Core Insights - In 2025, a total of 81 companies successfully went public on the A-share market, raising a total of 78.464 billion yuan, with 5.745 billion yuan allocated for intermediary fees, accounting for 7.32% of the total fundraising [1][3] Summary by Category Overall Market Performance - The average fundraising amount per company was 969 million yuan, with an average intermediary fee of 70.925 million yuan, resulting in an average intermediary fee percentage of 11.40% [3] - The highest fundraising amount recorded was 18.171 billion yuan, with the highest intermediary fee reaching 212.132 million yuan, which accounted for 20.94% of the total fundraising [3] Intermediary Fees by Market Segment - **ChiNext**: - Total fundraising: 709 million yuan - Total intermediary fees: 68.502 million yuan - Intermediary fee percentage: 11.56% [5] - **STAR Market**: - Total fundraising: 1.015 billion yuan - Total intermediary fees: 94.409 million yuan - Intermediary fee percentage: 12.13% [5] - **Main Board**: - Total fundraising: 1.643 billion yuan - Total intermediary fees: 90.072 million yuan - Intermediary fee percentage: 10.43% [5] - **Beijing Stock Exchange**: - Total fundraising: 320 million yuan - Total intermediary fees: 33.597 million yuan - Intermediary fee percentage: 12.34% [5] Notable Companies and Their Fees - **ChiNext**: - Highest intermediary fee: Han Shuo Technology (301275.SZ) with 132.488 million yuan, accounting for 11.41% of its 1.162 billion yuan fundraising [6] - Lowest intermediary fee: Chao Yan Co. (301602.SZ) with 41.064 million yuan, accounting for 9.54% of its 430 million yuan fundraising [6] - **STAR Market**: - Highest intermediary fee: Ying Shi Innovation (688775.SH) with 184.414 million yuan, accounting for 9.52% of its 1.938 billion yuan fundraising [7] - Lowest intermediary fee: Sai Fen Technology (688758.SH) with 45.213 million yuan, accounting for 20.94% of its 216 million yuan fundraising [7] - **Main Board**: - Highest intermediary fee: Huaneng New Energy (600930.SH) with 212.132 million yuan, accounting for 1.17% of its 18.171 billion yuan fundraising [8] - Lowest intermediary fee: Jiangnan New Materials (603124.SH) with 47.598 million yuan, accounting for 12.39% of its 384 million yuan fundraising [8] - **Beijing Stock Exchange**: - Highest intermediary fee: Kai Fa Technology (920029.BJ) with 59.725 million yuan, accounting for 5.11% of its 1.169 billion yuan fundraising [9] - Lowest intermediary fee: Hong Hai Technology (920108.BJ) with 18.426 million yuan, accounting for 14.38% of its 128 million yuan fundraising [9]

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]