Core Insights - The IPO market in A-shares is undergoing transformation in 2024, with a significant increase in IPO activities expected in 2025, characterized by a normalization of acceptance, review, and issuance processes [2] Group 1: IPO Acceptance and Trends - In 2025, a total of 251 IPO applications were accepted across the Shanghai, Shenzhen, and Beijing stock exchanges, which is 3.26 times the number in 2024 [3] - The number of companies that passed the review in 2025 reached 109, doubling the figure from the previous year [5] - The number of withdrawn applications significantly decreased, with only 95 companies terminating their reviews, a reduction of 77% compared to the previous year [7] Group 2: Monthly IPO Activity - June and December are peak months for IPO applications, with June accounting for 60% of the total applications for the year [3] - In June 2025, 150 IPO applications were accepted, while December saw an additional 46 applications [3] Group 3: Fundraising and Industry Distribution - The highest fundraising amount from accepted IPOs was 24.5 billion yuan by China Resources New Energy Holdings, followed by China Electric Power Construction Group with 9 billion yuan [4] - The manufacturing sector dominated the applications, particularly in chemicals, industrial machinery, electronic devices, semiconductors, and automotive components [4] Group 4: Review Success Rates - The approval rate for IPOs in 2025 was 93%, consistent with the previous year, with 62 companies successfully listing after passing the review [5] - Notably, the first unprofitable IPO on the ChiNext board was approved, indicating increased support for innovative companies [5] Group 5: Underwriters and Market Dynamics - The top three underwriters by the number of approved companies were Guotai Junan Securities, CITIC Securities, and CITIC Jianzhong, with 15, 12, and 11 approvals respectively [6] Group 6: IPO Queue Status - As of December 30, 2025, there were 297 companies still in the IPO queue, with the majority (173) planning to list on the Beijing Stock Exchange [8] - Guangdong province had the highest number of companies in the IPO queue, followed by Jiangsu and Zhejiang provinces [9]

Core Viewpoint - The IPO market in A-shares is stabilizing in 2025, with a significant increase in the number of applications and approvals, while the number of withdrawals has decreased substantially [3][10]. Group 1: IPO Activity Overview - In 2025, a total of 251 IPO applications were accepted across the Shanghai, Shenzhen, and Beijing stock exchanges, which is 3.26 times that of 2024 [4][5]. - The number of companies that successfully passed the IPO approval process reached 109, doubling the figure from the previous year [8]. - The total number of companies that withdrew their IPO applications was 95, a significant decrease of 77% compared to the previous year [10][11]. Group 2: Monthly Trends and Patterns - June and December were peak months for IPO applications, with 150 applications in June alone, accounting for 60% of the annual total [6]. - The majority of companies tend to submit their IPO applications by June 30 to maximize the validity period of their financial reports [6]. Group 3: Industry Distribution - The manufacturing sector led the number of IPO applications, particularly in sub-sectors such as chemicals, industrial machinery, electronic devices, semiconductors, and automotive components [7]. Group 4: Approval Rates and Market Support - The approval rate for IPOs was 93%, consistent with the previous year, indicating a stable market environment [8]. - The introduction of policies supporting unprofitable innovative companies has enhanced the inclusivity and adaptability of the market towards high-quality tech enterprises [8]. Group 5: Current IPO Pipeline - As of December 30, 2025, there are 297 companies still in the IPO queue, with the majority (173) planning to list on the Beijing Stock Exchange [12].

Core Insights - The IPO market in 2025 is characterized by a significant increase in the number of applications and approvals, indicating a normalization of IPO activities compared to the previous year [1][2][4]. Group 1: IPO Application and Approval Trends - In 2025, a total of 251 IPO applications were accepted across the Shanghai, Shenzhen, and Beijing stock exchanges, which is 3.26 times the number from 2024 [2]. - The number of companies that successfully passed the IPO approval process reached 109, doubling the 53 approvals from 2024, with a pass rate of 93% [4]. - The peak periods for IPO applications were noted in June and December, with June alone accounting for 60% of the total applications for the year [2]. Group 2: Industry and Fundraising Insights - The highest fundraising amount from accepted IPOs was 24.5 billion yuan by China Resources New Energy Holdings, followed by China Electric Power Construction Group with 9 billion yuan and Huike Co., Ltd. with 8.5 billion yuan [3]. - The manufacturing sector dominated the applications, particularly in sub-sectors such as chemicals, industrial machinery, electronic devices, semiconductors, and automotive parts, reflecting increased support for the real economy and innovative enterprises [3]. Group 3: Withdrawal and Registration Trends - The total number of companies withdrawing their IPO applications decreased significantly by 77% year-on-year, with only 95 companies withdrawing in 2025 compared to the previous year [6]. - Among the withdrawn applications, 22 had already passed the approval stage, indicating a trend of companies facing challenges in the registration process [6]. - As of December 30, 2025, there were still 297 companies in the IPO queue, with the majority (173) planning to list on the Beijing Stock Exchange [7][8].