With three new listings making their debut at the end of the month, the roster of A-share IPOs for the first three quarters is about to be finalized.
On September 29, Shenzhen Hfc Co.,Ltd. (301716.SZ) and AnDa (920202.BJ) began trading on the ChiNext Board and the Beijing Stock Exchange respectively, with both posting gains on their first day. As of market close that day, Shenzhen Hfc Co.,Ltd. closed at 578.88 yuan per share, up 653.16%, while AnDa closed at 26.16 yuan per share, up 246.49%. According to the schedule, one more new stock will list on September 30 — Lygend Resources & Technology Co.,Ltd. (001246.SZ), which will trade on the Shenzhen Main Board.
According to Wind data, A-shares welcomed a total of 123 new listings in the first three quarters, raising approximately 216.3 billion yuan in total. Compared with the same period last year, both the number of new listings and the scale of fundraising have expanded. Among the 122 new stocks that have completed listing this year, none broke issue price on their first day, with an average gain of about 274%. Of these, 19 stocks surged more than 500% on their debut day.
The wealth-creation effect of new stocks has been very pronounced, with lucrative sign-winning opportunities appearing frequently. Shenzhen Hfc Co.,Ltd. had an issue price of 76.86 yuan, and based on the aforementioned closing price, a single lot generated a paper profit of over 250,000 yuan, making it the most profitable new stock on ChiNext this year. Including this stock, based on issue price and first-day closing price, 10 new stocks this year have generated single-lot paper profits exceeding 100,000 yuan on their first trading day, with STAR Market new stocks accounting for seven of them.
In the view of industry observers, hard-tech companies have become the absolute mainstay of the new stock market. A market analyst told Yicai that what is noteworthy is not just the number of IPOs itself, but also the shift in issuance structure — the continuous increase in the proportion of hard-tech IPOs is the substantive significance of this round of new stock market expansion.
Regarding upcoming new stock issuance, Tian Lihui, dean of the Institute of Finance and Development at Nankai University, told reporters that the issuance pace in the fourth quarter is likely to continue the trend of accelerating quarter by quarter.
123 New Stocks Make Their Debut
Entering September, new stock issuance accelerated significantly, with 21 companies listing during the month, setting a new single-month record for the year. Looking at the overall situation in the first three quarters, according to Wind statistics, A-shares welcomed 123 new listings during the period, with half (62) listing on the Beijing Stock Exchange, about 30% on the dual-innovation boards (20 on ChiNext and 19 on the STAR Market), and the remaining 22 new stocks listing on the main boards.
In comparison, both the number of new stocks and the scale of fundraising in the first three quarters of this year exceeded the levels of the same period last year. In the first three quarters of 2025, there were 78 new stocks that raised a total of approximately 77.1 billion yuan. Based on this calculation, the year-on-year increases for the same period this year reached 58% and 181% respectively.
In terms of issuance pace, the reporter noted that the listing rhythm of new stocks gradually accelerated during the first three quarters, with the number of new listings per quarter reaching 30, 41, and 52 respectively.
In terms of industry classification, according to the Shenwan Level 1 industry classification, among the 123 new stocks, machinery equipment, electronics, and automotive industries ranked in the top three by number of new listings, reaching 23, 20, and 17 respectively, accounting for nearly half of the total. Among these listed new stocks, several highly popular "star stocks" were prominently featured, such as Cxmt Corporation (688825.SH) and Yushu Technology Co.,Ltd. (688836.SH).
Cxmt Corporation listed on the STAR Market on July 27, with an IPO issuance of 7.691 billion shares (including the full exercise of the over-allotment option), ultimately raising a total of 66.607 billion yuan, with net proceeds of 66.31 billion yuan, making it the largest IPO in the history of the STAR Market. Another project raising over 10 billion yuan during the year was China Resources New Energy Holdings Company Limited (001248.SZ), which listed on the Shenzhen Main Board on July 2, raising 24.5 billion yuan.
The emergence of these large IPOs directly pushed up the total fundraising scale for the year. Based on this calculation, the IPOs of Cxmt Corporation and China Resources New Energy Holdings Company Limited together raised approximately 91.1 billion yuan, contributing 40% of the total IPO fundraising in the first three quarters. In addition, the large IPOs in the first three quarters also involved Hkc Corporation Limited (001399.SZ), Shanghai Enflame Technology Co.,Ltd. (688801.SH), and Yushu Technology Co.,Ltd., with all three companies listing on the A-share market in the second and third quarters respectively, each raising over 5 billion yuan through their IPOs.
Ten-Baggers and Lucrative Sign-Winning Opportunities Emerge in Succession
Not only did the number of listings exceed the same period last year, but most of this year's new stocks delivered impressive debut performances. According to Wind data, among the 122 new stocks that have already listed, 95 saw first-day gains exceeding 100%, accounting for nearly 80%, with 19 stocks surging more than 500% on their first day.
Looking at the ranking of first-day gains for new stocks this year, STAR Market stocks have stood out. In the second quarter, Semight Instruments Co.,Ltd. (688808.SH), Wuhan Changjin Photonics Technology Co.,Ltd. (688635.SH), and Chongqing Genori Technology Co., Ltd. (688797.SH) successively listed on the STAR Market, posting first-day gains of 875.82%, 1,510.52%, and 1,212.84% respectively, currently occupying the top three spots for first-day gains among new stocks this year. Among them, Wuhan Changjin Photonics Technology Co.,Ltd. and Chongqing Genori Technology Co., Ltd. both achieved tenfold gains on their first day of listing.
Some Beijing Stock Exchange new stocks also performed remarkably. Xinrui Electronics (920211.BJ), Century Digital (920229.BJ), and Jiachen Intelligent (920096.BJ) posted first-day gains of 800.67%, 742.37%, and 676.23% respectively, also ranking among the top performers on the first-day gain list for new stocks this year.
However, the performance of Beijing Stock Exchange new stocks has been divergent, with Oulun Electric (920081.BJ), Qiaoluming (920079.BJ), and Jiefeng Power (920269.BJ) all listing during the year but posting first-day gains of less than 50%.
As overall debut performances have been impressive, lucrative sign-winning opportunities have appeared frequently. For statistical purposes, one lot for Shanghai and Shenzhen new stocks is calculated at 500 shares, while for the Beijing Stock Exchange it is calculated at 100 shares. Based on this, among the 122 new stocks that have listed this year, 10 stocks generated single-lot paper profits exceeding 100,000 yuan, with STAR Market new stocks accounting for seven, and the other three being ChiNext new stocks.
Shanghai Precilasers Technology Co.,Ltd. (688826.SH) generated a single-lot paper profit of up to 480,000 yuan. The stock listed on the STAR Market on August 18 with an issue price of 186.88 yuan and a first-day closing price of 1,152 yuan, yielding a single-lot paper profit of approximately 482,600 yuan. Based on issue price and first-day closing price, three other stocks generated single-lot paper profits exceeding 300,000 yuan — Semight Instruments Co.,Ltd., Yushu Technology Co.,Ltd., and Wuhan Changjin Photonics Technology Co.,Ltd. — all of which listed on the STAR Market during the year.
In addition, some ChiNext new stocks also unleashed enormous wealth-creation effects. Besides the aforementioned Shenzhen Hfc Co.,Ltd., Chengdu Ultra Pure Applied Materials Co.,Ltd. (301717.SZ) and Guangdong Sinoplast Advanced Material Co.,Ltd. (301686.SZ) also generated single-lot paper profits exceeding 100,000 yuan on their first day of listing. Other new stocks with single-lot paper profits exceeding 100,000 yuan this year include Chongqing Genori Technology Co., Ltd., Hengyunchang, and Shanghai Enflame Technology Co.,Ltd.
Fourth-Quarter Issuance Pace Expected to Accelerate Further
How should we interpret the simultaneous growth in both the number of new stock issuances and fundraising amounts in the first three quarters? Does it signal a clear recovery in the IPO market? In Tian Lihui's view, the IPO market in the first three quarters showed a pattern of moderate growth in quantity and concentrated release of fundraising, with leading IPO projects raising relatively high amounts. From the perspective of secondary market absorption capacity, liquidity is relatively ample, but that does not entirely equate to no pressure in absorption — concentrated issuance of large-cap stocks will divert sector capital in the short term. He also noted that the IPO review cycle has been shortened to six months, the pace of supply-side release is controllable, and the demand-side absorption capacity depends on the activity level of the secondary market.
Regarding the sharp first-day gains of new stocks, Tian Lihui believes the direct driver is the low proportion of tradable shares — tradeable chips are scarce in the early listing period, so a small amount of capital can drive significant price increases. The deeper reason lies in the fact that AI and hard-tech sectors are the absolute main themes of this year's IPOs, and the market's valuation expectations for such assets are inherently higher than traditional industries. Combined with sentiment premiums, the deviation in first-day pricing is further amplified, he said.
However, Tian Lihui also cautioned that some new stocks experience a "peak at listing," and overall, the massive first-day price gains reflect the pricing gap between the primary and secondary markets rather than the company's long-term investment value. The risk for investors blindly following the trend of speculating on new stocks is far higher than that of participating in new stock subscriptions itself, he said.
With the fourth quarter approaching, will the IPO issuance pace accelerate further? In this regard, Tian Lihui believes the fourth-quarter issuance pace will most likely continue the trend of accelerating quarter by quarter, but marginal changes will depend on the operating conditions of the secondary market. On the supply side, the pipeline of IPO排队 companies is well-stocked, and improved review efficiency provides ample issuance reserves for the fourth quarter. On the demand side, the fourth quarter is typically an important window for institutions to position for the coming year, and the liquidity environment supports the issuance pace, he said.
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