In September 2026, nine A-share IPO applicants appeared before review committees, with all nine approved, giving a nominal approval rate of 100%. For the first three quarters of 2026, 140 A-share IPO applicants went before review committees, with 134 approved, yielding a nominal approval rate of 95.71%.
From January to September 2026, a total of 66 A-share IPO candidates terminated their listings, a sharp decline compared with the same period in 2025. Among the 66 withdrawn or rejected companies, China Securities Co., Ltd. (601066) sponsored the highest number of projects at nine, while projects sponsored by Yongxing Securities and Guorong Securities had a 100% withdrawal rate after their deals were pulled, leaving zero projects in the pipeline.
On issuance and fundraising, from January to September 2026, 123 A-share IPO companies completed issuance and listing, raising a combined 216.315 billion yuan. The number of issuances and the amount raised rose approximately 57.69% and 179.83%, respectively, compared with the same period in 2025.
Review Committee Approvals: Zheshang Securities Posts Lowest Nominal Approval Rate
In September this year, three new IPO applicants were accepted for review on the A-share market, all from the Beijing Stock Exchange. From January to September this year, 248 IPO applications were accepted cumulatively, up about 35% year on year. By month, two were accepted in January, one in February, eight in March, nine in April, 24 in May, 198 in June, one in July, two in August and three in September.
From January to September 2026, a total of 140 A-share IPO applicant appearances went before review committees, with 134 approved, for a nominal approval rate of 95.71%. Five were deferred for further deliberation, and one review was cancelled. Counting the three companies Xinsheng Technology, Huikang Technology and Senhe High-Tech that succeeded on a second appearance, a total of 137 companies appeared before review committees in the first three quarters, with 134 approved, for an approval rate of 97.81%.
As of October 7, the three companies that did not successfully pass review were Aisidi Industrial Technology Co., Ltd. (deferred vote, hereinafter Aisidi), Shenzhen Core Medical Technology Co., Ltd. (review cancelled, hereinafter Core Medical) and Zhejiang Huasheng Radar Co., Ltd. (deferred vote, hereinafter Huasheng Radar).
Aisidi is mainly engaged in the research, development, production and sale of aluminum alloy components for the automotive lightweighting sector, with key products being precision aluminum alloy components for electric drive systems, electronic control systems, powertrain systems, transmission systems, thermal management systems, body systems and chassis systems of new energy vehicles and traditional fuel vehicles. At the listing committee meeting, the Beijing Stock Exchange raised three major points: (1) whether the identification of related-party relationships between new and old shareholders during the historical evolution and subsequent capital increases and transfers of old shares was accurate, whether there were other interest arrangements in the related transactions, whether the issuer's equity was clear, and whether there were any shareholding nominees; (2) the capital transactions with major suppliers and whether there was any tunneling of benefits or off-balance-sheet capital circulation; (3) whether revenue recognition under the consignment model was accurate and whether internal control procedures were sound.
The consignment model is the core risk point in Aisidi's revenue recognition. During the reporting period, the company's consignment revenue accounted for a relatively high proportion, with documents obtained through customer emails and customer system pushes or downloads accounting for 89.38%, 89.23% and 90.22%, respectively. The consignment model refers to a supply chain management arrangement in which a company stores goods in advance in a warehouse designated by the customer, with ownership and inventory risk remaining with the company until the customer actually takes the goods or puts them into production, at which point settlement occurs and ownership transfers. For auto parts companies, the consignment model has both clear advantages and disadvantages. On the positive side, it can tie into the production system of vehicle manufacturers and lock in stable volume orders; on the negative side, the drawbacks are also prominent, such as large capital occupation, weak physical control and hidden financial risks. These financial risks may manifest as cross-period revenue adjustment, mismatches between inventory book and physical counts, concealment of obsolete assets and insufficient impairment provisions.
Core Medical is a company focused on the research, development, production and sale of artificial hearts, with core products being implantable and interventional artificial hearts. Based on public information, multiple risk factors lie behind Core Medical's cancelled review, the first being controversy over its fully magnetic levitation technology. Core Medical's flagship product, Corheart 6, has been questioned as being a centrifugal pump equipped with magnetically assisted dual hydrodynamic bearings rather than a true fully magnetic levitation device. Renowned scholar Kurt Dasse once wrote to an internationally authoritative journal, directly pointing out that the product did not use fully magnetic levitation technology. Core Medical was the only IPO candidate whose review was cancelled in the first three quarters of this year, with Huatai United Securities as sponsor.
Huasheng Radar is mainly engaged in the research, development, production and sale of phased-array weather radar systems and refined warning and forecasting software systems, providing customers with integrated solutions for fine meteorological detection and nowcasting. Its main products are currently phased-array weather radars, phased-array rain measurement radars and related algorithms and application systems. CITIC Securities is the sponsor of Huasheng Radar's IPO. At the listing committee meeting, two matters were raised for further implementation: first, whether there was cross-period revenue recognition; second, whether the company had strong growth potential and sustainable performance, based on the latest bidding, orders on hand and performance cycles. Regarding cross-period revenue recognition, the exchange asked Huasheng Radar's representatives to explain, in light of policies and regulations on X-band phased-array weather radar, sales contract terms and supplementary signing, and progress in production, shipment, on-site installation and testing, final equipment acceptance and payment collection, whether the company's revenue recognition complied with accounting standards for business enterprises and whether cross-period recognition existed. The matters requiring further implementation included additional explanation of projects for which revenue was recognized in December of each reporting period and whether cross-period revenue recognition existed. According to articles titled Huasheng Radar Deferred for Review: Revenue Surges in the Final Half Month of the Year, Share of Total Revenue Rises from 10% to 30% and others, the company's revenue and its proportion in the second half of December, that is, the final 15 days of the year, both rose sharply, and its growth potential remains to be verified.
From the perspective of sponsor approval rates, 32 brokerages sponsored 140 A-share IPO applicant appearances, of which 26 had a 100% approval rate. Only six brokerages, namely Zheshang Securities, Caitong Securities, Guotou Securities, Guosen Securities, Huatai United Securities and CITIC Securities, did not have a 100% approval rate. Among them, Zheshang Securities and Caitong Securities had the lowest nominal approval rates, each with three appearances and two approvals, for a nominal approval rate of 66.67%. Caitong Securities' sponsored IPO project for Ningbo Huikang Industrial Technology Co., Ltd. passed on a second appearance, effectively giving it two approvals out of two. Therefore, Zheshang Securities currently has the lowest nominal approval rate, and whether this can be reversed depends on whether Aisidi can pass on a second appearance.
IPO Terminations: CITIC Securities Tops Withdrawals, Shenwan Hongyuan and Others Post High Sponsorship Failure Rates
From January to September 2026, 66 A-share IPO candidates terminated their listings, including two registration terminations and 64 withdrawals, a sharp decline compared with the same period in 2025. Among the 66 terminated IPO companies, 40 were from the Beijing Stock Exchange, accounting for 60%; 11 were from the STAR Market, six from the ChiNext, five from the Shanghai Main Board and four from the Shenzhen Main Board.
By brokerage, among the 66 withdrawn or rejected companies, China Securities Co., Ltd. sponsored the most projects at nine. Guotai Haitong terminated eight, including joint sponsorship, followed by CITIC Securities with six, while Huatai United, GF Securities and Shenwan Hongyuan each terminated five. The nine terminated IPO projects sponsored by China Securities Co., Ltd. were all from the Beijing Stock Exchange, namely Bainuo Pharmaceutical, Suzhou Shuangqi, Tiankang Pharmaceutical, Jiuzhou Fengshen, Jiangong Resources, Energy Technology, Haijin Ge, Laien Precision and Zantong Technology. Among them, Bainuo Pharmaceutical, Jiuzhou Fengshen and Zantong Technology all failed on a second attempt.
It is worth noting that Yongxing Securities and Guorong Securities saw their sponsored projects withdrawn in the first three quarters, resulting in a 100% withdrawal rate and a pipeline count of zero as of the period end. In addition, Shenwan Hongyuan and GF Securities had a relatively large number of withdrawals but few listings in the same period, resulting in high sponsorship failure rates. The sponsorship failure rate is calculated as terminated projects divided by completed projects, where completed projects equal listed projects plus terminated projects. In the first three quarters of 2026, Shenwan Hongyuan and GF Securities each had three listed projects and five terminated IPO projects, for a sponsorship failure rate of 62.50%. China Securities Co., Ltd. and Huatai United also had sponsorship failure rates above 40%, at 45.00% and 41.67%, respectively.
IPO Issuance: Unitree Robotics Posts Extremely High Issuance P/E, Guoyi Company-U Has Highest Underwriting Fee Ratio
From January to September 2026, 123 A-share IPO companies completed issuance and listing, raising a combined 216.315 billion yuan, with the number of issuances and the amount raised rising about 57.69% and 179.83%, respectively, from the same period in 2025. Among the 123 newly listed companies, Changxin Technology raised the most at 66.607 billion yuan, while China Resources New Energy raised 24.5 billion yuan, second only to Changxin Technology. Huike Shares, Suiyuan Technology-U, Unitree Robotics-W and Shenghe Jingwei also raised more than 5 billion yuan each, at 8.493 billion yuan, 6.119 billion yuan, 6.099 billion yuan and 5.028 billion yuan, respectively. Yikun Electric raised the least, at only 130 million yuan.
In the first three quarters of 2026, among the 123 newly listed companies, Suiyuan Technology had the highest underwriting and sponsorship fee at 266.2246 million yuan, while Guoliang New Material had the lowest at only 10.9903 million yuan. From the perspective of the underwriting and sponsorship commission ratio, Guoyi Company-U had the highest fee ratio. On August 11, 2026, Guoyi Company-U listed on the STAR Market, raising 849 million yuan in actual proceeds, with an underwriting and sponsorship fee of 91.6981 million yuan, a fee ratio of 10.8%. Whether the 122 companies raised more or less than Guoyi Company-U, their underwriting and sponsorship commission ratios were lower than Guoyi Company-U's, especially the 75 companies that raised less.
Seven companies, Liqi Intelligent, Green Bio, Gaote Electronics, Zhongke Instrument, Xinxing Tools, Youyan Composite and Makuang Shares, raised amounts close to Guoyi Company-U, in the 800 million to 900 million yuan range. The seven companies raised 901 million yuan, 878 million yuan, 850 million yuan, 843 million yuan, 840 million yuan, 836 million yuan and 821 million yuan, respectively, with underwriting and sponsorship fees of 47.9522 million yuan, 66.239 million yuan, 65.7736 million yuan, 37.9314 million yuan, 54.5675 million yuan, 53.9849 million yuan and 46.878 million yuan, respectively, and underwriting and sponsorship fee ratios of 5.32%, 7.55%, 7.74%, 4.5%, 6.5%, 6.46% and 5.71%, significantly lower than Guoyi Company-U's 10.8%. Guoyi Company-U's IPO sponsor was Huatai United, which pocketed more than 90 million yuan in commission income.
Besides Guoyi Company-U, companies such as Lianxun Instruments also had relatively high underwriting and sponsorship commission ratios. Lianxun Instruments was the only company that raised more than 2 billion yuan with an underwriting fee ratio above 7%. Wind data shows that Lianxun Instruments raised a total of 2.102 billion yuan, with underwriting and sponsorship fees of 149.8 million yuan, a fee ratio of 7.13%.
From the perspective of issuance price-to-earnings ratios, Changxin Technology had the highest issuance P/E at 313.56 times after the over-allotment option, 4.1 times the industry average P/E of 76.32 times. Excluding a few loss-making companies, Xinsheng Technology had a relatively low issuance P/E of only 9.2 times, just one-fifth of the industry average P/E.
In terms of the ratio of issuance P/E to industry P/E, Unitree Robotics ranked highest. Wind data shows that Unitree Robotics' issuance P/E after the over-allotment option was 219.23 times, or 568.54% of the industry average P/E of 38.56 times. In other words, Unitree Robotics' issuance P/E far exceeded the industry average. The ultra-high P/E was key to Unitree Robotics raising 6.099 billion yuan, but after the stock hit a high on its first trading day, it fell sharply all the way, leaving small and medium-sized investors who chased the rally at high levels with heavy losses and deep frustration. On its first trading day, Unitree Robotics opened at 1,100 yuan per share, surging 629% from the issue price, with market value once reaching 444.9 billion yuan. Yet just two trading days later, market value fell below 300 billion yuan. On September 10, the stock fell below the 500 yuan per share mark for the first time, down nearly 55% from its peak, with market value shrinking by more than 240 billion yuan. As of October 9, the stock had fallen to 432 yuan, down more than 60% from the 1,100 yuan high, with market value evaporating by 270 billion yuan from its peak.
Unitree Robotics' pricing process deserves attention. The offering received preliminary inquiry quotes from 12,161 allocatees at 367 institutions, with quotes ranging from 15.20 yuan to 154.88 yuan per share, and the final issue price set at 150.80 yuan per share. This means the issue price was right at the upper edge of the quote range, with the highest quote only 4.08 yuan above the issue price. Under the STAR Market's current inquiry mechanism of excluding the highest quotes, issuers and lead underwriters usually exclude the highest bids and then determine the issue price from the remaining quotes. But Unitree Robotics' case shows that even after excluding the highest quotes, the final issue price was still close to the top of the remaining range. This phenomenon may have occurred because a large number of institutional investors indeed submitted high quotes, so that even after excluding the highest quotes, the remaining range was still very high.
IPO Underwriting: Dongxing Securities' Underwriting Amount Plunges Over 90%, Orient Securities' Underwriting Revenue Falls Nearly 90%
In the first three quarters of 2026, 123 companies completed IPOs on the A-share market, raising a combined 216.315 billion yuan in first-time offerings, with 32 brokerages participating in IPO sponsorship and underwriting. By underwriting amount, the top five in the first three quarters of 2026 were CICC with 70.756 billion yuan, China Securities Co., Ltd. with 37.607 billion yuan, CITIC Securities with 36.495 billion yuan, Guotai Haitong with 23.168 billion yuan and Huatai United Securities with 8.163 billion yuan.
By number of underwriting deals, Guotai Haitong led with 24 in the first three quarters of 2026, followed by CICC with 18, CITIC Securities with 13 and China Securities Co., Ltd. with 11. The mismatch between underwriting deal counts and underwriting amounts reflects differences in project size structure. Guotai Haitong's 24 projects corresponded to 23.168 billion yuan in underwriting amount, averaging about 965 million yuan per project, mainly small and medium-sized deals; CICC's 18 projects corresponded to 70.756 billion yuan, averaging about 3.931 billion yuan per project.
In terms of underwriting and sponsorship revenue, CICC ranked first in the first three quarters of 2026 with 1.362 billion yuan, followed by Guotai Haitong with 1.223 billion yuan and CITIC Securities with 1.183 billion yuan. On concentration, the top five brokerages accounted for 81% of total market fundraising in the first three quarters of 2026, while the top ten accounted for 90%. In the first three quarters of 2025, the top five brokerages, CICC, Guotai Haitong, China Securities Co., Ltd., CITIC Securities and Huatai United, together accounted for about 59% of the market's IPO underwriting amount.
Dongxing Securities was one of the brokerages with the largest declines in the first three quarters of 2026, with IPO underwriting amount plunging from 2.545 billion yuan in the first three quarters of 2025 to 194 million yuan in the first three quarters of this year, a drop of 92.38%; underwriting and sponsorship revenue fell from 168 million yuan to only 11 million yuan, a decline of 93.45%. Orient Securities also saw a relatively large decline in underwriting and sponsorship revenue. Wind data shows that in the first three quarters of 2025, Orient Securities' IPO underwriting and sponsorship revenue was 141 million yuan, falling to 17 million yuan in the first three quarters of 2026, a drop of 87.94%, close to 90%.
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