The year 2025 has concluded successfully. Looking back at the IPO market this year, A-shares delivered an impressive performance, with new listings continuing the trend of "zero breakouts," demonstrating significant profitability and setting a three-year high for returns from new share subscriptions. This series will review the 2025 A-share IPO data from multiple perspectives.
According to Wind data, a total of 116 companies successfully listed on the A-share market during the year, a year-on-year increase of 16%, indicating a sustained normalization in the acceptance and issuance of new shares. The total funds raised amounted to 131.771 billion yuan, surging 95.64% compared to the previous year. The average fundraising amount was 1.136 billion yuan, representing a growth of 68.66%.
Throughout the year, 278 applications were accepted, 124 went through review meetings, 107 were approved, 99 were withdrawn, and 7 were terminated. The approval rate was 95.7%, while the real approval rate stood at 45.3% (Real approval rate = number of applications reviewed and approved in the period / (number of applications with status updated to approved + rejected + deferred + pending review + terminated/withdrawn in the period)).
As of December 31, 2025, 333 companies were still in the IPO pipeline. By review status, 68 have been accepted, 178 are under inquiry, 15 have received approval, 2 have deferred votes, 29 have been submitted to the CSRC, 13 are under CSRC registration, and 28 have suspended their review.
In terms of sector distribution, the ChiNext board led with 33 newly listed companies, making it the sector with the highest number. The Shanghai Main Board ranked first in fundraising, raising 43.228 billion yuan. The STAR Market and ChiNext board together saw 52 new listings, raising a combined 63.371 billion yuan, accounting for 44.83% and 48.09% of the annual totals, respectively. Nearly half of the funds raised were directed towards the sci-tech innovation sector, fully highlighting the capital market's core role in serving technological innovation.
Regarding approval rates, the Shanghai Main Board, Shenzhen Main Board, and ChiNext board all achieved a 100% approval rate, with 91, 45, and 45 approvals, respectively. This was followed by the Beijing Stock Exchange, which approved 50 applications, deferred 2, resulting in an approval rate of 96.15%. The STAR Market approved 18 applications, deferred 2, and canceled 1 review, yielding an approval rate of 94.74%.
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