Zhong Guo Jing Ji Wang·2026-01-05 23:22Summary of Key Points Core Viewpoint - In 2025, a total of 116 new companies are expected to be listed on the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange, raising a total of 131.77 billion yuan in funds [1][2]. Group 1: New Listings - 38 companies will be listed on the main board, 33 on the ChiNext board, 19 on the Sci-Tech Innovation board, and 26 on the Beijing Stock Exchange [1]. - The top fundraising company is Huadian New Energy, raising 18.17 billion yuan, followed by Moore Threads and Xi'an Yicai, which raised 8 billion yuan and 4.64 billion yuan respectively [1]. Group 2: Underwriting and Sponsorship - A total of 36 securities firms participated in the underwriting and sponsorship of the new listings, earning a combined fee of 6.645 billion yuan [2]. - CITIC Securities ranked first in underwriting fees, earning 1.123 billion yuan by sponsoring 11 companies, including Xi'an Yicai and Moore Threads [3]. - CITIC Jiantou and Guotai Junan ranked second and third in underwriting fees, earning 947.50 million yuan and 845.15 million yuan respectively [3][4]. Group 3: Detailed Underwriting Contributions - Guotai Junan sponsored 13 companies, including Changjiang Energy Technology and Zhejiang Huaye, and participated in joint underwriting for Huadian New Energy [4]. - Huatai United and CICC ranked fourth and fifth in underwriting fees, earning 691.25 million yuan and 466.83 million yuan respectively [4][5]. - Other notable firms include China Merchants Securities, which sponsored 9 companies, and ranked sixth with 359.28 million yuan in fees [5].