Core Findings - In January 2026, a total of 22 Chinese companies successfully completed IPOs across A-shares, Hong Kong, and US markets, raising a total of 42.839 billion yuan, with A-share IPO numbers halving compared to the previous month [7][8] - The number of IPOs decreased by 26.67% year-on-year and by 50% month-on-month, while the total amount raised increased by 2.17 times year-on-year but decreased by 21% month-on-month [8] - The Hong Kong Stock Exchange led in both the number of IPOs (12 companies) and the amount raised (33.717 billion yuan) [8] A-share Market Analysis - In January 2026, 9 Chinese companies went public in the A-share market, with a 25% year-on-year decrease and a 50% month-on-month decrease in IPO numbers [16] - The total amount raised in the A-share market was 9.053 billion yuan, reflecting a 27.47% year-on-year increase but a 71.18% month-on-month decrease [16] - The highest fundraising in the A-share market was achieved by Zhenstone Co., Ltd., which raised 2.919 billion yuan [16] Hong Kong Market Analysis - The Hong Kong market saw 12 IPOs in January 2026, with a 50% year-on-year increase but a 52% month-on-month decrease [18] - The total amount raised in Hong Kong was 33.717 billion yuan, marking a 5.62 times year-on-year increase and a 48.49% month-on-month increase [18] - The presence of AI-related companies in the IPOs indicates a significant investment interest from VC/PE institutions in the sector [18] US Market Analysis - Only 1 Chinese company completed an IPO in the US market in January 2026, representing a 90% year-on-year decrease [21] - The amount raised in the US was 0.07 billion yuan, a 94.71% year-on-year decrease [21] - Recent SEC policy changes are expected to further impact small companies' ability to go public in the US [21] VC/PE Exit Analysis - In January 2026, 13 companies with VC/PE backing went public, a 13.33% year-on-year decrease and a 62.86% month-on-month decrease [26] - The total exit return for VC/PE institutions was 109.455 billion yuan, a 15.3 times year-on-year increase [26] - The electronic information sector had the highest exit returns, with notable contributions from companies like Zhiyuan and Biran Technology [26] Industry and Regional Analysis - The electronic information sector led in both the number of IPOs and the amount raised, with 7 companies raising a total of 26.595 billion yuan [34] - Shanghai had the highest number of IPOs (5 companies) and the highest amount raised (18.384 billion yuan) [40] - The fundraising amount from Shanghai increased by 165.61 billion yuan year-on-year, the largest increase among regions [40] Key IPO Cases - The top fundraising companies included Biran Technology (5.017 billion yuan), MiniMax (4.318 billion yuan), and Haowei Group (4.297 billion yuan) [48] - The highest market capitalization on the first day was recorded by Haowei Group at 150.833 billion yuan [49]
1月IPO报告：3个项目，账面退出回报超700亿