Group 1 - The core viewpoint of the article highlights the significant role of the Sci-Tech Innovation Board (STAR Market) in optimizing the A-share market structure and serving as a platform for key technological advancements since its launch on July 22, 2019 [1] - As of July 22, 2025, a total of 591 companies have been listed on the STAR Market, raising a cumulative amount of 927.156 billion yuan, with a total market capitalization exceeding 7 trillion yuan [1] - Among the 591 companies, 65 securities firms provided underwriting and sponsorship services, with Guotai Junan and Haitong Securities combined leading in both the number of IPOs and underwriting amounts [1][2] Group 2 - Guotai Junan and Haitong Securities ranked first in underwriting amount with 213.777 billion yuan from 112 IPOs, followed by CITIC Securities with 167.069 billion yuan from 99 IPOs [2][3] - The article notes that 31 out of 93 companies sponsored by Guotai Junan are currently trading below their IPO price, representing over 33% of their sponsored projects, the highest among all underwriters [5][7] - ST Pawa, one of the companies sponsored by Haitong Securities, has seen its stock price drop by 76.35% from its IPO price, raising concerns about the underwriting firm's diligence [5][6] Group 3 - A notable characteristic of the IPOs sponsored by Guotai Junan is the high proportion of companies that exceeded their fundraising targets, with 63 out of 93 companies raising more than initially expected, accounting for over 67% [8][9] - Among these, SMIC raised 53.23 billion yuan, exceeding its target by 32.516 billion yuan, while Dayun Technology had the highest overfunding ratio at 238.3% [9][10] - The high fundraising ratios are attributed to "high price" issuances, with Dayun Technology's IPO priced at 152.38 yuan per share, significantly above the industry average, leading to a substantial drop in its stock price post-IPO [10][11]

Core Insights - The landscape of IPO underwriting has changed significantly in the first half of the year, with Guotai Junan Securities and Haitong Securities leading the market with 26 IPO projects accepted, surpassing CITIC Securities, which had held the top position for many years [2][3] Group 1: Market Dynamics - A total of 177 IPO projects were accepted by 38 securities firms in the first half of the year, with the top 12 firms accounting for 73% of the market share [2] - Guotai Junan's projects were primarily focused on the Beijing Stock Exchange, with 18 out of 26 projects coming from this market, representing nearly 70% [3] - CITIC Securities had a more balanced portfolio with 22 accepted projects, including 9 from the Beijing Stock Exchange and 7 from the Sci-Tech Innovation Board [3] Group 2: Competitive Landscape - Other notable firms included Zhongtai Securities and CICC, ranking third and fourth with 14 and 10 accepted projects, respectively [4] - Smaller firms struggled to compete, with 21 firms having accepted fewer than 3 projects, accounting for 56% of the total [5] Group 3: Challenges for Smaller Firms - Many smaller firms lack sufficient project reserves, often resulting in lower quality submissions and difficulties in competing for high-tech projects against larger firms [5][6] - Despite the challenges, some smaller firms managed to secure significant projects in the Shanghai and Shenzhen IPO markets [6] Group 4: Future Strategies - Many firms are focusing on expanding their presence in the Beijing Stock Exchange and New Third Board, viewing these as key growth areas [7] - There is a consensus among firms to enhance their merger and acquisition (M&A) capabilities, with several firms planning to strengthen their resources in this area [7]

Core Viewpoint - The A-share IPO market has shown signs of recovery in 2025 after a prolonged downturn in 2024, with both the number of IPOs and the amount raised increasing compared to the previous year [2][3][6]. A-share IPO Market Recovery - In 2025, the A-share equity financing market has maintained a steady issuance pace, with a total fundraising of 214.83 billion yuan, representing a year-on-year increase of 53.1% [3]. - As of June 8, 2025, 45 A-share companies have been sponsored for IPOs, marking a 12.5% increase from the previous year, with total fundraising amounting to 33.655 billion yuan, up approximately 19% [3]. - The provinces with the highest number of IPOs include Zhejiang and Jiangsu, each with 10 IPOs, and Guangdong with 9 [3]. Leading Brokers in A-share IPOs - The top three brokers in A-share IPO underwriting for 2025 are CITIC Securities, Huatai United Securities, and CITIC Jin Investment, with underwriting amounts of 7.918 billion yuan, 3.034 billion yuan, and 2.674 billion yuan, respectively [4]. - A total of 23 brokers have participated in A-share IPOs this year, with four brokers exceeding 200 million yuan in underwriting income [4]. Hong Kong IPO Market Surge - The Hong Kong IPO market has experienced a significant increase, with a year-on-year growth of over 700% in fundraising during the first five months of 2025 [2][7]. - Analysts expect that the robust performance of the Hong Kong IPO market will contribute positively to the investment banking revenues of brokers [6][7]. - UBS anticipates that the Hong Kong IPO market's surge is driven by multiple factors, including policy optimization and changes in global economic conditions [7]. Participation of Chinese Brokers in Hong Kong IPOs - In the first five months of 2025, over half of the IPO underwriting in Hong Kong was conducted by Chinese brokers, with notable participation from CICC, Huatai International, and CITIC Securities [8]. - CICC has sponsored 8 companies, while Huatai International and other brokers have also shown significant involvement in the Hong Kong IPO market [8].

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 ...