2025年上交所IPO募资额翻倍至812.89亿元，审核趋严，保荐机构评级揭晓

Group 1 - In 2025, the Shanghai Stock Exchange (SSE) saw a total of 42 companies go public, raising a total of 81.289 billion yuan, marking a 31.25% increase in the number of listed companies and a 148.75% increase in fundraising compared to 2024 [1] - The SSE accepted 66 initial public offering (IPO) applications in 2025, with 40 listing committee meetings held, approving 37 companies and registering 35, reflecting significant growth of 725%, 110.53%, 105.56%, and 129.03% respectively compared to 2024 [3] - The IPO approval rate in 2025 was 92.5%, a slight decrease from 94.74% in 2024, indicating a tightening regulatory environment [3] Group 2 - In 2025, the SSE processed 118 refinancing applications, with 89 for private placements, 28 for public convertible bonds, and 1 for private convertible bonds, resulting in 103 registrations, showing a 131.37% increase in refinancing approvals compared to 2024 [3] - The SSE received 36 applications for mergers and acquisitions (M&A) in 2025, approving and registering 23, which represents a significant increase of 283.33% in M&A approvals compared to the previous year [3] Group 3 - The 2024 evaluation of underwriting institutions involved 104 qualified sponsors, with 7 rated as A-class, 22 as B-class, 7 as C-class, and 68 classified as N-class due to lack of relevant projects [4] - Two regulatory cases were reported, including one involving undisclosed shareholding arrangements in an IPO project, leading to public reprimands for the issuer and its executives [4]