Xin Lang Zheng Quan·2026-01-06 15:13Core Insights - The A-share private placement market in 2025 saw a significant recovery, with a total of 172 projects issued, raising a total of 887.7318 billion yuan, representing increases of 18.62% in the number of projects and 412.99% in fundraising compared to 2024 [1][3] - All 130 pure private placement projects that were reviewed in 2025 passed, achieving a 100% approval rate, while 40 out of 41 merger and acquisition projects also passed, resulting in a nominal approval rate of 97.56% [2][3] Private Placement Issuance - The total number of private placement projects in 2025 was 172, with a cumulative fundraising amount of 887.7318 billion yuan, marking a substantial increase from 2024 [1][3] - Major contributions to the fundraising surge were from the four major state-owned banks, with China Bank, Postal Savings Bank, and others raising significant amounts [3] - The highest fundraising amounts among the 172 projects were from China Bank (165 billion yuan), Postal Savings Bank (130 billion yuan), and others [3] Termination of Projects - Despite the high approval rates, 220 projects were terminated during the private placement process, with some projects like Huachuang Securities and Pacific Securities having a termination rate of 100% [2][12] Fundraising Performance - Among the 172 projects, 162 met their fundraising expectations, while 10 companies fell short, with the lowest being Weiteng Electric, which raised only 57.68% of its target [11][20] - The average increase in stock price for the 155 companies that saw price increases was approximately 70.28%, with 34 companies experiencing over 100% increases [10][11] Underwriting Situation - A total of 47 securities firms participated in underwriting, with the top ten firms accounting for 90% of the market share [16][19] - CITIC Securities led with a total underwriting amount of 234.354 billion yuan, followed by Guotai Junan and others [16][19] - Guojin Securities saw a significant decline in its underwriting amount, dropping by 69.39% compared to the previous year [20]