Summary of Key Points Core Viewpoint - In the first five months of 2025, a total of 43 companies were listed on the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange, raising a total of 28.166 billion yuan in funds [1]. Group 1: Listing and Fundraising - Among the 43 listed companies, 15 were on the main board, 18 on the ChiNext board, 6 on the Sci-Tech Innovation board, and 4 on the Beijing Stock Exchange [1]. - The top fundraising company was Tianyouwei, which raised 3.740 billion yuan, followed by Kaifa Technology and Xingfu Electronics, which raised 1.169 billion yuan and 1.168 billion yuan respectively [1]. Group 2: Underwriting and Sponsorship Fees - A total of 25 securities firms participated in the underwriting and sponsorship of the newly listed companies, earning a combined fee of 2.076 billion yuan [2]. - Huatai United Securities ranked first in underwriting fees, earning 254.4657 million yuan by sponsoring five companies [2]. - CITIC Securities and Guotai Junan ranked second and third in underwriting fees, earning 207.0626 million yuan and 202.9983 million yuan respectively [2]. Group 3: Detailed Underwriting Performance - The top five securities firms collectively earned 1.015 billion yuan, accounting for 48.89% of the total underwriting fees for the period [4]. - Other notable firms included Dongxing Securities, CICC, Huatai Securities, and Tianfeng Securities, which ranked sixth to tenth in underwriting fees [4]. Group 4: Summary of Underwriting Fees by Firm - A detailed table shows the number of companies sponsored and the corresponding underwriting fees for each firm, with Huatai United Securities leading with five companies and 254.4657 million yuan [5][6].

Summary of Key Points Group 1: Overview of New Listings - In the first four months of 2025, a total of 37 companies were listed on the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange, with 13 on the main board, 16 on the ChiNext, 5 on the Sci-Tech Innovation Board, and 3 on the Beijing Stock Exchange [1] - The total amount raised by these 37 listed companies was 24.745 billion yuan, with Tianyouwei leading the fundraising at 3.740 billion yuan [1] Group 2: Underwriting and Sponsorship Fees - A total of 23 securities firms participated in the underwriting and sponsorship of the newly listed companies, earning a combined fee of 1.794 billion yuan [2] - CITIC Securities ranked first in underwriting fees, earning 207.0626 million yuan by sponsoring three companies: Tianyouwei, Xingtum Kexun, and Honghai Technology [2] - Guotai Junan and Huatai United ranked second and third, earning 202.9983 million yuan and 176.2837 million yuan respectively [2] Group 3: Detailed Ranking of Securities Firms - The top five securities firms collectively earned 847 million yuan, accounting for 47.18% of the total underwriting fees for the period [4] - Dongxing Securities, CICC, Huatai Securities, Tianfeng Securities, and Orient Securities ranked sixth to tenth, with fees of 116.3532 million yuan, 92.928 million yuan, 84.0835 million yuan, 74.1925 million yuan, and 65.8674 million yuan respectively [4] - A detailed breakdown of the number of companies sponsored and the corresponding fees for each firm is provided, highlighting the competitive landscape in the underwriting sector [5][6]