companies to go public, with the first such company, Dapu Microelectronics, passing review in June [13] - The introduction of differentiated regulatory rules in July for the Sci-Tech Innovation Board aimed to attract more capital to long-cycle sectors like semiconductors and high-end manufacturing [13] Group 5: Withdrawal Trends - The number of withdrawal applications decreased to 95, a 77% drop from 2024, with the majority occurring in January [17] - Reasons for withdrawal included financial data not meeting standards, legal compliance risks, and unclear information disclosure [17] - Despite fewer withdrawals, there are still 297 companies in the queue for IPOs, with the Beijing Stock Exchange holding the majority at 173 [19][21] Group 6: Regional Insights - The leading regions for IPO applications were Guangdong (61), Jiangsu (52), and Zhejiang (46), indicating a strong financing willingness in economically vibrant eastern coastal areas [22] - The overall trend in the A-share IPO market for 2025 reflects a shift in quantity and pace, with a consistent focus on supporting small and medium enterprises and innovative companies [22][24]