AIPO sponsorship review of the past six months: the three major securities firms lead the way, and small and medium-sized investment banks rely on the Northbound Exchange to break through.

In the first half of 2026, there were some new changes in the landscape of the A-share IPO sponsorship market. According to Choice data: based on the official listing, a total of 71 companies landed on the A-share market in the first half of the year, an increase of 39.22% compared to the same period last year; the total net fundraising amount was 639.64 billion yuan, an increase of 91.25% compared to the same period last year. Against the backdrop of the overall market recovery, Guotai Junan, Citic Securities, and CSC Financial led the way, while smaller brokerages such as Dongwu Securities and Guojin Securities achieved differentiation breakthroughs by focusing on the business of the Beijing Stock Exchange.