【白皮书精选】2025年上市的新股，普遍递表2次后顺利发行

Group 1 - In 2025, a total of 114 new stocks were listed, with 19 companies successfully issuing on their first submission, accounting for 16.67% of the total [1] - The majority of companies, 62, submitted their applications twice, representing 54.39% of the total, while 17 companies submitted three times, making up 14.91% [1] - There were also 4 companies that submitted their applications secretly, revealing their listing applications only after passing the hearing [1] Group 2 - Companies that submitted their applications 5 times or more include Newman (6 times), Quantitative Group (5 times), and Green Tea Group (5 times) [2] - A higher number of submissions typically indicates a more challenging listing process, influenced by compliance issues, industry characteristics, business structure changes, and financial fluctuations [2] Group 3 - The listing process for Hong Kong stocks generally includes stages such as submission, filing, hearing, roadshow, offering, and listing [4] - The average time from the first submission to official listing in 2025 was 400 days, which is an increase of 18 days compared to the previous year [4] Group 4 - Four companies successfully listed through secret submissions: HASHKEY HLDGS, Pony.ai, WeRide, and Hesheng [5] - The companies with the shortest listing cycles included IFBH, Zijin Gold International, and CATL, while the longest cycles were for Newman, Green Tea Group, and Yaojie Ankang-B [5] Group 5 - A detailed table lists companies with their respective submission counts and total days from submission to listing, highlighting that HASHKEY HLDGS, Pony.ai, WeRide, and Hesheng had secret submissions [6]