The A-share IPO review process reached a peak in March 2026, with 23 companies undergoing review meetings and all receiving approval. In the first quarter of the year, a total of 48 A-share IPO candidates were reviewed, with 46 passing, resulting in a nominal approval rate of 95.83%. Including companies that passed upon a second review, the nominal approval rate reached 100%.
Regarding IPO withdrawals, March maintained a single-digit figure with 4 withdrawals. For the entire first quarter, there were 11 withdrawals, a significant decrease of 73.8% compared to 42 withdrawals in the same period last year.
For issuance and fundraising, 13 companies conducted IPOs in March, raising a total of 10.75 billion yuan, representing substantial month-on-month growth. From January to March, 30 companies successfully completed A-share IPOs, raising a combined 25.879 billion yuan, a significant year-on-year increase of 57.07%.
IPO Acceptance Status: Yushu Technology Selected for On-Site Inspection Just 11 Days After Application, Sci-Tech Innovation Attributes Scrutinized In March 2026, the A-share IPO market accepted 8 new companies, including prominent tech firms Zhongke Aerospace and Yushu Technology. In the first quarter, a total of 11 companies were accepted.
On the evening of April 1st, the Securities Association of China announced the lottery results for the second batch of on-site inspections for IPO companies in 2026, with two companies selected: Zhongke Aerospace and Yushu Technology. Notably, Zhongke Aerospace's application was accepted on March 31st and it was selected the very next day. Yushu Technology's application was accepted on March 20th and it was selected just 11 days later.
Yushu Technology is a particular focus. Its prospectus indicates the company specializes in the R&D, production, and sales of high-performance general-purpose humanoid robots, quadruped robots, robot components, and embodied AI models. In 2025, the company's shipment volume of humanoid robots exceeded 5,500 units, ranking first globally.
Yushu Technology achieved substantial profitability while many peers reported significant losses, claiming a fully in-house R&D technology path for both complete robots and core components. Before the prospectus was published, many investors expected Yushu's R&D expenses and expense ratio to far exceed peers, with invention patents and other intangible assets leading by a wide margin. However, the reality is that its full-year R&D expenses in reported periods were all below 100 million yuan, only one-ninth of Ubtech's; its R&D expense ratio declined significantly and was notably lower than the average of comparable peers. Yushu's prospectus mentions "fully in-house" R&D 22 times, yet Ubtech, which also claims full-stack research, holds 10 times the total patents and over 70 times the invention patents of Yushu.
For a "hard tech" robotics company aiming for the STAR Market, R&D investment and the number of invention patents are core prerequisites. However, Yushu Technology's data presents surprises, as detailed in articles like "Yushu Technology IPO: Prospectus Mentions 'Fully In-House' R&D 22 Times, R&D Expenses Only One-Ninth of Ubtech's".
More notably, Ubtech's recently released 2025 annual report states that the company achieved breakthroughs in its core business, with strong revenue growth in humanoid robots. Specifically, its full-size embodied AI humanoid robots performed exceptionally well, with revenue reaching 820 million yuan, a year-on-year increase of 2203.7%, and sales volume reaching 1,079 units, a year-on-year increase of 35866.7%, ranking first globally in both revenue and sales volume.
Yet, Yushu Technology's prospectus also claims: In 2025, the company's shipment volume of humanoid robots exceeded 5,500 units, ranking first globally.
Ubtech's annual report applies three limiting conditions for its full-size embodied AI humanoid robots: firstly, "non-remote control, non-toy"; secondly, "height above 160cm"; and thirdly, and most importantly, "embodied AI". This may partly explain the discrepancy between the two companies' data.
A market concern regarding Yushu Technology is whether its core humanoid robot products, largely sold to universities and research institutions, possess commercial viability. From January to September 2025, scientific research and education accounted for 73.6% of its humanoid robot business revenue, commercial consumption for 17.39%, and industrial applications for 9.01%.
However, Yushu's other core product, quadruped robots, has moved beyond the lab towards commercialization. In 2022, scientific research and education accounted for 68.61% of its quadruped robot revenue. By January-September 2025, commercial consumption became the largest revenue source for its quadruped robots, accounting for 42.3%.
Ubtech's strategy is highly focused: deep penetration into industrial manufacturing scenarios. The annual report shows that as of 2025, Ubtech had become the world's only enterprise to deliver over a thousand full-size embodied AI humanoid robots annually, with industrial scenario applications exceeding 80%.
IPO Withdrawal Status: Huatai United Records Highest Number of Withdrawals In the first quarter, two companies initially received deferred decisions upon their first review: Ningbo Huikang Industrial Technology Co., Ltd. and Zhejiang Xinsheng Technology Co., Ltd. Both companies passed upon their second review in March.
Amid the accelerated IPO review pace, the issuance of CSRC approval documents also sped up. Among the companies that passed reviews in Q1 2026, 19 have already successfully obtained CSRC registration approvals.
Wind data shows 4 IPO withdrawals in March, maintaining a single-digit figure. The total for Q1 was 11 withdrawals, a sharp 73.8% decrease year-on-year from 42 withdrawals.
Among the 11 withdrawn IPO companies, Huatai United sponsored the highest number of projects, with two withdrawals. Other securities firms each had one withdrawal. The two companies sponsored by Huatai United were Nanjing Qinheng Microelectronics Co., Ltd. and Jiangsu Yadian Technology Co., Ltd.
Qinheng Micro is an integrated circuit design company focused on R&D, design, and sales of interface chips and interconnected MCU chips. Some views suggest that while Qinheng Micro has accumulated expertise in interface chips, the STAR Market emphasizes "hard tech," and its specific segment is intensely competitive with numerous domestic and international giants.
Yadian Technology specializes in R&D, production, and sales of semiconductor wet cleaning equipment, primarily used in the wet cleaning process of front-end wafer manufacturing. Heavy reliance on a major client was one issue questioned externally. In the first half of 2025, Yadian Technology's sales of specialized photovoltaic wet equipment,配套 products, and services to LONGi Green Energy Technology Co., Ltd. amounted to 137 million yuan, accounting for 51.91% of its main business revenue, constituting a significant dependency on a single client in principle.
In January this year, Huatai United Securities voluntarily withdrew the STAR Market IPO applications for both Yadian Technology and Qinheng Micro within a week. The acceptance, inquiry, and withdrawal timelines for both companies were nearly simultaneous, and neither submitted responses to the review inquiries. The consecutive "voluntary withdrawals" of these two semiconductor IPO projects in a short period, without public disclosure of specific reasons, raises questions about potential systematic issues in Huatai United's project screening, due diligence, and ongoing supervision.
IPO Issuance Status: Hengyunchang's Underwriting and Sponsorship Fee Ratio Appears High Wind data indicates 13 IPOs in March raised a total of 10.75 billion yuan, showing significant month-on-month growth. From January to March, 30 companies successfully conducted A-share IPOs, raising a total of 25.879 billion yuan, a substantial year-on-year increase of 57.07%.
Among the 30 companies, Zhenshi股份 raised the highest amount at 2.919 billion yuan; Haisheng Medical raised the least at 143 million yuan.
Four companies had IPO issuance P/E ratios exceeding their industry averages: Yi Siwei, Dianke Lantian, Hengyunchang, and Shimeng股份. Their issuance P/E ratios were 90.39x, 56.79x, 48.39x, and 15.29x respectively, compared to industry average P/E ratios of 44.28x, 44.69x, 39.84x, and 14.64x.
Among the 30 IPO companies, Shiya Tech-UW incurred the highest underwriting and sponsorship fee at 126.24 million yuan; the lowest was Guoliang New Materials at 10.9903 million yuan.
In the first quarter, Hengyunchang had a relatively high underwriting and sponsorship fee ratio. It raised 1.561 billion yuan实际募资, with underwriting and sponsorship fees of 117.1101 million yuan, resulting in a fee ratio of 7.50%.
There were five IPO companies in Q1 with actual fundraising between 1.3 billion and 1.7 billion yuan: Shenglong股份, Dianke Lantian, Hengyunchang, Shaanxi Tourism, and Yi Siwei. Their actual fundraising amounts were 1.681 billion yuan, 1.645 billion yuan, 1.561 billion yuan, 1.555 billion yuan, and 1.399 billion yuan respectively. Their underwriting and sponsorship fees were 86.2712 million yuan, 38.5988 million yuan, 117.1101 million yuan, 24 million yuan, and 84.325 million yuan respectively, yielding fee ratios of 5.13%, 2.35%, 7.50%, 1.54%, and 6.03%. This comparison shows Hengyunchang's fee ratio is偏高, with sponsor CITIC Securities earning 117 million yuan in commissions.
In terms of market performance, all 30 IPO companies saw significant stock price increases on their listing day. Dianke Lantian recorded the highest closing price gain compared to the issue price, surging 596.30%; Tongling Technology had the smallest increase at 41.42%.
IPO Underwriting and Sponsorship Rankings: Huatai United Lags Significantly,
By Q1 2026, the top three changed to CICC (6.173 billion yuan), Guotai Haitong (3.542 billion yuan), and Shenwan Hongyuan (3.355 billion yuan). CICC led by a wide margin with over 6 billion yuan in underwriting, a year-on-year increase of 431%. The number of underwriting deals surged from 1 to 5, with fees growing by 175%.
The rise of Guotai Haitong carries strong "merger synergy" characteristics. In Q1 2025, the pre-merger Guotai Junan (1.011 billion yuan) and Haitong Securities (1.051 billion yuan)合计 raised approximately 2.062 billion yuan. Calculated on a merged basis, the Q1 2025 merged fundraising was about 2.062 billion yuan. In Q1 2026, Guotai Haitong achieved 3.542 billion yuan, a year-on-year increase of approximately 71.7%.
Securities firms that fell behind significantly in Q1 2026 included Huatai United and Dongxing Securities. Huatai United, which ranked first in Q1 2025 with 2.229 billion yuan in fundraising, completely fell out of the top 18 in Q1 2026, recording zero deals. This cliff-like decline may be related to its project储备 structure.
As of March 31, 2026, Guotai Haitong, CITIC Securities, China Securities, and CICC ranked top four in A-share IPO储备数量, with 42, 37, 28, and 25 projects respectively. Huatai United ranked fifth with 15 projects, but trailed the top four by a significant margin, placing it in a different tier.
Dongxing Securities' IPO underwriting amount plummeted from 1.794 billion yuan to 194 million yuan in Q1 2026, a drop of 89%, with underwriting and sponsorship income crashing 91%.
Apart from Huatai United and Dongxing Securities, investment banks including
Comments