A-share IPOs in the first three quarters of 2026 saw zero first-day breaks, with over 40% of new listings closing their debut session with per-allotment paper profits exceeding 10,000 yuan.
According to Wind data, 123 companies listed on the A-share market during the first three quarters of this year, and none broke issue price as of their first-day close. Meanwhile, 57 new stocks saw per-allotment paper profits (Shanghai and Shenzhen new stocks at 500 shares per allotment, Beijing Stock Exchange new stocks at 100 shares per allotment) exceed 10,000 yuan based on first-day closing prices, accounting for 46%.
In terms of first-day closing paper profits, among the new stocks listed in the first three quarters, 10 recorded per-allotment paper profits exceeding 100,000 yuan at the first-day close, of which 7 were STAR Market listings, including 4 super blockbuster winners with per-allotment paper profits exceeding 300,000 yuan.
Pinzhun Laser Tops with Over 480,000 Yuan in First-Day Per-Allotment Paper Profit
Among the new stocks listed in the first three quarters of this year, Pinzhun Laser (688826) topped the list with a first-day closing per-allotment paper profit of 482,600 yuan. On August 18, Pinzhun Laser listed on the STAR Market at an issue price of 186.88 yuan per share, closing its first day at 1,152 yuan per share, a gain of 516.44%. Based on the closing price, the per-allotment paper profit reached 482,600 yuan, which also surpassed Muxi Shares (688802), setting a new high for first-day IPO subscription returns on the A-share market.
Lianxun Instruments (688808) followed closely, ranking second with a per-allotment paper profit of 358,600 yuan. The stock listed on the STAR Market on April 24 at an issue price of 81.88 yuan per share, closing its first day at 799 yuan per share, a gain of 875.82%. Based on the closing price, the per-allotment paper profit reached 358,600 yuan.
Unitree Robotics (688836) ranked third with a per-allotment paper profit of 347,100 yuan. The stock listed on August 19 at an issue price of 150.80 yuan per share, gaining 460.34% on its first day to close at 845 yuan per share.
Changjin Photonics (688635) ranked fourth with a per-allotment paper profit of 309,500 yuan. The stock listed on the STAR Market on May 27 at an issue price of 40.98 yuan per share, surging 1,510.52% on its first day to close at 659.99 yuan per share.
Meanwhile, Zhenbao Technology (688797), Hongfucheng (301716), and Chaochun Yingcai (301717) each recorded per-allotment paper profits exceeding 200,000 yuan. Zhongsu Shares (301686), Hengyunchang (688785), and Suoyuan Technology (688801) each recorded first-day closing per-allotment paper profits exceeding 100,000 yuan.
19 Stocks Post First-Day Gains Exceeding 500%
In terms of first-day gains, among the 123 new stocks, 96 doubled in price by their first-day close, accounting for 78%. Changjin Photonics (688635) claimed the top spot with a gain of 1,510.52%, making it the only new stock in the first three quarters to post a first-day gain exceeding 1,500%. Two other STAR Market new stocks, Zhenbao Technology (688797) and Lianxun Instruments (688808), ranked second and third with first-day gains of 1,212.84% and 875.82%, respectively.
Additionally, Torrance (301583) and Xinrui Electronics (920211) both posted first-day gains exceeding 800%, ranking fourth and fifth with gains of 858.85% and 800.67%, respectively. Century Digital (920229) and Jiadeli (603435) rose 742.37% and 710.15%, ranking sixth and seventh.
Seven stocks — Zhongsu Shares (301686), Jiachen Intelligent (920096), Chaochun Yingcai (301717), Hongfucheng (301716), Chunguang Group (301531), Gaote Electronics (301669), and Jihechang (920193) — each posted first-day gains exceeding 600%.
Five new stocks — Weiqi Technology (920176), Dianke Lantian (688818), Kaida Heavy Industry (920025), Changyu Group (603407), and Pinzhun Laser (688826) — each posted first-day gains exceeding 500%.
17 Stocks with Issue Prices Above 50 Yuan
In terms of high-priced stocks, 17 new stocks had issue prices exceeding 50 yuan per share in the first three quarters of this year, and all 17 recorded first-day per-allotment paper profits exceeding 10,000 yuan. Among them, the most expensive new stock of the first three quarters was Pinzhun Laser (688826). New stocks with issue prices exceeding 100 yuan per share also included Unitree Robotics (688836) and Suoyuan Technology (688801).
Below the 100-yuan issue price threshold, Hengyunchang (688785) had an issue price of 92.18 yuan per share. It closed its first day at 371.3 yuan per share, a gain of 302.80%, with a first-day per-allotment paper profit of 139,600 yuan. New stocks with issue prices exceeding 80 yuan per share also included Jialichuang (001232), Lianxun Instruments (688808), and Shaanxi Tourism (603402).
However, while Lianxun Instruments recorded a per-allotment paper profit of 358,600 yuan, Jialichuang's first-day per-allotment paper profit was "only" 61,800 yuan, and Shaanxi Tourism's first-day per-allotment paper profit was just 25,800 yuan. Huigu New Materials (301683) had an issue price of 78.38 yuan per share, gaining 61.66% on its first day for a per-allotment paper profit of 24,200 yuan. Hongfucheng (301716) had an issue price of 76.86 yuan per share, gaining 653.16% on its first day for a per-allotment paper profit of 251,000 yuan.
Furthermore, four new stocks — Hongming Electronics (301682), Chaochun Yingcai (301717), Tianbo Intelligent (603448), and Gaokai Technology (688835) — each had issue prices exceeding 60 yuan, with first-day closing per-allotment paper profits all exceeding 10,000 yuan. Four other new stocks — Gude Electric Materials (301680), Yisiwei (688816), Zhongsu Shares (301686), and Huikang Technology (001237) — each had issue prices exceeding 50 yuan, with first-day closing per-allotment paper profits also exceeding 10,000 yuan.
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