Core Insights - The number of IPOs using the "tiered fee" model has significantly decreased, dropping from approximately 38% in 2023 to 6% in 2025, with existing cases generally adopting a "decreasing fee ratio" standard [1] - A hybrid fee model based on "fundraising amount × fixed rate" with additional "minimum fee or maximum fee" clauses has become the mainstream charging method, accounting for 49% of current practices [1] Fee Models - The "tiered fee" model, once mainstream in 2023 with at least 89 IPOs, has seen a drastic decline, with only 5 cases in 2025, of which 4 are clearly using a "decreasing fee ratio" [2] - The traditional "actual fundraising amount × fixed rate" model was adopted by 26 IPOs in 2025, representing 33%, with underwriting fees typically ranging from 5% to 9% [3] - The "fixed rate with limit conditions" model, which includes "minimum fee" or "maximum fee," was used by 38 companies in 2025, making up 49%, up from 25% in 2023 [3] - The "flat fee" model was utilized by 9 IPOs in 2025, accounting for 12%, primarily for online direct pricing [4] Fee Trends by Market Segment - The average underwriting fee for the Sci-Tech Innovation Board reached 122 million yuan in 2025, a significant increase from the average of 95.8 million yuan between 2023 and 2024 [5] - The average underwriting fees for the main board and the ChiNext have decreased, with the main board averaging 65.3 million yuan and the ChiNext at 46.6 million yuan in 2025, down over 30% from previous years [6] - The North Exchange has seen a notable increase in IPO fees, with an average of 20.8 million yuan in 2025, up 43% from 14.6 million yuan in 2023-2024 [6] Market Dynamics - The IPO underwriting market continues to exhibit a "head effect," with a few leading firms capturing the majority of market share due to their strategic positioning and project reserves [7] - Only 13 securities firms generated over 100 million yuan in IPO revenue in the past year, with CITIC Securities leading at nearly 1.1 billion yuan [8] - Other top firms include China International Capital Corporation, Guotai Junan, Huatai United, and CICC, with revenues of 883 million yuan, 843 million yuan, 650 million yuan, and 491 million yuan respectively [9] - The top firms have a clear focus on high-quality projects in the main board and Sci-Tech Innovation Board, with over 80% of their projects concentrated in these segments [10]
IPO承销保荐费格局生变：阶梯式收费锐减 混合模式成主流
Zheng Quan Shi Bao Wang·2026-01-12 23:30