Core Viewpoint - The A-share IPO ecosystem is undergoing significant changes, with a notable decrease in the number of IPO withdrawals and an improvement in the quality of companies waiting to go public [1][14][21]. Group 1: IPO Withdrawals - The number of IPO withdrawals has returned to a low level, with only 6 companies withdrawing in the first 57 days of 2026, compared to an average of 33 per month during the peak withdrawal period in 2024 [1][14][16]. - The trend of companies withdrawing their IPO applications has stabilized, with 2025 seeing only 88 withdrawals, a significant drop from 401 in 2024 [3][16][21]. Group 2: Quality of IPO Candidates - The quality of companies in the IPO queue has significantly improved, with over 90% of the 43 companies on the main board reporting net profits exceeding 200 million yuan in the last year, double the baseline requirement [4][5][17]. - On the ChiNext board, over 60% of companies have net profits exceeding 1 million yuan, meeting the main board's profit threshold [5][17][18]. Group 3: Regulatory Trends - The regulatory environment is characterized by more detailed inquiries and categorized scrutiny, with 60% of the 20 companies inspected in 2025 only having minor information disclosure issues [6][19][20]. - The regulatory body is focusing on significant violations, such as revenue inflation, while allowing for minor discrepancies that do not affect the overall audit judgment [6][20]. Group 4: IPO Pace and Market Conditions - Despite a stable recovery in the stock market since the "924 market" in 2024, the pace of A-share IPOs has not significantly accelerated, with 111 new listings in 2025, only 12 more than in 2024 [2][9][21]. - The Beijing Stock Exchange has seen a recent uptick in IPO activity, with 11 new listings in less than two months in early 2026, approaching half of the total for 2025 [10][23].

Group 1 - The core viewpoint of the article highlights five significant changes in the A-share IPO ecosystem as the stock market stabilizes [1] Group 2 - Change One: The number of IPO withdrawals has drastically decreased, with only 6 companies retracting their applications in the first 57 days of 2026, compared to an average of 33 per month during the peak in 2024 [2] - Change Two: The quality of companies waiting for IPOs has significantly improved, with over 90% of the 43 companies on the main board achieving a net profit exceeding 200 million yuan in the past year, which is double the baseline; over 60% of companies on the ChiNext board have reached the 100 million yuan profit threshold [3] - Change Three: Regulatory inquiries have become more detailed and categorized, with a 2025 inspection by the CSRC showing that none of the 20 companies under investigation withdrew their applications, and 60% only had minor issues with information disclosure [4] - Change Four: The focus is now on the quality of IPOs, with a steady acceleration; despite a continuous recovery in the stock market since the "924 market" in 2024, only 111 new stocks were listed in 2025, an increase of 12 from 2024, with a strong emphasis on the quality of IPO reviews [5] - Change Five: The Beijing Stock Exchange has shown a notable acceleration recently, with 11 new stocks listed in the first 57 days of 2026, approaching half of the total for 2025, supported by improvements in turnover rates and price-earnings ratios [6] - Forecasts from investment banks suggest that the IPO pace on the Beijing Stock Exchange may return to around 80 listings per year in 2026, while other sectors have limited short-term acceleration potential [7]

Core Viewpoint - The three major stock exchanges have held a total of 30 listing committee meetings so far this year, with a high approval rate for new listings [1] Group 1 - A total of 30 listing committee meetings have been convened by the three major exchanges since the beginning of the year [1] - The Beijing Stock Exchange held 16 meetings, while the Shanghai Stock Exchange and Shenzhen Stock Exchange held 6 and 8 meetings respectively [1] - 24 companies were reviewed for initial public offerings (IPOs), with only 2 facing deferred voting, resulting in an approval rate exceeding 90% [1]

Group 1 - In January 2026, a total of 17 companies were reviewed for A-share IPOs, with 15 approved, resulting in an approval rate of 88.24% [1][6][28] - Two companies, Ningbo Huikang Industrial Technology Co., Ltd. and Zhejiang Xingsheng Technology Co., Ltd., were deferred for review [1][6][28] - Four companies terminated their A-share IPO processes in January, continuing the trend of single-digit terminations per month [11][33] Group 2 - The total amount raised from the 9 companies that went public in January 2026 was 9.053 billion yuan, a significant decrease compared to the previous month [1][39][44] - Among these, Zhenstone Co., Ltd. raised the highest amount at 2.919 billion yuan, while Guoliang New Materials raised the least at 194 million yuan [1][39][44] - The leading underwriter was China International Capital Corporation, which handled 2 IPOs with a total underwriting amount of 4.474 billion yuan [1][22][44] Group 3 - Xingsheng Technology was the first company in 2026 to fail to pass the IPO review, with issues raised regarding the authenticity of its sales revenue [6][28][30] - The company has a significant portion of its revenue (over 50%) coming from overseas markets, making compliance and verification of cross-border fund flows critical [7][29][30] - The underwriter, Guoxin Securities, faced scrutiny over its diligence in the review process, particularly regarding third-party payments [30][31] Group 4 - Huikang Technology was also deferred for review, with questions raised about its competitive position in the ice-making industry and the sustainability of its future performance [8][30][31] - The company must clarify the relationships with its main suppliers and ensure the accuracy of its disclosures [9][31] - Huikang Technology's main suppliers were established shortly before they began collaborating with the company, raising potential concerns about their relationships [10][31] Group 5 - In January, four companies withdrew their IPO applications, with two of them sponsored by Huatai United Securities, indicating a high withdrawal rate for this underwriter [11][14][38] - The companies that withdrew included Guangxi Baifei Dairy Co., Ltd., Nanjing Qinheng Microelectronics Co., Ltd., Jiangsu Yadian Technology Co., Ltd., and Zhuhai Saiwei Electronic Materials Co., Ltd. [11][33] - Zhuhai Saiwei had previously faced rejection in its first IPO attempt and withdrew its application after being approved in a second attempt [13][36] Group 6 - The issuance and underwriting situation showed that the average underwriting fee rate for the companies was relatively high, with Hengyun Chang's fee rate at 7.50%, which is above the industry average [19][42] - Hengyun Chang was the only company with an issuance price-to-earnings ratio exceeding the industry average, raising 1.561 billion yuan [19][42] - The underwriting fees for other companies were significantly lower, indicating a disparity in costs among different IPOs [19][42]

Group 1: IPO Market Overview - In January 2026, 12 new stocks were issued in the A-share market, raising a total of 11.5 billion yuan, a decrease of 40% month-on-month but an increase of 141% year-on-year[10] - The average IPO issuance cycle from acceptance to issuance was 489 days, which is at the 29th percentile of the past 24 years, indicating a significantly shorter duration[13] - There are currently 344 IPO projects awaiting approval, with a total proposed fundraising amount of 345.5 billion yuan[16] Group 2: Valuation and Market Trends - The average price-to-earnings (PE) ratio for new stocks in January 2026 was 33 times, which is relatively high compared to historical levels[26] - The average first-day closing price increase for new stocks was 175%, a decrease of 90.2 percentage points from the monthly average of 226% in 2025[29] - The valuation gap between primary and secondary markets reached a record low, with new stocks being priced at a 15% discount compared to comparable companies[26] Group 3: Subscription and Participation Challenges - The average number of participants in offline subscription for the Sci-Tech Innovation Board and Main Board increased to 8,945 and 10,252 respectively, but the overall success rate for subscriptions fell to 91%, a six-month low[48] - The subscription success rates for A/B class products in the Sci-Tech Innovation Board were 0.0257% and 0.0256%, while the Main Board rates were 0.0102% and 0.0093%, both reaching new lows since 2025[51] - The average return for offline subscription products of 20 million yuan was approximately 200,000 yuan, yielding a return rate of about 0.1%[4]

Summary of Key Points Core Viewpoint In 2025, a total of 116 companies went public (IPO) in China, with various financial public relations firms and underwriting institutions involved in the process. Group 1: IPO Overview - A total of 116 companies completed their IPOs in 2025, with 43 listed on the Shanghai Stock Exchange (24 on the Main Board and 19 on the Sci-Tech Innovation Board), 47 on the Shenzhen Stock Exchange (13 on the Main Board and 34 on the Growth Enterprise Market), and 26 on the Beijing Stock Exchange [1]. - 25 financial public relations firms were involved in the IPO process for these 116 companies [2]. Group 2: Leading Financial Public Relations Firms - The top five financial public relations firms by the number of IPOs handled are: 1. Jinzheng Hutong: 27 IPOs 2. Jiufu Investment: 24 IPOs 3. New航线 and Wanquan Zhice: 13 IPOs each 4. Zhonggai Yiyun: 8 IPOs 5. Quanming Consulting and Waliu Consulting: 4 IPOs each [3]. Group 3: Leading Underwriting Institutions - A total of 30 underwriting institutions participated in the IPOs of these 116 companies. - The top five underwriting institutions by the number of IPOs are: 1. Guotai Junan: 17 IPOs 2. CITIC Securities: 15 IPOs 3. CITIC Jian Investment: 11 IPOs 4. Huatai United: 10 IPOs 5.招商证券: 9 IPOs [8][9]. Group 4: Leading Law Firms - 27 law firms were involved in the IPO process for these companies. - The top five law firms by the number of IPOs are: 1. Shanghai Jintiancheng Law Firm: 16 IPOs 2. Beijing Zhonglun Law Firm: 15 IPOs 3. Guohao Law Firm: 13 IPOs 4. Beijing Deheng Law Firm: 9 IPOs 5. Beijing Guofeng Law Firm and Guangdong Xinda Law Firm: 6 IPOs each [14][15]. Group 5: Leading Accounting Firms - 17 accounting firms participated in the IPOs of these companies. - The top five accounting firms by the number of IPOs are: 1. Rongcheng Accounting Firm: 29 IPOs 2. Tianjian Accounting Firm: 20 IPOs 3. Lixin Accounting Firm: 17 IPOs 4. Zhonghui Accounting Firm: 12 IPOs [20][21].

Core Insights - In 2025, the A-share market saw a total of 116 new IPOs, marking a 16% increase from the previous year, which had 100 IPOs [1][15] Provincial Distribution of IPOs - Among the 116 new listings, the distribution by board is as follows: 33 on the ChiNext, 23 on the Shanghai Main Board, 19 on the Sci-Tech Innovation Board, 15 on the Shenzhen Main Board, and 26 on the Beijing Stock Exchange [2] - The top three provinces for IPOs are Jiangsu (29), Guangdong (21), and Zhejiang (17), collectively accounting for 57.76% of the total new listings [3][4] - Suzhou emerged as the leading city for IPOs with 12 new listings, surpassing major cities like Beijing, Shanghai, Shenzhen, and Guangzhou [6] Fundraising Amounts - The total amount raised by the 116 new IPOs reached approximately 1317.71 billion yuan [9] - The provinces with the highest fundraising amounts are: 1. Fujian: 224.47 billion yuan (17.03%) 2. Jiangsu: 209.00 billion yuan (15.86%) 3. Beijing: 199.08 billion yuan (15.11%) [11][10] Market Capitalization - The total market capitalization of the 116 new IPOs is approximately 2.34 trillion yuan [12] - The leading provinces by market capitalization are: 1. Beijing: 566.27 billion yuan (24.19%) 2. Guangdong: 353.62 billion yuan (15.11%) 3. Fujian: 309.93 billion yuan (13.24%) [13][14] Conclusion - The 2025 A-share market reflects a steady increase in new listings, highlighting regional concentration and structural differentiation, with Jiangsu, Guangdong, and Zhejiang dominating the IPO landscape, showcasing the economic vitality and industrial upgrading in these regions [15]

Group 1 - The core point of the news is that Jiangsu Changjing Technology Co., Ltd. has completed the IPO counseling filing with the Jiangsu Securities Regulatory Bureau, with Huatai United Securities as the counseling institution [1] - Changjing Technology, established in 2018, specializes in the research, production, and sales of semiconductor products, including finished products (discrete devices, power management ICs) and wafers [1] - The company’s main products cover diodes, transistors, MOSFETs, IGBTs, and third-generation semiconductors, as well as power management IC products represented by LDO, DC-DC, and lithium battery protection [1] Group 2 - In the updated prospectus for 2023, Changjing Technology reported revenues of 1.339 billion yuan, 1.902 billion yuan, and 1.884 billion yuan for the years 2020 to 2022, respectively [2] - The net profit attributable to the parent company for the same years was 66 million yuan, 244 million yuan, and 127 million yuan, while the net profit excluding non-recurring gains and losses was 131 million yuan, 223 million yuan, and 107 million yuan [2] - In 2022, the revenue from discrete devices was 1.331 billion yuan, accounting for 71.80% of the main business revenue, while power management ICs contributed 184 million yuan (9.90%) and wafers contributed 338 million yuan (18.20%) [2]

Group 1 - In the first half of January 2026, multiple companies updated their IPO progress, with 14 companies changing their review status on January 13 alone [1][2] - Among the companies, Gude Electric Materials and Hangzhou Gaote Electronics are targeting the ChiNext board, with Gude's IPO registration already effective [1][2] - Over 50 companies have updated their review status since the beginning of the month, indicating a robust IPO market in A-shares for 2026, particularly for technology firms [1][4] Group 2 - On January 14, additional companies updated their IPO review status, including Luoyang Shenglong Mining Group and Suzhou Lianxun Instruments, which are set to list on the Shenzhen Main Board and the Sci-Tech Innovation Board respectively [2] - The review status shows that Gude Electric Materials has the fastest IPO progress, having registered successfully, while two companies have submitted their registrations to the North Exchange [2][3] - Currently, 10 companies are in the inquiry stage, with some having just entered the first round of inquiries after their IPO applications were accepted in late December [3] Group 3 - The A-share IPO market is expected to remain active in 2026, with no initial listings yet this year, but a significant number of applications were accepted at the end of 2025 [4][5] - In December 2025, the North Exchange received 23 new IPO applications in a single day, contributing to a total of 53 applications for the month [4] - The total number of IPO applications in 2025 reached 300, with the North Exchange accounting for nearly 60% of these [4][5] Group 4 - The IPO market is anticipated to maintain its previous momentum in 2026, with a focus on technology companies accelerating their listings [5][6] - The trend of increasing listings for technology firms is expected to continue, supported by improved policies and the establishment of a growth-oriented system [5][6] - The overall performance of newly listed companies in 2025 was stable, indicating a positive cycle of market rationality and quality focus in IPOs [5][6]

Group 1 - Multiple companies have updated their IPO progress, with 14 firms changing their review status on January 13, including 6 aiming for the Beijing Stock Exchange and 5 for the Shanghai and Shenzhen exchanges [1][2] - Notable companies include Gude Electric Materials, which has received IPO registration approval, and Hangzhou Gaote Electronics, which has passed the review, both targeting the Growth Enterprise Market [1][2] - Over 50 companies have updated their review status since the beginning of the month, indicating a trend of companies entering the inquiry phase [1] Group 2 - On January 14, additional companies updated their IPO status, including Luoyang Shenglong Mining Group, which has received registration approval for the Shenzhen main board [2] - The review status shows that Gude Electric Materials has the fastest IPO progress, having registered successfully, while two companies on the Beijing Stock Exchange have submitted their registrations [2][3] - Several companies are currently in the inquiry phase, with some having just entered the first round of inquiries after their IPO applications were accepted in late December [3] Group 3 - The IPO market is expected to remain active in 2026, with no new companies having been accepted for IPOs so far this year, but numerous applications were accepted in late 2025 [4] - In December 2025, the Beijing Stock Exchange received 23 new IPO applications in a single day, contributing to a total of 53 applications for the month [4] - The total number of companies accepted for IPOs in 2025 reached 300, with the Beijing Stock Exchange accounting for nearly 60% of these applications [4] Group 4 - The A-share IPO market saw significant fundraising activity at the end of last year, with major companies like Moer Thread and Muxi Co. raising substantial amounts [5] - Predictions indicate that the IPO market will maintain its previous momentum into 2026, particularly with an acceleration in technology company listings [5][6] - The overall performance of newly listed companies in 2025 was stable, reflecting a shift towards quality and scale in the IPO process, particularly in the technology and advanced manufacturing sectors [6]