Core Insights - In 2025, a total of 111 companies applied for IPOs in China, with 39 on the main board, 30 on the ChiNext, 17 on the Sci-Tech Innovation Board, and 25 on the Beijing Stock Exchange [8][9] - The top four accounting firms, including Rongcheng, Tianjian, Lixin, and Zhonghui, accounted for over 65% of the IPO clients, with Rongcheng leading at 30 clients [9][10] - Average audit fees for IPOs were reported as follows: 16.89 million yuan for the main board, 15.42 million yuan for ChiNext, 16.10 million yuan for the Sci-Tech Innovation Board, and 6.41 million yuan for the Beijing Stock Exchange [9][10] Accounting Firms Overview - The ranking of accounting firms by the number of IPO clients in 2025 is as follows: - Rongcheng: 30 clients, average fee of 14.45 million yuan - Tianjian: 20 clients, average fee of 14.29 million yuan - Lixin: 16 clients, average fee of 13.44 million yuan - Zhonghui: 11 clients, average fee of 14.03 million yuan - KPMG Huazhen: 5 clients, average fee of 19.40 million yuan - Other firms had fewer clients and varying average fees [9][10] Detailed Audit Fee Breakdown - Specific IPO audit fees for selected companies include: - Zhixin Co., Ltd.: Total IPO fee of 113.31 million yuan, audit fee of 15.68 million yuan, 14% of total fees [10] - Bodongguang: Total IPO fee of 45.91 million yuan, audit fee of 7.60 million yuan, 17% of total fees [10] - Shaanxi Tourism: Total IPO fee of 33.25 million yuan, audit fee of 2.27 million yuan, 7% of total fees [10] - Jiangtian Technology: Total IPO fee of 32.36 million yuan, audit fee of 5.33 million yuan, 16% of total fees [10]

Summary of Key Points Core Viewpoint - In January 2026, the A-share market saw a total of 9 new listed companies, a decrease of 25% compared to the same period last year, while the net fundraising amount increased by 33.79% to 8.425 billion yuan [1]. Group 1: IPO Performance - A total of 9 new companies were listed in January 2026, with 3 on the Shanghai Stock Exchange, 1 on the Sci-Tech Innovation Board, and 5 on the Beijing Stock Exchange [1]. - The net fundraising amount for these new listings was 8.425 billion yuan, up from 6.297 billion yuan in the same month last year [1]. Group 2: Underwriter Performance - Eight underwriting institutions handled the IPOs of the 9 new listed companies in January 2026, with CICC ranking first with 2 deals [2]. - Seven other securities firms, including Shenwan Hongyuan, Guotou Securities, Dongwu Securities, Dongxing Securities, CITIC Securities, Guojin Securities, and Guotai Junan, each managed 1 deal [2][3]. Group 3: Law Firm Performance - Six law firms provided legal services for the IPOs, with Shanghai Jintiancheng, Beijing Zhonglun, and Beijing Kangda each handling 2 cases, ranking them jointly first [5]. - Beijing Jindu, Guohao (Shanghai), and Beijing Deheng each managed 1 case [5][6]. Group 4: Accounting Firm Performance - Six accounting firms provided auditing services for the new listings, with Rongcheng leading with 3 cases [7]. - Zhonghui ranked second with 2 cases, while Xinyong Zhonghe, Lixin, Tianjian, and Zhongxinghua each handled 1 case [7][8].

Core Insights - In 2025, a total of 116 companies were listed on the A-share market, representing a 16% increase from 100 companies in the same period last year [1] - The net fundraising amount for these 116 newly listed companies reached 1220.25 billion yuan, a significant increase of 104.25% compared to 597.43 billion yuan in the previous year [1] - The total fees charged by IPO intermediaries for these companies amounted to 91.56 billion yuan, with underwriting and sponsorship fees accounting for 67.04 billion yuan, legal fees for 8.21 billion yuan, and audit fees for 16.31 billion yuan [1] Segment Analysis Underwriting and Sponsorship Fees - The total underwriting and sponsorship fees by segment are ranked as follows: Sci-Tech Innovation Board, Shanghai Main Board, ChiNext, Shenzhen Main Board, and Beijing Stock Exchange [2] - The average underwriting fee is highest in the Sci-Tech Innovation Board at 11,337.61 thousand yuan, while the lowest is in the Beijing Stock Exchange at 2,222.30 thousand yuan [5][6] - The total underwriting fees are led by CITIC Securities with 12.44 billion yuan from 15 deals, followed by Guotai Junan and CITIC Jinshi with 9.96 billion yuan and 8.82 billion yuan, respectively [8][10] Legal Fees - The top three law firms by total fees are Shanghai Jintiancheng, Beijing Zhonglun, and Zhejiang Tiance, with total fees of 1.14 billion yuan, 1.05 billion yuan, and 0.57 billion yuan, respectively [11] - The average legal fee is highest in the Sci-Tech Innovation Board at 832.01 thousand yuan, while the lowest is in the Beijing Stock Exchange at 364.62 thousand yuan [5] Audit Fees - The leading audit firms by total fees are Rongcheng, Tianjian, and Lixin, with total fees of 4.17 billion yuan, 2.86 billion yuan, and 2.19 billion yuan, respectively [12][14] - The average audit fee is highest in the Shanghai Main Board at 1,851.80 thousand yuan, while the lowest is in the Beijing Stock Exchange at 632.39 thousand yuan [6] Overall Fee Structure - The total fees for intermediaries in the IPO process are distributed as follows: underwriting fees (67.04 billion yuan), legal fees (8.21 billion yuan), and audit fees (16.31 billion yuan) [1][4] - The average fees across segments indicate that the Sci-Tech Innovation Board commands the highest fees overall, while the Beijing Stock Exchange has the lowest average fees [5][6]

Group 1 - In the first five months of 2025, a total of 43 new companies were listed in the A-share market, representing a year-on-year increase of 13.16% compared to 38 companies in the same period last year [2] - The total net fundraising amount for these 43 new listings was 24.939 billion yuan, which is a 2.13% increase from 24.418 billion yuan in the same period last year [2] - The top three underwriting institutions for IPOs were Guotai Junan, Huatai United, and CITIC Securities, each handling 5 listings [2] Group 2 - A total of 21 law firms provided legal services for the 43 new listed companies, with Shanghai Jintiancheng leading with 8 cases, followed by Beijing Zhonglun with 6 cases, and Beijing Hairun Tianrui with 3 cases [4] - In the accounting sector, 15 accounting firms provided auditing services for the new listings, with Rongcheng leading with 8 cases, followed by Lixin with 7 cases, and Zhonghui with 6 cases [4]

文/梧桐数据中心 2024年，A股合计新上市公司正好100家！其中沪市主板17家、科创板15家、深市主板7家、创业板38家、北交所23家。这100家新上市公司的IPO中介机构收费共 计62.46亿元，其中承销保荐费44.53亿元，律师费6.40亿元，审计费11.53亿元。承销保荐收费总额排名第一的是中信证券，6.49亿元，业务单数11单；律师收费总 额排名第一的是上海锦天城，0.83亿元，业务单数13单；审计收费总额排名第一的是容诚，3.57亿元，业务单数27单。 一、各板块情况 按照板块业务划分，承销保荐业务收费总额从高到低分别为：创业板、沪主板、科创板、北交所、深主板；律师费从高到低分别为：创业板、沪主板、科创板、 北交所、深主板；审计费从高到低分别创业板、沪主板、科创板、北交所、深主板。 各板块中介机构收费占比情况基本一致，其中券商收费占比近7成，剩下的收费空间中，会所收费较律所稍高，律所收费最低。 沪主板承销保荐费的中位数最高，为5665.86万元，北交所最低，为1541.75万元；创业板律师费的中位数最高，为789.81万元，北交所最低，为243.40万元；沪主 板审计费的中位数最高，为1424.5 ...