In 2025, the IPO landscape will be fully scanned, with multiple dimensions showing an increasing level of accuracy.

The preliminary situation of A-share IPO in 2025 is determined. The latest data shows that as of December 22nd, the total number of A-share IPOs for the year is 106, an increase of 9.28% year-on-year; the total fundraising amount reached 119.083 billion yuan, a sharp increase of 91.23% year-on-year. The disparate growth rates of the two core indicators reflect the structural changes in this year's IPO market, with the concentration on large-scale projects becoming a key driver of fundraising size surge. This aligns well with the phased transition of A-shares from "expansion in scale" to "priority on quality". The top ten IPOs of the year raised a total of 56.321 billion yuan, accounting for 47.3% of the total fundraising amount for the year. Specifically, the top ten IPOs of the year are Huadian New Energy Group Corporation (RMB 18.171 billion), Moer Thread-U (RMB 8 billion), Xi'an ESWIN Material Technology (RMB 4.636 billion), China National Uranium (RMB 4.4 billion), C Muxi-U (RMB 4.197 billion), Zhongce Rubber Group (RMB 4.066 billion), Heilongjiang Tianyouwei Electronics (RMB 3.74 billion), Suzhou Inovance Automotive (RMB 3.601 billion), Qiangyi Co. (RMB 2.756 billion), and CSG Digital Power Grid Research Institute (RMB 2.714 billion). Many of them are high-tech companies, highlighting the capital market's support for leading companies in strategic emerging industries. The structural prosperity of the IPO market directly benefits the securities underwriting business. The total IPO underwriting fees of securities firms for the year amounted to 6.003 billion yuan, an increase of 38.03% year-on-year, and this revenue has far exceeded the full year of 44.72 billion yuan in 2024. This growth is not only due to the enlargement of fundraising scale but also benefits from the concentrated benefits of top-tier securities firms in large projects, further strengthening the Matthew Effect in the industry. It is worth noting that there are a total of 107 companies that have terminated their IPO reviews for the year, a decrease of 75.34% compared to the previous year. The significant drop in the number of terminations reflects a more cautious approach from companies in their applications under the backdrop of stricter regulatory scrutiny, leading to a reduction in the phenomenon of "sick applications". It also reflects a continuous optimization of the market ecology and an improvement in the quality of supply of high-quality companies. From the perspective of securities firms, 39 securities firms were involved in terminated IPO projects, indicating that some securities firms still have shortcomings in project selection and quality control. Nearly half of IPO fundraising goes to the sci-tech sector In terms of sector distribution, the Growth Enterprise Market has become the sector with the most listed companies for the year, totaling 30 companies; the Shanghai main board ranks first in fundraising with 39.848 billion yuan. From the perspective of innovative sectors, the Growth Enterprise Market and the Sci-Tech Innovation Board together have 47 listed companies, raising 57.939 billion yuan, accounting for 44.34% and 48.65% of the total number of listings and total fundraising amount for the year, respectively. Close to half of the fundraising is directed towards the sci-tech sector, demonstrating the capital market's core positioning in serving technological innovation. In terms of specific lists, the Sci-Tech Innovation Board had 17 listings, raising a total of 34.661 billion yuan; the Growth Enterprise Market had 30 listings, raising a total of 23.278 billion yuan; the Shanghai main board had 22 listings, raising a total of 39.848 billion yuan; the Shenzhen main board had 13 listings, raising a total of 15.082 billion yuan; and the Beijing Stock Exchange had 24 listings, raising a total of 6.215 billion yuan. In terms of industry distribution, the electronics industry became the "double champion" of the year's IPOs, with a total of 19 companies listed, raising 33.845 billion yuan, accounting for 17.9% and 28.4% of the total number of listings and total fundraising amount for the year, respectively. Looking at the top five industries in terms of fundraising amount, electronics (33.845 billion yuan), automotive industry (22.272 billion yuan), utilities (15.801 billion yuan), electric power equipment (10.557 billion yuan), and pharmaceuticals and biotechnology (8.287 billion yuan) raised a total of 90.762 billion yuan, accounting for 76.22% of the total fundraising amount for the year. This distribution aligns with the national strategic orientation, with industrial and technological industries becoming the main drivers of the IPO market, highlighting the supportive role of the capital market in the development of new productive forces. In terms of regional distribution, Jiangsu has the highest number of listed companies at 25, reflecting the vitality of small and medium-sized enterprises in the Yangtze River Delta region; Beijing leads the country with a fundraising amount of 20.043 billion yuan, with just 8 listed companies contributing nearly one-fifth of the fundraising amount, reflecting Beijing as a center for technological innovation and home to a large number of leading companies with high financing needs. In the top five regions, Beijing, Fujian (excluding Xiamen), Jiangsu, Guangdong (excluding Shenzhen), and Zhejiang (excluding Ningbo) raised a total of 79.353 billion yuan, accounting for 66.6% of the total fundraising amount for the year. The Yangtze River Delta, Pearl River Delta, and Bohai Rim regions remain the core areas for IPOs, with regional economic vitality matching the financing capabilities of the capital market. Furthermore, Shanghai-listed companies raised a total of 9.032 billion yuan, with 7 listings; Shenzhen-listed companies raised a total of 3.911 billion yuan, with 4 listings. Guotai Haitong leads in IPO underwriting The competitive landscape of A-share investment banks has undergone significant changes due to brokerage mergers and acquisitions. A total of 30 securities firms won A-share IPO projects for the year, with Guotai Haitong leading the industry with 17 underwriting deals, surpassing the second-place CITIC SEC with 4 deals. The core driver behind this ranking change is the merger and integration of Guotai Junan and Haitong, with the merger effect directly boosting their market share significantly, confirming that mergers and acquisitions have become an important path for securities firms to rapidly enhance their investment banking competitiveness. The three securities firms, CICC, Dongxing, and Xinda, jointly listed a total of 9 companies for IPOs, with a total fundraising amount of 21.842 billion yuan, ranking 5th and 3rd in the two categories. Among them, CICC and Dongxing each listed 4 companies, while Cinda listed 1 company, with CICC raising far more funds than Dongxing, with fundraising amounts of 19.162 billion yuan, 2.515 billion yuan, and 1.65 billion yuan, respectively. Specifically, the top ten underwriters of the IPOs are Guotai Haitong (17), CITIC SEC (13), Huatai United (10), China Securities Co., Ltd. (10), "CICC + Dongxing + Xinda" (9), CMSC (7), Shenwan Hongyuan Group Securities Underwriting (4), Sinolink (4), Orient (4), and Guolian Minsheng Underwriting (4). The top ten underwriters in terms of actual fundraising amounts are Huatai United (26.674 billion yuan), CITIC SEC (21.948 billion yuan), "CICC + Dongxing + Xinda" (21.842 billion yuan), Guotai Haitong (19.16 billion yuan), China Securities Co., Ltd. (17.99 billion yuan), CMSC (6.698 billion yuan), Guolian Minsheng Underwriting (2.581 billion yuan), Shenwan Hongyuan Group Underwriting (1.844 billion yuan), Orient (1.785 billion yuan), and Tianfeng (1.67 billion yuan). By comparing the number of underwritten IPOs and the actual fundraising amounts, it can be seen that some top securities firms have strong competitiveness in large fundraising IPO projects, with CICC leading with an average underwritten fundraising amount of 4.791 billion yuan per deal; the top five in average fundraising amounts are CICC (4.791 billion yuan), Huatai United (2.667 billion yuan), China Securities Co., Ltd. (1.799 billion yuan), and CITIC SEC (1.688 billion yuan). Additionally, Guotai Haitong and CMSC have average fundraising amounts of 1.127 billion yuan and 0.957 billion yuan, respectively. The average underwriting fee rate for IPOs for the year was 5%, with CICC having the lowest average underwriting fee rate at 1.81%, making it the lowest among all securities firms. Other large securities firms with similarly low underwriting fee rates include Huatai United (2.92%) and China Securities Co., Ltd. (3.8%). This is related to the substantial amount of the IPO fundraising, where a large fundraising amount often results in a lower fee rate. Underwriting fees for IPOs increased by 40% The top ten underwriters of IPO underwriting fees for the year were CITIC SEC (1.141 billion yuan), Guotai Haitong (994 million yuan), Huatai United (779 million yuan), China Securities Co., Ltd. (683 million yuan), "CICC + Dongxing + Xinda" (527 million yuan), CMSC (281 million yuan), Guolian Minsheng Underwriting (239 million yuan), Orient (147 million yuan), Shenwan Hongyuan Group Securities Underwriting (138 million yuan), and Tianfeng (129 million yuan). Among them, CICC had IPO underwriting fees of 346 million yuan for the year, ranking 5th in the industry. The largest fundraising IPO project for the year was Huadian New Energy Group Corporation, with a total fundraising amount of 18.171 billion yuan and underwriting fees of 130 million yuan. This project was jointly underwritten by CICC and Huatai United, with the main underwriters being CICC, Huatai United, CITIC SEC, China Securities Co., Ltd., Guotai Haitong, and Chuanci Securities. In addition to that, other projects in the top ten fundraising IPOs include Moer Thread-U (8 billion yuan), Xi'an ESWIN Material Technology (4.636 billion yuan), China National Uranium (4.4 billion yuan), C Muxi-U (4.197 billion yuan), Zhongce Rubber Group (4.066 billion yuan), Heilongjiang Tianyouwei Electronics (3.74 billion yuan), Suzhou Inovance Automotive (3.601 billion yuan), Qiangyi Co. (2.756 billion yuan), and CSG Digital Power Grid Research Institute (2.714 billion yuan). Among them, Moer Thread-U was underwritten by CITIC SEC, with underwriting fees as high as 392 million yuan; C Muxi-U was underwritten by Huatai United, with similarly high underwriting fees of 267 million yuan. Additionally, Xi'an ESWIN Material Technology had underwriting fees of 92 million yuan, underwritten by CITIC SEC; China National Uranium had underwriting fees of 45 million yuan, underwritten by China Securities Co., Ltd. and CITIC SEC; Zhongce Rubber Group had underwriting fees of 85 million yuan, underwritten by China Securities Co., Ltd.; Heilongjiang Tianyouwei Electronics had underwriting fees of 176 million yuan, underwritten by China Securities Co., Ltd. Suzhou Inovance Automotive had underwriting fees of 50 million yuan, underwritten by Guotai Haitong; Qiangyi Co. launched an online fundraising on December 22nd, with estimated underwriting fees of 192 million yuan, the specific amount is subject to further assessment, and this project was underwritten by China Securities Co., Ltd. Additionally, CSG Digital Power Grid Research Institute had underwriting fees of 50 million yuan, underwritten by CMSC. 268 companies in queue for approval According to Yidong data, as of December 21st, a total of 268 companies are in the queue for approval. Among them, the most companies in the queue are on the Beijing Stock Exchange, totaling 164 companies; the situation in other sectors is as follows: Growth Enterprise Market (31 companies), Sci-Tech Innovation Board (35 companies), Shenzhen main board (20 companies), and Shanghai main board (18 companies). The industry with the most companies in the queue is the manufacturing industry, with a total of 228 companies, followed by information transmission, software, and information technology services (9 companies), finance (9 companies), scientific research and technical services (5 companies), water conservation, environmental protection, and public facilities management (5 companies). Currently, 4 securities firms are in the queue for approval, namely Bohai Securities, Dongguan Securities, Caixin Securities, and Hualong Securities. The region with the most companies in the queue is Jiangsu, with a total of 43 companies. Other regions with a higher number of companies in the queue include Zhejiang (excluding Ningbo) (38 companies), Guangdong (excluding Shenzhen) (36 companies), Anhui (18 companies), Shenzhen (17 companies), Beijing (16 companies), and Shanghai (15 companies). The projects in the queue for approval are distributed among 45 securities firms, with the most queued projects for Guotai Haitong (35 orders), CITIC SEC (31 orders), China Securities Co., Ltd. (21 orders), CICC (17 orders), Huatai United (14 orders), GF SEC (11 orders), Sinolink (10 orders), Shenwan Hongyuan Group Underwriting (10 orders), Orient (9 orders), CMSC (9 orders), Guosen (9 orders), and Soochow (9 orders). In addition, there are currently 268 companies in the queue, with the most projects in the queue on the Beijing Stock Exchange, reaching 164; the industry with the most projects in the queue is the manufacturing industry, with as many as 228 projects; the region with the most companies in the queue is Jiangsu, with 43 companies; and Guotai Haitong (35 orders), CITIC SEC (31 orders), and China Securities Co., Ltd. (21 orders) are the top 3 in the queue projects. 107 companies have terminated As of December 21st, a total of 107 companies have announced the termination of their reviews (withdrawn materials + rejection/termination of registration) in 2025, including 26 on the Shanghai Stock Exchange (20 on the main board and 6 on the Sci-Tech Innovation Board), 38 on the Shenzhen Stock Exchange (11 on the main board and 27 on the Growth Enterprise Market), and 43 on the Beijing Stock Exchange. 39 securities firms had their IPO projects terminated, with Guotai Haitong having the most terminations at 11; Guolian Minsheng, which had a relatively low number of listings for the year, had as many as 9 IPO terminations. Other securities firms with a higher number of IPO terminations include Guotou Securities (9), CITIC SEC (7), China Securities Co., Ltd. (7), Orient (5), Guosen (5), CICC (4), Sinolink (4), Debon Securities (3), Kaiyuan Securities (3), Huatai United (3), and Soochow (3). In addition, 215 new companies have been accepted for listing for the year, with the Beijing Stock Exchange having the most at 127; 47 companies on the Shanghai Stock Exchange, 13 on the main board, and 34 on the Sci-Tech Innovation Board; and 41 companies on the Shenzhen Stock Exchange, 12 on the main board, and 29 on the Growth Enterprise Market. Deloitte China expects that with the implementation of the "15th Five-Year Plan" in China in 2026, A-share IPOs are expected to continue to grow steadily under the impetus of enhancing market liquidity. This liquidity enhancement comes from long-term funds, including insurance funds, entering the stock market. Industries such as artificial intelligence (AI) and those emphasized in the "15th Five-Year Plan" are expected to be favored more by the A-share market. Regulatory agencies may pay more attention to the quality, technological advancement, and alignment with national strategies of companies applying for listing.