UK Chancellor of the Exchequer Rachel Reeves has ditched the plan of increasing national insurance contributions for partners at law and accountancy firms in the upcoming Budget, reported Financial Times, citing people familiar with the fiscal planning discussions. The move to introduce higher national insurance contributions from limited liability partnerships had been anticipated to generate £2bn, but the plan has reportedly been abandoned following Treasury analysis. Treasury modelling indicated that ...

文/梧桐数据中心 11月15日，北交所迎来开市四周年！截至目前北交所共有282家上市公司，其中2021年79家，2022年83家，2023年77家，2024年23家，2025年至今20家。 已转板的观典防务、泰祥股份和翰博高新不纳入本次统计。这282家北交所上市公司的首发募资净额为510.50亿元。 一、保荐机构业绩排名 共有60家保荐机构为这282家北交所上市公司提供了IPO保荐业务。其中富士达、美心翼申分别聘请了两家保荐机构，各计一单，故业务单数总数为284 单。 榜单前三名： 第一名：中信建投（27单） 第二名：申万宏源（23单） 第三名：东吴证券（16单） | 排名 | 保荐机构 | 业务单数 | | --- | --- | --- | | 1 | 中信建投 | 27 | | 2 | 申万宏源 | 23 | | 3 | 东吴证券 | 16 | | 4 - | 国投证券 | 15 | | | 工温证完 | 1 4- | | 42 | 华安证券 | 1 | | --- | --- | --- | | 42 | 渤海证券 | 1 | | 42 | 财达证券 | 1 | | 42 | 财信证券 | 1 | | ...

Core Insights - In the period from January to October 2025, a total of 87 new companies were listed on the A-share market, representing an 8.75% increase compared to the same period last year, which had 80 new listings [1] - The total net fundraising amount for these 87 new listings reached 833.81 billion yuan, marking a significant 77.02% increase from 471.02 billion yuan in the same period last year [1] Underwriting Institutions Performance Ranking - A total of 29 underwriting institutions participated in the IPOs of these 87 new companies, with a total of 88 deals completed [2] - The top five underwriting institutions by number of deals are: - 1st: Guotai Junan with 11 deals - 2nd: CITIC Securities with 10 deals - 3rd: Huatai United with 8 deals - 4th: CITIC Jianzhong with 7 deals - 5th: China Merchants Securities with 5 deals [2][3] Law Firms Performance Ranking - In the same period, 28 law firms provided legal services for the IPOs of the 87 new companies [6] - The top five law firms by number of deals are: - 1st: Shanghai Jintiancheng with 13 deals - 2nd: Beijing Deheng and Beijing Zhonglun, both with 7 deals - 4th: Beijing Guofeng with 6 deals - 5th: Shanghai Tongli with 5 deals [6][7] Accounting Firms Performance Ranking - A total of 16 accounting firms provided auditing services for the 87 new listings [9] - The top five accounting firms by number of deals are: - 1st: Rongcheng with 20 deals - 2nd: Tianjian with 16 deals - 3rd: Lixin and Zhonghui, both with 11 deals - 5th: Ernst & Young Hua Ming, KPMG Huazhen, and Zhongshen Zhonghuan, each with 4 deals [9][10]

Core Viewpoint - The article discusses the performance and statistics of companies listed on the ChiNext board under the registration system, highlighting the number of IPOs, total fundraising amounts, and rankings of various institutions involved in the IPO process [2]. Group 1: IPO Statistics - As of August 24, 2025, there are 584 companies listed on the ChiNext board since the implementation of the registration system, with a total fundraising amount of 552.96 billion yuan [2]. - The number of IPOs per year is as follows: 63 in 2020, 197 in 2021, 147 in 2022, 115 in 2023, 38 in 2024, and 24 in 2025 to date [2]. Group 2: Underwriting Institutions Performance - A total of 64 underwriting institutions provided IPO services for the 584 ChiNext companies, resulting in 585 total transactions [3]. - The top five underwriting institutions by number of transactions are: 1. Guotai Junan: 59 transactions 2. CITIC Securities: 53 transactions 3. CITIC Jianzhong: 50 transactions 4. Huatai United and Guolian Minsheng: 37 transactions each [3][4]. Group 3: Legal Services Performance - A total of 68 law firms provided legal services for the IPOs of the 584 ChiNext companies [7]. - The top five law firms by number of transactions are: 1. Beijing Zhonglun: 70 transactions 2. Shanghai Jintiancheng: 51 transactions 3. Beijing King & Wood Mallesons: 40 transactions 4. Beijing Guofeng, Beijing Deheng, and Guangdong Xinda: 37 transactions each [7][8]. Group 4: Accounting Firms Performance - A total of 31 accounting firms provided auditing services for the IPOs of the 584 ChiNext companies [12]. - The top five accounting firms by number of transactions are: 1. Tianjian: 113 transactions 2. Lixin: 88 transactions 3. Rongcheng: 68 transactions 4. Dahua: 44 transactions 5. Zhonghui: 37 transactions [12][13].

Core Viewpoint - In the first seven months of 2025, A-shares saw 59 companies listed, a year-on-year increase of 18.00%, with a total fundraising net amount of 544.21 billion yuan, up 63.83% from the previous year [2] Group 1: Listing and Fundraising - A total of 59 new companies were listed, comprising 14 on the Shanghai Main Board, 8 on the Sci-Tech Innovation Board, 8 on the Shenzhen Main Board, 22 on the Growth Enterprise Market, and 7 on the Beijing Stock Exchange [2] - The net fundraising amount of these companies reached 544.21 billion yuan, compared to 332.18 billion yuan in the same period last year [2] Group 2: Fees Charged by Intermediaries - The total fees charged by IPO intermediaries for these 59 companies amounted to 43.90 billion yuan, with underwriting and sponsorship fees at 30.22 billion yuan, legal fees at 4.48 billion yuan, and audit fees at 9.20 billion yuan [2] - The ranking of underwriting and sponsorship fees by board is as follows: Growth Enterprise Market, Shanghai Main Board, Sci-Tech Innovation Board, Shenzhen Main Board, and Beijing Stock Exchange [3] Group 3: Average Fees by Board - The average underwriting and sponsorship fee is highest in the Sci-Tech Innovation Board at 68.96 million yuan, while the lowest is in the Beijing Stock Exchange at 22.63 million yuan [6] - The average legal fee is highest in the Sci-Tech Innovation Board at 8.30 million yuan, and the lowest in the Beijing Stock Exchange at 3.63 million yuan [6] - The average audit fee is highest in the Shanghai Main Board at 21.17 million yuan, and the lowest in the Beijing Stock Exchange at 5.29 million yuan [6] Group 4: Top Intermediaries - CITIC Securities ranked first in total underwriting and sponsorship fees at 3.28 billion yuan, followed by Guotai Junan and CITIC Jianzhong at 3.28 billion yuan and 3.17 billion yuan respectively [8] - The top three law firms by total fees are Shanghai Jintiancheng, Beijing Zhonglun, and Zhejiang Tiance, with total fees of 66.14 million yuan, 46.18 million yuan, and 35.24 million yuan respectively [11] - The top three accounting firms by total fees are Rongcheng, Tianjian, and Ernst & Young Huaming, with total fees of 1.77 billion yuan, 1.53 billion yuan, and 1.33 billion yuan respectively [14]

Core Viewpoint - The article highlights the development and current status of the Sci-Tech Innovation Board (STAR Market) in China, marking its sixth anniversary with a total of 589 listed companies and providing insights into the performance of various underwriting institutions, law firms, and accounting firms involved in IPO services. Group 1: STAR Market Overview - As of July 22, the STAR Market has 589 listed companies, with the number of new listings per year as follows: 70 in 2019, 143 in 2020, 162 in 2021, 124 in 2022, 67 in 2023, 15 in 2024, and 8 from 2025 to present [1]. Group 2: Underwriting Institutions Performance - A total of 53 underwriting institutions have handled the IPOs for the 589 STAR Market companies. The top five institutions by the number of IPOs are: 1. Guotai Junan: 95 IPOs 2. CITIC Securities: 84 IPOs 3. CITIC Jianzhong: 56 IPOs 4. CICC: 53 IPOs 5. Huatai United: 51 IPOs [2][3]. Group 3: Law Firms Performance - There are 67 law firms that provided legal services for the IPOs of the 589 STAR Market companies. The top five law firms are: 1. Shanghai Jintiancheng: 62 cases 2. Beijing Zhonglun: 56 cases 3. Beijing Deheng: 46 cases 4. Beijing Jindu: 36 cases 5. Beijing Guofeng: 35 cases [7]. Group 4: Accounting Firms Performance - A total of 29 accounting firms provided audit services for the IPOs of the 589 STAR Market companies. The top five accounting firms are: 1. Tianjian: 108 cases 2. Lixin: 88 cases 3. Rongcheng: 68 cases 4. Tianzhi International: 41 cases 5. Dahua: 35 cases [8].

Group 1: Core Insights - In the first half of 2025, a total of 158 companies successfully listed on the New Third Board, with 50 in the basic tier and 108 in the innovative tier [1][5] Group 2: Main Underwriters' Performance - 43 securities firms provided sponsorship services for the 158 companies, with Guotai Junan and CITIC Securities both sponsoring 12 listings, ranking first [2][5] - The third place was held by Kaiyuan Securities, which sponsored 11 listings [2] Group 3: Law Firms' Performance - 42 law firms provided legal services for the listed companies, with Shanghai Jintiancheng leading with 22 cases, followed by Beijing Zhonglun with 19 cases, and Guohao (Shanghai) with 12 cases [5] Group 4: Accounting Firms' Performance - 29 accounting firms provided auditing services, with Rongcheng and Tianjian both leading with 27 cases each, and Lixin in third place with 24 cases [5]

文/梧桐数据中心 2025年1-5月，共计有29家公司登陆港交所，其中27家通过IPO方式上市，另有1家通过借壳SPAC上市（找钢集团-Ｗ），1家GEM转主板上市（比优集团），这两 家不纳入本次统计中。港股首发上市的27家公司的IPO中介机构包括23家券商、21家香港律师事务所、15家中国内地律师事务所、6家审计机构，其中，中金公司 保荐8单，位列第一，华泰国际6单、招银国际5单，位列二三；达维律所和通商律所分别占据香港、中国法律顾问之首，业务单数各5单；"四大"则包揽了近90%的 审计业务，安永、毕马威各9单，德勤、罗兵咸永道各3单。 一、保荐人业绩排名 2025年1-5月，共有23家保荐人为这27家香港IPO上市公司提供了保荐服务，其中联合保荐的拆开计算，各计1单。 榜单前三名： 第一名：中金公司（8单） 第二名：华泰国际（6单） 第三名：招银国际（5单） | 排名 | 保荐人 | 业务单数 | | --- | --- | --- | | - | 中金公司 | 8 | | 2 | 华泰国际 | 6 | | 3 | 招银国际 | 5 | | 4 1 | 中信证券 (香港) WOOD REE | | | 5 ...

文/梧桐数据中心 榜单前三名： 随着4月25日众捷汽车（301560）在创业板上市，2025年1-4月A股合计新上市公司37家，其中沪市主板8家、科创板5家、深市主板5家、创业板16家、北交所3家。 相较去年同期的35家，同比增长5.71%。这37家新上市公司募资净额为219.58亿元，相较去年同期的237.06亿元，同比下降7.37%。 一、保荐机构业绩排名 2025年1-4月，共有22家保荐机构承担了这37家新上市公司的IPO上市业务。 第一名：国泰海通（5单）（注：国泰君安与海通证券合并计算，其中海通证券有3单，国泰君安有2单） 第二名：华泰联合（4单）、中信证券（4单） | 排名 | 保存机构 | 业务更数 | | --- | --- | --- | | | 国泰海通 | 5 | | | 华泰联合 | 4 | | 2 ● | > 中信证券 | | | --- | --- | --- | | 40 | | | | 5 | UIVVV 东兴证券 | | | 5 | 申万宏源 | 2 | | 5 | 天风证券 | 2 | | 8 | 华安证券 | 1 | | 8 | 东方证券 | 1 | | 8 | 光大证 ...

一、主办券商业绩排名 文/梧桐数据中心 2024年，新三板共计有350家公司成功挂牌，其中基础层159家，创新层155家。中介机构业绩方面，开源证券保荐27单，位列第一；国泰君安、中信建投各20单， 并列第二；上海锦天城业务单数为52单，位列第一；北京德恒、北京中伦各30单，并列第二；立信、天健、容诚占据会计师事务所业绩前三名。 2024年，共有59家券商为这350家新三板挂牌公司提供了保荐服务。 第二名：国泰君安（20单）、中信建投（20单） 第四名：东吴证券（16单） 第五名：申万宏源（15单） | 1 | 开源证券 | 27 | | --- | --- | --- | | 2 | 国泰君安 | 20 | | 2 | 中信建投 | 20 | | 4 | 东吴证券 | 16 | | 5 | 申万宏源 | 15 | | 6 | 国金证券 产同 六六 13 | | | 6 | 海通证券TONWOOD TREE | | | 6 | 长江证券 | 13 | | 6 | 国投证券 | 13 | | 10 | 民生证券 | 12 | | 10 | 中信证券 | 12 | | 12 | 东方证券 | 10 | | 12 ...