The number of cases of the investment banking IPO business implementing a "stepped fee" has significantly decreased, and the mixed fee model has become mainstream.

The number of cases using "tiered fee" in the first issuance business of investment banks has significantly decreased, with the proportion of cases using this model dropping sharply from about 38% in 2023 to 6% in 2025. The existing tiered fee cases generally adopt a "decreasing fee ratio" standard. Securities Times reporters found that the hybrid fee model, which adds "minimum fee or limit fee" clauses on the basis of "fundraising amount x fixed rate", has become the mainstream fee method for current investment banks, accounting for as high as 49%. In terms of fees for listing sectors, the underwriting and sponsorship fees for the Sci-Tech Innovation board continue to remain high, while the fees for the Main board and the Growth Enterprise board have fallen compared to previous years, and the fees for the Beijing Stock Exchange have significantly increased. Meanwhile, the income distribution among securities firms still shows a "head effect".