Core Insights - As of October 17, 2025, a total of 81 new IPOs have been launched, raising a total of 78.464 billion yuan, with 5.745 billion yuan allocated for intermediary fees, indicating that 7.32% of the raised funds are absorbed by intermediaries [1][2] Intermediary Fees Overview - The total intermediary fees for IPOs range from a minimum of 18.426 million yuan to a maximum of 212 million yuan, with the fee percentage varying from 1.17% to 20.94% [2] - The highest underwriting and sponsorship fee reached 17.6 million yuan, while audit and legal fees also increased with the raised funds [2] Average Intermediary Fees by Board - **ChiNext Board**: Average total intermediary fees are 68.502 million yuan, accounting for 11.56% of the raised funds; underwriting fees average 45.362 million yuan, audit fees 15.421 million yuan, and legal fees 7.721 million yuan [3] - **Sci-Tech Innovation Board**: Average total intermediary fees are 94.409 million yuan, accounting for 12.13% of the raised funds; underwriting fees average 68.962 million yuan, audit fees 17.148 million yuan, and legal fees 8.298 million yuan [3] - **Main Board**: Average total intermediary fees are 90.072 million yuan, accounting for 10.43% of the raised funds; underwriting fees average 63.683 million yuan, audit fees 18.001 million yuan, and legal fees 8.388 million yuan [3] - **North Exchange**: Average total intermediary fees are 33.597 million yuan, accounting for 12.34% of the raised funds; underwriting fees average 23.286 million yuan, audit fees 6.54 million yuan, and legal fees 3.771 million yuan [3] Detailed Intermediary Fees by Board - **ChiNext Board**: The highest intermediary fee is 132.488 million yuan by Hanshuo Technology, while the lowest is 41.064 million yuan by Chaoyan Co. [3] - **Sci-Tech Innovation Board**: The highest intermediary fee is 184.414 million yuan by Yingshi Innovation, while the lowest is 45.213 million yuan by Saifen Technology [3] - **Main Board**: The highest intermediary fee is 212.132 million yuan by Huadian New Energy, while the lowest is 47.598 million yuan by Jiangnan New Materials [3] - **North Exchange**: The highest intermediary fee is 59.725 million yuan by Kaifa Technology, while the lowest is 18.426 million yuan by Honghai Technology [3]