券商中国·2025-06-08 23:22Core Viewpoint - The A-share IPO market has shown signs of recovery in 2025 after a prolonged downturn in 2024, with both the number of IPOs and the amount raised increasing compared to the previous year [2][3][6]. A-share IPO Market Recovery - In 2025, the A-share equity financing market has maintained a steady issuance pace, with a total fundraising of 214.83 billion yuan, representing a year-on-year increase of 53.1% [3]. - As of June 8, 2025, 45 A-share companies have been sponsored for IPOs, marking a 12.5% increase from the previous year, with total fundraising amounting to 33.655 billion yuan, up approximately 19% [3]. - The provinces with the highest number of IPOs include Zhejiang and Jiangsu, each with 10 IPOs, and Guangdong with 9 [3]. Leading Brokers in A-share IPOs - The top three brokers in A-share IPO underwriting for 2025 are CITIC Securities, Huatai United Securities, and CITIC Jin Investment, with underwriting amounts of 7.918 billion yuan, 3.034 billion yuan, and 2.674 billion yuan, respectively [4]. - A total of 23 brokers have participated in A-share IPOs this year, with four brokers exceeding 200 million yuan in underwriting income [4]. Hong Kong IPO Market Surge - The Hong Kong IPO market has experienced a significant increase, with a year-on-year growth of over 700% in fundraising during the first five months of 2025 [2][7]. - Analysts expect that the robust performance of the Hong Kong IPO market will contribute positively to the investment banking revenues of brokers [6][7]. - UBS anticipates that the Hong Kong IPO market's surge is driven by multiple factors, including policy optimization and changes in global economic conditions [7]. Participation of Chinese Brokers in Hong Kong IPOs - In the first five months of 2025, over half of the IPO underwriting in Hong Kong was conducted by Chinese brokers, with notable participation from CICC, Huatai International, and CITIC Securities [8]. - CICC has sponsored 8 companies, while Huatai International and other brokers have also shown significant involvement in the Hong Kong IPO market [8].