Core Insights - The IPO market is experiencing significant changes in underwriting and advisory fee structures due to new regulations and market conditions, with a notable shift from the previously dominant tiered fee model to a mixed fee model that includes fixed rates and minimum or maximum fee clauses [4][5] Fee Structures - The tiered fee model, which was prevalent in 2023 with 38% of cases, has drastically decreased to 6% by 2025, with most remaining cases adopting a decreasing fee percentage [3][4] - The traditional model of "actual fundraising amount × fixed rate" is now used by 33% of IPOs in 2025, with underwriting fees typically ranging from 5% to 9% [4] - A new model combining fixed rates with limit conditions has gained traction, with 49% of IPOs in 2025 utilizing this approach, up from 25% in 2023, primarily due to changing fundraising expectations [5] - The "one-price" fee model has been adopted by 12% of IPOs in 2025, focusing on direct pricing for online offerings [5] Market Trends - The average underwriting fee for the Sci-Tech Innovation Board reached 1.22 billion yuan in 2025, a significant increase from the previous average of 957.98 million yuan [7] - Conversely, the average underwriting fees for the main board and the ChiNext board have decreased, with the main board averaging 65.31 million yuan and the ChiNext board at 46.58 million yuan, reflecting a decline of over 30% for the ChiNext board compared to previous years [7][8] - The Beijing Stock Exchange has seen a notable increase in IPO fees, with an average of 20.80 million yuan in 2025, up 43% from the previous average of 14.56 million yuan [8] Market Concentration - The IPO underwriting market continues to exhibit a "head effect," with a small number of securities firms capturing the majority of market share, as only 13 firms generated over 100 million yuan in IPO revenue in the past year [9] - CITIC Securities leads the market with nearly 1.1 billion yuan in underwriting fees, followed by CITIC Construction Investment and Guotai Junan, indicating a concentration of high-quality projects among top firms [9]

Core Insights - The number of IPOs using the "tiered fee" model has significantly decreased, dropping from approximately 38% in 2023 to 6% in 2025, with existing cases generally adopting a "decreasing fee ratio" standard [1] - A hybrid fee model based on "fundraising amount × fixed rate" with additional "minimum fee or maximum fee" clauses has become the mainstream charging method, accounting for 49% of current practices [1] Fee Models - The "tiered fee" model, once mainstream in 2023 with at least 89 IPOs, has seen a drastic decline, with only 5 cases in 2025, of which 4 are clearly using a "decreasing fee ratio" [2] - The traditional "actual fundraising amount × fixed rate" model was adopted by 26 IPOs in 2025, representing 33%, with underwriting fees typically ranging from 5% to 9% [3] - The "fixed rate with limit conditions" model, which includes "minimum fee" or "maximum fee," was used by 38 companies in 2025, making up 49%, up from 25% in 2023 [3] - The "flat fee" model was utilized by 9 IPOs in 2025, accounting for 12%, primarily for online direct pricing [4] Fee Trends by Market Segment - The average underwriting fee for the Sci-Tech Innovation Board reached 122 million yuan in 2025, a significant increase from the average of 95.8 million yuan between 2023 and 2024 [5] - The average underwriting fees for the main board and the ChiNext have decreased, with the main board averaging 65.3 million yuan and the ChiNext at 46.6 million yuan in 2025, down over 30% from previous years [6] - The North Exchange has seen a notable increase in IPO fees, with an average of 20.8 million yuan in 2025, up 43% from 14.6 million yuan in 2023-2024 [6] Market Dynamics - The IPO underwriting market continues to exhibit a "head effect," with a few leading firms capturing the majority of market share due to their strategic positioning and project reserves [7] - Only 13 securities firms generated over 100 million yuan in IPO revenue in the past year, with CITIC Securities leading at nearly 1.1 billion yuan [8] - Other top firms include China International Capital Corporation, Guotai Junan, Huatai United, and CICC, with revenues of 883 million yuan, 843 million yuan, 650 million yuan, and 491 million yuan respectively [9] - The top firms have a clear focus on high-quality projects in the main board and Sci-Tech Innovation Board, with over 80% of their projects concentrated in these segments [10]