In March, 23 companies underwent initial public offering (IPO) review meetings in the A-share market, all of which passed successfully. The number of reviewed companies rebounded significantly from 8 in February. Among these 23 firms, those planning to list on the Beijing Stock Exchange (BSE) continued to account for over 70%. Of the 13 new listings that debuted in March, more than 60% were from the BSE, indicating a sustained acceleration in the exchange's IPO pace.
Meanwhile, IPO withdrawals in the A-share market reached 4 in March. Shuguang Group faced issues such as high customer and supplier concentration, along with a significant proportion of related-party transactions. The A-share IPO market also accepted 8 new applications during the month, including well-known technology firms Zhongke Aerospace and Yushu Technology.
In the Hong Kong IPO market, the number of companies submitting listing applications to the Hong Kong Stock Exchange surged from 43 in February to 68 in March. However, enthusiasm for A-share listed companies seeking secondary listings in Hong Kong continued to cool, with at least 5 A-share firms disclosing plans for Hong Kong IPOs for the first time in March. Additionally, 19 companies received overseas listing approval filings from the China Securities Regulatory Commission (CSRC), a sharp increase from 10 in February, with approved firms primarily from the semiconductor and robotics sectors.
According to Wind data, a total of 23 companies underwent IPO review meetings in the A-share market in March. These included 17 firms planning to list on the BSE, such as JieLi Technology and Zhengda Seeds; Changjin Photonics and Zhenbao Technology targeting the STAR Market; Xinxing Tools applying for the ChiNext board; and Jiade Li, Huikang Technology, and Huike Holdings seeking listings on the Shanghai and Shenzhen main boards. The proportion of BSE applicants remained above 70%. The monthly review count was higher than the 17 in January and 8 in February but lower than the 28 recorded in December 2025.
All 23 companies passed their review meetings, resulting in a 100% approval rate.
Among the reviewed firms, Jinge New Material primarily engages in the R&D, production, and sales of functional materials, including thermally conductive powders, flame-retardant powders, and wave-absorbing powders. Its prospectus revealed that projects such as the "Second Plant Expansion and Renovation Project of Guangdong Jinge New Material Co., Ltd." and the "Technical Transformation Project for an Annual Production Line of 7,000 Tons of Spherical Powders for Electronic Device Heat Dissipation" had commenced construction before obtaining environmental impact assessment approvals. However, by the signing date of the prospectus, all required approvals and environmental acceptance procedures had been completed.
From 2023 to 2025, Jinge New Material's period expenses as a percentage of operating revenue declined annually, reaching 13.04%, 11.94%, and 9.78%, respectively. In 2025, its sales and management expenses were RMB 14.4222 million and RMB 15.6309 million, down 2.73% and 20.44% from RMB 14.8266 million and RMB 19.6469 million in 2024. The company attributed the decreases to reduced sales staff bonuses and lower intermediary fees.
Notably, Jinge New Material's management expense ratios were 4.23% and 4.20% in 2023 and 2024, significantly below the industry averages of 7.50% and 7.41%, and lower than all comparable peers.
In March, 13 new stocks debuted in the A-share market, with 8 listed on the BSE. All new listings closed higher on their first trading day, with 9 surging over 100%. Zuxing New Material led with a 405.73% gain, while Tongling Technology recorded the smallest increase at 41.42%.
IPO terminations across the three A-share exchanges totaled 4 in March, including Xinmi Technology and Yijia Additive targeting the STAR Market, Shuguang Group applying for the Shanghai main board, and Ruijian Medical planning a BSE listing. This marked a slight increase from 3 terminations in February.
Shuguang Group, a large integrated chemical enterprise focused on cyanide chemical, modern coal chemical, fine chemical, and new chemical material industries, withdrew its application despite having mature business segments in cyanides, butanol/octanol, and coal-to-hydrogen, alongside ongoing development of its BDO business. The company faced high customer and supplier concentration, with related-party transactions accounting for 67.04%, 64.56%, 62.41%, and 69.85% of operating revenue from 2022 to the first half of 2025. Sales to its largest customer, Sinopec Group, represented 64.62%, 60.69%, 58.78%, and 69.86% of revenue during the same period. Procurement from its top five suppliers constituted 89.67%, 89.14%, 87.40%, and 88.85% of total purchases, with related-party purchases comprising 45.09%, 37.55%, 45.47%, and 59.80%.
Additionally, 160 companies suspended their IPO applications in March, primarily due to pending audit updates for expired financial reports.
The A-share IPO market accepted 8 new applications in March: Zhongke Aerospace, Yushu Technology, Aike Medical, and SaikesaiSi for the STAR Market; Ligaoxineng and Feiyinuo for the ChiNext board; Wuxing New Material for the Shenzhen main board; and HuayitaiKang for the BSE.
According to its prospectus, Yushu Technology specializes in the R&D, production, and sales of high-performance general-purpose humanoid robots, quadruped robots, robot components, and embodied intelligence models. The company has maintained leading global sales in humanoid and quadruped robots in recent years. Financially, its operating revenue grew from RMB 123 million in 2022 to RMB 1.167 billion in the first three quarters of 2025, with non-GAAP net profits turning positive in 2024 at RMB 77.5036 million, reaching RMB 431 million by September 2025. R&D expenses as a percentage of revenue were 24.39%, 31.39%, 17.84%, and 7.73% over the same period. Major shareholders include Wang Xingxing (23.82%), Shanghai Yuyi (10.94%), Hanhai Information (7.61%), and Ningbo Sequoia (6.21%).
Zhongke Aerospace focuses on the R&D, production, and launch services of medium-to-large commercial carrier rockets, while expanding into new space economy sectors such as space manufacturing, scientific experiments, and tourism. The company holds a leading position in China's commercial rocket market, with its Li Jian series rockets successfully launched 11 times, achieving the highest payload capacity among domestic private firms. It remains the only private Chinese company to have undertaken multiple national major launch missions and overseas satellite launches. Revenue increased from RMB 5.9529 million in 2022 to RMB 84.2239 million in the first three quarters of 2025, though non-GAAP net losses widened from RMB 370 million to RMB 762 million over the same period. Both Zhongke Aerospace and Yushu Technology were included in the second batch of on-site inspection candidates for 2026 disclosed by the Securities Association of China.
Regarding overseas listings, the CSRC's filing status report as of March 27, 2026, showed 232 companies undergoing overseas securities issuance filings, with 179 planning to list in Hong Kong and 52 targeting Nasdaq.
In the Hong Kong IPO market, 68 companies submitted applications in March, up sharply from 43 in February, including A-share listed firms such as Tuopu Group, Huaqin Technology, Yuanjie Technology, and Xinghuan Technology.
Nineteen companies received overseas listing approvals from the CSRC in March, including Rokae Robotics, Impact Pharma, XtalPi, CloudMinds, Oriental Science & Technology, Jitai Technology, Shuanglin Shares, Baogai New Material, Changguang Chenxin, Yifei Technology, Sigenergy, Huayan Robot, Fourier, Cofoe Medical, Shenghong Technology, Medcaptain, Deep Mirror AI, Rigol, and Ledong Robot. This represented a significant rise from 10 approvals in February.
Interest in dual or multiple listings by A-share companies in Hong Kong remained subdued. In March, at least 5 A-share firms, including Sanxing Medical, Honghe Technology, VeriSilicon Microelectronics, Changying Precision, and Wanma Shares, initially disclosed plans for Hong Kong IPOs, slightly up from at least 3 in February. Additionally, Yankuang Energy announced plans to spin off its subsidiary Wobo Technology for a Hong Kong listing.
Notably, Hong Kong's IPO market maintained strong performance in March. Wind data showed 16 new listings, including LanTu Auto, which listed by introduction on the main board. While Zejing, Tong Shifu, Estun, and Ulease Shared closed lower on their debut, 11 others ended higher, with Extreme Vision, Deskew-B, and Fourier surging over 100% on their first trading day.
