炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 作者：IPO再融资组/郑权 在刚刚过去2025年，A股IPO市场呈现出明显的"前低后高"的发展态势，在经历年初的阶段性调整后，年中政策转向带动下半年市场迅速回暖。 2025年，共有300家企业申报A股IPO，较2024年的77家增长289%，接近三倍。审核层面，2025年共有116家企业上会接受审核，111家过会，过会数量是 2024年（53家）的209%。 终止层面，2025年合计有107家企业终止IPO进程，较2024年的437家大幅下降75.5%。分券商看，国泰海通的撤单数量最高，为11家。 wind数据显示，2025年全年共有116家A股IPO企业完成上市（按上市日，下同），融资总额达到1，317.71亿元，相比2024年的100家上市数量、673.53亿元 累计募资额，分别实现16%和95.64%的增长。分券商看，"三中两泰"5家头部券商占据73%的承销额，马太效应明显。 IPO审核情况：节卡机器人成唯一取消审核企业 会计基础规范性最受关注 根据交易所官网信息，2025年A股IPO共受理了300家 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 进入年末，监管继续开出投行罚单。 进入年末，监管继续开出投行罚单。近期，因IPO和资产重组项目，4家券商的8名保代被采取监管措施。 据沪深交易所网站，近期，银河证券、国金证券等保代被约见谈话或监管警示，涉及飞潮新材科创板IPO、元丰电控创业板IPO等项目违规。值得一提的 是，上述企业均为IPO撤单企业，随着"带病闯关"行为曝光，监管"一案多罚"，公司及相关中介方一同受罚。 上述案例成为2025年投行严监管的缩影。第一财经根据证监会、沪深交易所网站统计，年初至今，上述监管机构合计开出55张投行类罚单，深交所数量最 多，达到31张。这些罚单开给了约20家券商，波及近70名保代，这些主体被采取书面警示、约见谈话、暂停业务资格等监管措施。 哪些投行频频吃罚单？年内海通证券共计8名保代被罚，涉及梦创双杨沪市主板IPO、中润光能创业板IPO等多个项目。国泰海通收到的首张投行罚单，也与 海通证券过往IPO项目违规有关。 2025年，监管持续紧盯IPO"一撤了之"的情况，与此同时，现场检查持续发威。有券商投行人士告诉记者："现场检查倒逼券商在前期筛选项目时就更为谨 慎，因为一 ...

今日，有消息称香港证监会、港交所近日联名致函IPO保荐人，旨在确保提交的上市申请文件的数据内容完 整并维持高质素。该信函统一发给了所有具备IPO保荐资质的投资银行。 记者获悉，目前港交所拟IPO上市申请已超过300家，个别投资银行为了抓住机遇抢占市场，可能团队经验不 足或人手储备有限，部分IPO上市申请文件存在粗制滥造的现象，甚至在一些关键阶段未按规定的时间表和流 程推进。 据悉，该信函统一发给了所有具备IPO保荐资质的投资银行，并非针对个别投行的警示函，而是全面提醒保荐 人关注。 港交所回应称："为了推动资本市场的蓬勃发展，香港交易所致力确保新上市申请的审核能及时且严谨进行。 同时，我们也积极与发行人、保荐人及专业顾问保持紧密沟通，以确保提交的上市数据内容完整并维持高质 素。" 2024年10月，香港证监会与香港交易所发布的联合声明，明确列出了对上市文件的质素要求。香港交易所将继 续与各方携手合作，进一步提升上市市场的质素，致力巩固香港作为全球领先上市地的地位。 对此，港交所向券商中国记者确认了统一发函事宜，意在提醒保荐人在增加IPO申请数量的同时保证质量，并 表示将进一步提升上市市场的质素，致力巩固香港作 ...

港交所发函警示投行：港股IPO市场正迎来强劲复苏——今年融资额已超340亿美元，300家公司排队候场，募资规模有望创 四年新高。但热闹背后，监管的"降温信号"已至。 上周，香港证监会与港交所联合向新股保荐人发函，直指近期上市申请质量滑坡：部分申报资料粗糙，甚至出现"复制粘 贴"的低级错误；部分从业者经验不足、对港交所规则不熟，更有投行因抢份额承接了超出自身能力的业务。 这一警示并非无的放矢。据投行人士透露，过去数年新股发行低迷期，行业大幅裁员，如今IPO回暖却人手不足，叠加中资 机构主导市场、外资份额有限的格局，"赶进度、轻质量"的倾向逐渐抬头。 作为国际金融中心，香港监管层正试图在"活跃市场"与"守住标准"间找平衡——发函的核心信号很明确：IPO可以热，但"乱 来"不行。 ...

Group 1 - The core viewpoint is that the A-share IPO financing amount has returned to the trillion yuan scale in 2025, reaching 100.36 billion yuan, indicating a recovery in the capital market's support for the real economy [1][2] - The A-share IPO financing amount in 2025 is significantly lower compared to the historical high of over 500 billion yuan in 2021 and 2022, showing that this year's performance is not particularly outstanding [2] - The main board contributed over half of the IPO financing amount, totaling 52.38 billion yuan, driven primarily by the IPO of Huadian New Energy, which raised 18.17 billion yuan [2] Group 2 - The IPO financing growth has positively impacted investment banks' earnings, with five investment banks surpassing 10 billion yuan in IPO sponsorship amounts [2] - The value of IPOs extends beyond capital supply, as they play a crucial role in supporting enterprise growth, industrial upgrading, and economic structure optimization [2] - The future outlook suggests that the improvement of a multi-level capital market system will provide stronger capital support for the development of new productive forces and industrial upgrades [3]

Core Insights - The investment banking sector is experiencing a recovery with significant growth in net income and IPO activities, particularly in A-shares and H-shares [1][2][3] Group 1: Market Performance - In the first three quarters of 2025, listed brokers achieved a net investment banking income of 251.5 billion yuan, a year-on-year increase of 24% [1][2] - A-shares and H-shares IPO scales grew by 61% and 237% respectively, with Hong Kong IPOs ranking first globally [1][2] - The top five companies in the investment banking sector accounted for 52% of the market share, with several mid-sized brokers experiencing growth rates exceeding 50% [1][3] Group 2: Future Outlook - The investment banking industry anticipates that hard technology, mergers and acquisitions, and green finance will be core hotspots in 2026 [1][4] - The deepening of the registration system and the demand for cross-border financing are expected to drive market expansion [1][3] Group 3: Strategic Initiatives - Companies are enhancing their organizational mechanisms and focusing on industry-specific strategies to improve service efficiency and client support [5][6] - Investment banks are actively responding to policy changes, such as the "Eight Articles of the Sci-Tech Innovation Board" and "Six Articles of Mergers and Acquisitions," to capitalize on market opportunities [5][6] - Firms are building comprehensive platforms for merger opportunities and establishing dedicated departments to streamline merger and acquisition processes [6][8] Group 4: Cross-Border Expansion - Major investment banks are strengthening their presence in the Hong Kong market, leveraging cross-border integration advantages to enhance service capabilities [7][8] - Companies like Huatai have completed numerous Hong Kong IPO projects, positioning themselves among the top in the market [7]

Core Viewpoint - The Hong Kong capital market is experiencing new opportunities with the introduction of the "Tech Company Special Line" and the upgrade of listing rules, providing clearer paths and more efficient options for companies to go public [1] Group 1: Listing Preparation - The first step for companies planning to list in Hong Kong is internal evaluation and decision-making, assessing financial status, business model, market competitiveness, and corporate governance to meet listing requirements [3] - Selecting intermediary institutions is crucial, with companies needing to appoint sponsors, lawyers, and accountants, ensuring that sponsors are licensed by the Hong Kong Securities and Futures Commission [3] - Financial and compliance reviews are essential, including financial audits to ensure compliance with Hong Kong Financial Reporting Standards and addressing potential compliance issues [3] Group 2: Application and Approval - Submitting the A1 application is the formal initiation of the listing process, with sponsors assisting in submitting the application form and paying fees, including a draft prospectus, financial reports, and legal opinions [4] - The Hong Kong Stock Exchange's review phase includes multiple rounds of Q&A, focusing on business sustainability, financial authenticity, and corporate governance compliance [4] Group 3: Issuance and Listing - After passing the hearing, companies enter the issuance and listing phase, where determining the issue price and attracting investor subscriptions are key [6] - Roadshows and pricing are critical, with companies needing to promote their business and financial status to institutional investors, balancing investor demand with corporate interests [6] - The case of Golden Leaf International shows a successful issuance with a subscription rate of 11,400 times, highlighting market recognition [6] Group 4: Post-Listing Support - Post-listing, companies must engage in effective market support to maintain stock price stability and market confidence, utilizing mechanisms like the "green shoe" option for price stabilization [8] - Companies are required to comply with ongoing disclosure requirements from the Hong Kong Stock Exchange, regularly releasing financial reports and significant announcements [9] Group 5: Value of Professional Institutions - The IPO process in Hong Kong typically takes 6-12 months, influenced by company preparation and market conditions, with professional intermediary institutions playing a vital role [10] - Early engagement with qualified and experienced sponsors is crucial for companies planning to list in Hong Kong, aiding in precise planning of the listing path [11]

Group 1 - The core role of lead underwriters in the IPO process at the Tokyo Stock Exchange (TSE) includes coordinating various parties, ensuring compliance, and maintaining market order [2] - Lead underwriters must conduct comprehensive due diligence to ensure issuers meet TSE listing standards and disclosure requirements, with a legal responsibility for any undisclosed significant issues [3][4] - They act as the main communication bridge between issuers and regulatory bodies, coordinating the listing application and process [4] Group 2 - Lead underwriters are responsible for pricing the IPO and supporting marketing efforts, balancing the issuer's financing needs with investor expectations [4] - Post-IPO, they have a continuous monitoring role, ensuring timely and accurate disclosure of periodic reports and significant events, while also supervising the issuer's business and governance [4][6] - The TSE has strict qualification requirements for lead underwriters, including holding a specific financial license and having sufficient IPO underwriting experience [7] Group 3 - The responsibilities of lead underwriters vary across different TSE market segments, with specific focus areas for high-growth innovative companies versus mature enterprises [5][7] - The regulatory framework emphasizes investor protection, requiring lead underwriters to prioritize investor interests and avoid misleading statements in prospectuses [5][6] - Legal liabilities for lead underwriters include civil, administrative, and criminal responsibilities for inadequate due diligence or fraudulent activities [7]

Core Viewpoint - The role of sponsors in the IPO process on the London Stock Exchange (LSE) is critical for ensuring compliance with listing standards, adequate information disclosure, and maintaining market integrity. Group 1: Responsibilities of LSE IPO Sponsors - Sponsors are responsible for conducting comprehensive due diligence on the issuer to ensure transparency in business, financial, legal, and operational conditions [2] - They lead the preparation and review of the prospectus, ensuring compliance with the UK Prospectus Regulation and LSE requirements, with a focus on accuracy and completeness [2] - Sponsors must verify the issuer's compliance with LSE listing standards, including business authenticity, financial compliance, legal risks, and management capability [3] - Continuous post-IPO supervision is required to ensure adherence to listing rules and timely, accurate disclosures [3][4] Group 2: Key Points for LSE IPO Sponsors - Sponsors must demonstrate that they have taken "all reasonable steps" in due diligence, as failure to do so may result in liability for disclosure violations [5] - The "single responsibility principle" holds sponsors ultimately accountable for the overall accuracy of the prospectus, with potential regulatory penalties for misleading content [6] - For AIM market issuers, sponsors have heightened responsibilities for ongoing support and must implement internal quality control processes to mitigate risks [7] - AIM sponsors must closely monitor operational stability and report any non-compliance with public holding or market value requirements to the LSE [9]

Core Viewpoint - The core responsibility of IPO sponsors at the Hong Kong Stock Exchange is to ensure that issuers meet listing requirements, provide accurate and comprehensive information disclosure, and protect investor interests [2][23]. Group 1: Definition and Role of Sponsors - Sponsors are licensed financial institutions recognized by the Stock Exchange, responsible for providing IPO sponsorship services [3]. - Their key roles include comprehensive verification of the issuer's compliance, financial authenticity, and business sustainability [3]. Group 2: Main Responsibilities of Sponsors - Responsibilities are divided into three phases: pre-listing, listing application, and post-listing [4]. - The core responsibilities include due diligence before listing and ongoing supervision after listing [4]. Group 3: Pre-Listing Phase: Due Diligence - Due diligence is the most critical responsibility, requiring sponsors to demonstrate "reasonable diligence" to verify issuer information [5]. - Business due diligence involves checking the issuer's main business, market position, competitive advantages, and assessing industry prospects [5]. - Financial due diligence includes auditing financial statements, confirming the accuracy of financial data, and evaluating the issuer's financial condition against listing criteria [6]. - Legal due diligence involves verifying the issuer's legal structure, compliance status, and identifying significant legal risks [7][8]. - Corporate governance due diligence assesses the composition and operation of the board and internal control systems [9]. Group 4: Listing Application Phase: Assistance and Communication - Sponsors guide issuers in preparing the prospectus to ensure compliance with Stock Exchange requirements [10]. - They communicate with the Stock Exchange to address inquiries and assist issuers in adjusting application documents [11]. - Compliance checks confirm that issuers meet listing conditions and do not have disqualifying issues [12]. Group 5: Post-Listing Phase: Ongoing Supervision - Sponsors must fulfill ongoing supervision responsibilities for 12 months post-listing, extendable to 24 months in certain cases [13]. - They monitor timely disclosure of significant events and verify the accuracy of periodic reports [13]. - Ensuring compliance with listing rules and checking the effectiveness of corporate governance structures are also key responsibilities [14]. Group 6: Key Points of Sponsor Responsibilities - Sponsors must maintain independence and avoid conflicts of interest [16]. - They are responsible for ensuring the prospectus contains all significant information and does not omit negative information [17]. - Ongoing supervision effectiveness is crucial, especially for smaller issuers [18]. - Identifying and disclosing major risks faced by the issuer is essential [19]. - Sponsors must educate and train the issuer's directors and executives on post-listing responsibilities [20]. - Industry-specific requirements must be addressed, particularly for biotech companies and companies with dual-class share structures [21]. Group 7: Liability of Sponsors - Sponsors may face civil, regulatory, and criminal liabilities if issuers engage in false disclosures or violations post-listing [22].