In 2025, a total of 111 companies submitted IPO applications, with their prospectuses dated accordingly. Among these, 39 companies applied for listings on the Main Board, 30 on the ChiNext Board, 17 on the STAR Market, and 25 on the Beijing Stock Exchange.
Rongcheng led the market by serving as the auditor for 30 IPO clients, followed by Tianjian with 20 clients, Lishen with 16, and Zhonghui with 11. These four accounting firms collectively accounted for more than 65% of the market. Notably, none of the accounting firms headquartered in northern China served more than five IPO clients.
The average audit fee for Main Board IPOs was 16.89 million yuan, while it was 15.42 million yuan for the ChiNext Board, 16.10 million yuan for the STAR Market, and 6.41 million yuan for the Beijing Stock Exchange.
The average fees charged by each accounting firm are as follows:
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