Hua Er Jie Jian Wen·2026-01-09 03:23Core Insights - The A-share IPO market in 2025 marked a historic turning point, with a significant recovery in capital market financing functions, achieving an IPO financing amount of 131.77 billion yuan, a year-on-year increase of over 90% [1][3] - The year also saw a rational return in issuance pricing, with the first "zero break" record under the comprehensive registration system, as none of the 116 companies listed in 2025 experienced a break [1][10] - The merger of Guotai Junan and Haitong Securities created a new "super giant" in the investment banking sector, challenging CITIC Securities' leading position [1][18] IPO Market Overview - The 2025 A-share IPO market was characterized by inclusivity, particularly in the acceptance of high-quality projects and unprofitable companies [3] - The top 14 IPO projects accounted for a significant portion of the total financing, indicating a concentration of capital in large projects [3] - Notable IPOs included Huadian New Energy, which raised 18.17 billion yuan, and Moer Thread, which raised 8 billion yuan, among others [4] Major Upcoming IPOs - Two companies currently under review, Changxin Technology and China Resources New Energy, are expected to raise over 10 billion yuan each, with Changxin Technology's IPO potentially becoming the second-largest in the history of the Sci-Tech Innovation Board [5][7] - Changxin Technology's application process has progressed rapidly, being the first to receive pre-review approval [5] Changes in Pricing and Performance - The median price-to-earnings ratio for new stocks in 2025 was 17 times, significantly lower than the 33 times and 34 times seen in 2022 and 2023, respectively [13] - The overall IPO financing amount of 131.77 billion yuan in 2025 was only about a quarter of the peak levels seen in 2022 and approximately 30% of the amount in 2023 [9][8] - The year 2025 also recorded a significant reduction in the number of companies that raised less than their expected amounts, with 74 companies collectively raising 10 billion yuan less than anticipated [11] Investment Banking Landscape - CITIC Securities maintained its leading position in IPO underwriting with a total of 21.88 billion yuan, followed closely by Guotai Haitong with 18.69 billion yuan [19][26] - The "100 billion underwriting club" expanded to five firms, with CITIC Securities, Guotai Haitong, and others competing for top positions [19] - The competition for "star projects" was crucial, with CITIC Securities successfully securing major deals while Guotai Haitong lagged behind [20][21] Future Outlook - The investment banking sector is expected to see continued growth in 2026, with several large IPOs on the horizon, including those from Changxin Technology and China Resources New Energy [25] - The shift towards a focus on large projects rather than quantity indicates a changing landscape in IPO underwriting strategies [25]