两席和一席。 本文由 Al 算法生成,仅作参考,不涉投资建议,使用风险自担 和讯财经 hexun.co 和而不同 迅达天下 扫码查看原文 【12月30日2025年A股IPO数量与募资额双增，转向高质量发展】2025年，A股新上市企业达114家，较 去年增长14%；IPO募集资金1306.4亿元，较去年增长94%。受市场回暖影响，今年新股无一破发，上 市首日平均涨幅约256%。 今年，A股IPO数量与融资规模同比增长，核心从数量驱动转向以科技创新为 导向、制度包容性支撑的高质量发展。创业板与科创板上市企业50家，募资598.1亿元，分别占全年上 市数量和募资总额的45.05%、47.72%。 个股方面，沪市主板募资金额登顶靠华电新能，其181.71亿元 募资额断层领先，是第二名摩尔线程两倍多。今年A股IPO前十大募资额榜单中，科创板占四席，沪市 主板占三席，创业板和深市主板分别占两席和一席。 本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 ...

Core Insights - The recent IPOs of Muxi Co. and Moer Thread have set new records for the highest floating profits in the A-share market, with Muxi Co. achieving a maximum floating profit of approximately 395,200 yuan per share on its first trading day [1][6][7]. Group 1: IPO Performance - Muxi Co. and Moer Thread have been the most discussed companies in December, with their IPOs creating significant wealth for investors [5]. - Muxi Co. generated a floating profit of 395,200 yuan per share, while Moer Thread achieved a floating profit of 286,900 yuan per share on their respective first trading days [6][7]. Group 2: Underwriter Earnings - Huatai United Securities, the underwriter for Muxi Co., is expected to earn 268 million yuan in underwriting fees and over 652 million yuan in investment floating profits [2][7]. - CITIC Securities, the underwriter for Moer Thread, anticipates earning over 100 million yuan in underwriting fees and more than 828 million yuan in investment floating profits [9]. Group 3: Overall Market Trends - The A-share IPO market has seen a recovery, with 105 companies listed in 2023, raising a total of 120.99 billion yuan, representing an increase of over 80% compared to the previous year [11]. - The total underwriting and advisory fees generated for securities firms from IPOs reached 5.932 billion yuan, marking a growth of over 30% year-on-year [11][13]. Group 4: Competitive Landscape - Leading underwriters such as CITIC Securities, Huatai United Securities, and Guotai Junan have captured a significant share of the underwriting fees, with the top four firms accounting for nearly half of the total industry revenue [14][15]. - The competition among underwriters has shifted from quantity to the ability to price and sell high-value projects, reflecting a trend towards concentration in the industry [15]. Group 5: Strategic Placement and Risks - The strategic placement system in the Sci-Tech Innovation Board requires underwriters to participate in IPOs, with a lock-up period of 24 months, which adds uncertainty to the potential profits [20][24]. - As of December 18, 2023, 16 new stocks on the Sci-Tech Innovation Board have generated over 3 billion yuan in floating profits for underwriters, with CITIC Securities leading with 1.406 billion yuan in floating profits [21][24].

12月18日，德勤中国资本市场服务部发布的《中国内地及香港IPO市场2025年回顾与2026年前景展 望》预计，截至2025年12月31日，A股市场将有114家公司上市，融资1296亿元。相对2024年有100家公 司上市融资668亿元，这代表2025年新股数量将增加14%，而融资总额将急升94%。预计创业板的新股 数量将会为最多（19只），而上海证券交易所主板的融资额为最高（432亿元）。上交所预计将以800亿 元的新股融资额领先，而深交所则会有最多新上市公司数量（48家）。北京证券交易所将有24家公司上 市，融资69亿元。 资本市场服务部预测，在目前超过300宗上市申请个案的名单支持下，2026年全年，香港新股市场 将有约160只新股融资不少于3000亿港元。预计其中将有7只新股，每只最少融资100亿港元，其中包括 内地龙头企业。除A+H股批量递表外，科技、传媒与电信、医药医疗、新消费、国际企业以及回流中 概股，将共同构成港股IPO下一波高光阵容。 报告还指出，2025年大约将有63家中国企业到美国上市，融资大约11.2亿美元。相对2024年，新股 数量从59只增加了7%，而融资额则从19.1亿美元下降4 ...

Core Insights - Deloitte's report indicates a steady growth in the number of IPOs and financing amounts in the A-share market for 2026, with an expected 114 companies going public and raising 129.6 billion yuan [1] - The Hong Kong IPO market is projected to see around 160 new listings in 2026, with total financing expected to exceed 300 billion HKD [2] A-Share Market Summary - In 2025, the A-share market is expected to have 114 new listings, raising a total of 129.6 billion yuan, which represents a 14% increase in the number of IPOs and a 94% increase in financing compared to 2024 [1] - The top five IPOs in 2025 are projected to raise a total of 39.4 billion yuan, a significant increase of 260% from the previous year's 10.9 billion yuan [1] - Companies in priority sectors such as AI, new energy, high-end manufacturing, commercial aerospace, quantum technology, and biomanufacturing are expected to have a competitive advantage in the A-share market [1] Hong Kong Market Summary - For 2025, Hong Kong is anticipated to have 114 new IPOs, raising approximately 286.3 billion HKD, marking a 63% increase in the number of IPOs and a 227% increase in financing compared to the previous year [1] - The Hong Kong Stock Exchange is expected to lead global exchanges in total IPO financing for 2025 [1] - In 2026, the Hong Kong market is projected to have around 160 new listings, with at least 7 of them expected to raise over 10 billion HKD each, including leading mainland enterprises [2] - The focus will also be on "A+H" stock applicants, as well as sectors like technology, media, telecommunications, healthcare, consumer goods, and international companies [2]

Core Insights - In November 2025, the A-share IPO market saw a record high with 17 companies undergoing review, of which 16 were approved, resulting in a nominal approval rate of 94.12% [2][11] - Five companies terminated their IPO processes in November, maintaining a single-digit termination count for several months [4][13] - A total of 11 companies successfully listed in November, raising a total of 10.188 billion yuan [1][7] IPO Review Situation - Jiangsu Yongda Chemical Machinery Co., Ltd. was the only company to face a delay in its IPO review, primarily due to concerns regarding its photovoltaic business [2][11] - The review focused on three main issues: revenue recognition, operational performance stability, and the adequacy of revenue recognition for photovoltaic projects [2][11] - As of mid-2025, Yongda's accounts receivable stood at 338 million yuan, with over 80% being overdue, raising concerns about the company's financial data authenticity [2][11] IPO Termination Situation - Five companies withdrew their IPO applications in November, including Xinqiang Electronics, which retracted its application after just five months due to governance and related party transaction concerns [4][13][14] - Xinqiang Electronics is a family-controlled enterprise, with the controlling family holding 95.04% of the shares, leading to significant cash dividends despite weak performance [5][14] IPO Issuance Situation - The highest fundraising in November was achieved by Nanfang Digital, which raised 2.714 billion yuan, while the lowest was by Dapeng Industrial at 135 million yuan [7][17] - Hengkun New Materials was the only company with an issuance price-to-earnings ratio exceeding the industry average, at 71.42 times compared to the industry average of 60.47 times [7][17] - Audit fees for Hengkun New Materials were notably high, with a rate of 2.14%, compared to lower rates for other companies with higher fundraising amounts [7][17][18]

Group 1 - The core viewpoint of the articles highlights the significant growth in the A-share IPO market in 2023, with 100 new stocks listed by December 3, matching the total number from the previous year [1][2] - The top three provinces for new stock listings are Jiangsu with 25 companies, Guangdong with 19, and Zhejiang with 14, indicating a regional concentration in IPO activities [1] - The total fundraising amount for the 100 new listings reached 104.97 billion yuan, reflecting an 80.8% increase year-on-year, showcasing a robust market environment [2] Group 2 - The A-share IPO market has seen a year-on-year increase of 12.4% in the number of listings, indicating a healthy growth trajectory [2] - The top five industries by IPO quantity include power equipment, automotive, electronics, machinery, and basic chemicals, suggesting a diverse sectoral representation in new listings [2] - The IPO process remains fast-paced, with 11 new stocks listed in November alone, and the highest first-day gain recorded was over 12 times for Dapeng Industrial, marking a significant milestone for the year [2]

Group 1 - In November, 17 companies were approved for IPOs in the A-share market, marking the highest monthly number since October 2023, with 11 of these companies planning to list on the Beijing Stock Exchange, accounting for nearly 30% of the total IPOs this year on that exchange [1][2] - Among the 17 companies, 16 were approved, resulting in a high approval rate of 94.12%, while Yongda Co., Ltd. was the only company that had its approval postponed due to inquiries regarding revenue recognition and the stability of its business performance [2][3] - The IPO registration process remains fast-paced, with 7 of the approved companies entering the registration phase in November, and some, like Qiangyi Co. and Shaanxi Tourism, have already registered successfully [3] Group 2 - Five companies terminated their IPOs in November, an increase from two in October 2025, including Xinqiang Electronics, which had its IPO application accepted for less than five months [4] - Xinqiang Electronics, primarily engaged in the research, production, and sales of printed circuit boards (PCBs), had significant related-party sales, with a gross profit margin of 6.47% on sales to its related companies [5] - In November, the A-share market also received 8 new IPO applications, including companies like Green Biology and Luoxu Co., which have previously attempted IPOs but faced terminations [5]

Core Insights - The number of IPOs in A-shares is expected to exceed last year's total, with 87 companies listed in the first ten months of 2025, surpassing the 80 from the same period in 2024 [1][4] - The total fundraising amount from IPOs in the first ten months of 2025 reached 901.72 billion, significantly exceeding the total of 673.53 billion for the entire year of 2024 [1][6] IPO Trends - The years 2019-2023 saw a surge in A-share IPOs, with a total of 1,899 companies listed, averaging 380 per year and raising a total of 17.4 trillion [3] - In 2024, the IPO market slowed dramatically, with only 100 new listings and total fundraising dropping to 673.53 billion [3] - The IPO environment began to relax again in 2025, with expectations of reaching 107 listings by year-end [4] Provincial Performance - Jiangsu province emerged as the biggest winner in 2025, with 21 companies listed in the first ten months, accounting for nearly a quarter of all IPOs [6][10] - Other provinces like Guangdong and Zhejiang had 17 and 13 companies listed, respectively, with total A-share counts reaching 887 and 728 [7] - In terms of fundraising, Fujian led with 181.71 billion, primarily from Huadian New Energy, followed by Guangdong with 146.34 billion and Jiangsu with 129.27 billion [10]

Core Insights - The report highlights the IPO activities in Jiangsu province for October 2025, indicating a stable trend with 9 new A-share companies listed, similar to previous months [1][10]. Group 1: IPO Overview - In October 2025, Jiangsu saw the listing of 1 new company, Changjiang Energy Materials, on the Beijing Stock Exchange, with a fundraising amount of 1.84 billion [2][10]. - For the first ten months of 2025, Jiangsu ranked first among provinces with 21 new A-share companies, surpassing Guangdong by 4 companies [10][17]. - The total fundraising amount for Jiangsu's IPOs in the first ten months reached 129.27 billion, placing it third nationally [17][29]. Group 2: City-wise IPO Distribution - Suzhou led the province with 7 new A-share companies in the first ten months, followed by Wuxi and Changzhou with 3 each [10][17]. - The distribution of new A-share companies by city in October 2025 shows that Jiangsu's cities are actively participating in the IPO market, with various cities contributing to the overall count [5][10]. Group 3: Fundraising Analysis - The total fundraising for Jiangsu's IPOs in October was relatively low at 1.84 billion, indicating a need for more robust fundraising activities [17]. - Suzhou's total fundraising amount for the first ten months was 57.48 billion, maintaining its position as the top city in Jiangsu for IPO fundraising [17][13]. Group 4: Sector and Board Distribution - The newly listed companies in Jiangsu for the first ten months were distributed across four boards, with the Growth Enterprise Market (GEM) having the highest number at 7 companies [17][11]. - The breakdown of the newly listed companies by board shows a diverse participation across different sectors, reflecting the province's economic landscape [11][17]. Group 5: IPO Pipeline and Support - As of the end of October, there were 301 companies in the IPO application queue nationwide, with Jiangsu having 51, ranking third in the country [29]. - Jiangsu also leads in the number of companies undergoing IPO guidance, with 243 firms, indicating a strong support system for potential IPO candidates [29][26].

IPO Pipeline Status - As of November 9, there are 276 companies in the IPO pipeline, including 21 on the Shanghai Main Board, 35 on the Sci-Tech Innovation Board, 21 on the Shenzhen Main Board, 26 on the ChiNext, and 173 on the Beijing Stock Exchange [1] Newly Listed Companies - From November 3 to November 9, five companies were newly listed: - Dana (Tianjin) Biotechnology Co., Ltd. on the Beijing Stock Exchange with a closing price of 102.10 CNY per share, a rise of 497.08%, and a trading volume of 6.65 billion CNY [3] - Suzhou Fengbei Biotechnology Co., Ltd. on the Shanghai Main Board with a closing price of 66.76 CNY per share, a rise of 172.60%, and a trading volume of 16.50 billion CNY [3] - Daming Electronics Co., Ltd. on the Shanghai Main Board with a closing price of 64.45 CNY per share, a rise of 413.55%, and a trading volume of 16.94 billion CNY [4] - Delijia Transmission Technology (Jiangsu) Co., Ltd. on the Shanghai Main Board with a closing price of 70.52 CNY per share, a rise of 51.07%, and a trading volume of 18.50 billion CNY [5] - Zhongcheng Zhixin Engineering Consulting Group Co., Ltd. on the Beijing Stock Exchange with a closing price of 38.54 CNY per share, a rise of 170.08%, and a trading volume of 4.62 billion CNY [6] New Counseling Record Companies - During the same period, 10 companies were added to the counseling record, including: - Hangzhong Tianqi (Chongqing) Microelectronics Co., Ltd., focusing on communication and intelligent terminal chips [7] - Anwen Technology Group Co., Ltd., specializing in automotive cabin safety and comfort components [9] - Duality Biotherapeutics, Inc., a clinical-stage innovative biopharmaceutical company [9] - Wuhan Jiachen Electronics Technology Co., Ltd., engaged in high-voltage safety systems for new energy vehicles [9] - Guangdong Jingyi Furniture Co., Ltd., focusing on office seating solutions [9] - Inner Mongolia Dongyuan Environmental Protection Technology Co., Ltd., involved in wastewater treatment [9] - Ningbo Jinlai Chemical Co., Ltd., a chemical product manufacturer [9] - Shenzhen Zhongji Automation Co., Ltd., specializing in lithium battery automation production equipment [10] - Huanuo Star Technology Co., Ltd., engaged in radar and intelligent robotics research [10] - Anhui Xinyuan Technology Co., Ltd., focusing on fine chemicals [10] Companies Approved for Review - Five companies successfully passed the review process from November 3 to November 9: - Shandong Qilong Marine Oil Steel Pipe Co., Ltd., involved in marine drilling riser development [12] - Chongqing Zhixin Industrial Co., Ltd., specializing in automotive welding parts [12] - Shaanxi Tourism Culture Industry Co., Ltd., offering tourism-related services [12] - Zhejiang Haiseng Medical Devices Co., Ltd., providing anesthesia and monitoring medical devices [12] - Hebei Guoliang New Materials Co., Ltd., focusing on high-temperature industrial refractory materials [12] Companies Registered Successfully - Two companies received registration approval during the period: - Ningbo Jianxin Superconducting Technology Co., Ltd., involved in MRI equipment core components [15] - Inner Mongolia Shuangxin Environmental Protection Materials Co., Ltd., focusing on PVA and specialty fibers [15] Companies Terminated IPO Review - Two companies withdrew their IPO applications: - Fujian Haichuang Optoelectronic Technology Co., Ltd., specializing in laser technology [16] - Shandong Canon Technology Co., Ltd., focusing on energy-saving and environmental protection technologies [17]