Q1 IPO New Developments: Beijing Stock Exchange Leads in Listing Numbers, Terminations Plunge by 80%

Ask AI · IPO review termination drops by 80%, what new changes are there in regulatory review?

With YueLong Technology listing on March 30, this year alone has seen 27 companies enter the A-share market. Together with the 3 companies scheduled to list on the 31st, in the first quarter there will be a total of 30 new stock offerings on the A-share market, with the overall fund-raising scale up more than 50% year over year.

Unlike last year’s first quarter, when the ChiNext board saw the most listings, in this year’s first quarter, the proportion of new stocks on the Beijing Stock Exchange has exceeded half. Behind the Beijing Stock Exchange’s “leading” position in the number of new stocks is, on the one hand, that in recent years the Beijing Stock Exchange has become the main venue for accepting listing applications and the preferred destination for listing of smaller innovative enterprises; on the other hand, the listing and issuance pace of new stocks on the Beijing Stock Exchange has clearly accelerated.

On the review side, some new changes have also emerged. Since the beginning of this year through March 30 (as of 19:00, the same applies below), the most newly accepted IPO applications were for the STAR Market; in the same period last year, it was the Beijing Stock Exchange that was the main venue for newly accepted applications. Meanwhile, the number of companies that terminated the listing process (including termination of review and termination of registration) was only 9; whereas in the same period last year, there were 50 companies that terminated their listing process, and the number of terminations dropped 82% year over year.

The Beijing Stock Exchange becomes the main force for listings; the STAR Market companies raise the most funds

After YueLong Technology listed on March 30, on March 31, Longyuan Shares (920055.BJ), TaiJin New Energy (688813.SH), and ShengLong Shares (001257.SZ) will also all meet on the A-share market.

Based on this, in the first quarter of this year, there will be 30 companies listing on the A-share market, up 3 from 27 in the same period last year; total proceeds from fund-raising will be 25.879 billion yuan, up 57.07% from 16.476 billion yuan in the same period of 2025.

From the perspective of the listing boards, the Beijing Stock Exchange is the main force: 16 companies listed in the first quarter, accounting for about 53%. On the Shanghai-Shenzhen main boards and the STAR Market, there were 6 companies listed each; additionally, 2 companies listed on the ChiNext board.

This differs from the listing structure in the same period last year. In the first quarter of last year, only 3 companies listed on the Beijing Stock Exchange. The board with the most listings was the ChiNext board, with 12 companies listed; the numbers of listings on the Shanghai-Shenzhen main boards and the STAR Market were 5 and 7, respectively.

Huayuan Securities analyzes that since 2026, the issuance, review, and listing rhythm of new stocks on the Beijing Stock Exchange has shown a notably accelerated trend, and the pace of expanding market coverage continues to quicken. Shenwan Hongyuan also analyzes that with the acceleration of issuance of new stocks on the Beijing Stock Exchange, it has raised its full-year issuance expectation to 50 companies.

In the first quarter of this year, although the Beijing Stock Exchange had more listed companies, the fund-raising scale was relatively low: 16 companies raised a total of 4.884 billion yuan, accounting for 18.87%. The STAR Market companies had the highest fund-raising amount, reaching 8.922 billion yuan, accounting for 34.48%; the fund-raising amount of the Shanghai-Shenzhen main board companies was 8.755 billion yuan, accounting for about 33.83%; the two ChiNext board companies together raised 3.317 billion yuan.

This can also be seen from the fund-raising amounts of individual listed companies. Among the top 10 companies by fund-raising amount, there are 4 companies from the Shanghai-Shenzhen main boards and the STAR Market respectively, 2 ChiNext board companies, and none from the Beijing Stock Exchange. There are 3 companies whose fund-raising amount exceeds 20 billion yuan: among them, ZhenShi Shares (601112.SH) on the main board has the highest fund-raising amount, at 2.919 billion yuan; Zhiyu Technology (688781.SH) ranks second with 2.268 billion yuan, followed by Hongming Electronics (301682.SZ) with 2.117 billion yuan. By comparison, the fund-raising amounts of the 16 Beijing Stock Exchange companies are all below 700 million yuan; MeideLe (920119.BJ) has the highest at 670 million yuan.

As the underwriting and sponsorship firms complete the issuance, the brokers’ underwriting and sponsorship revenues are also released. According to Wind data, among the 30 companies listed in the first quarter, CICC ranks first, with it separately underwriting and sponsoring 4 companies and jointly underwriting and sponsoring 1 company. Soochow Securities, Guotai Junan Securities, and ICBC International Securities each independently underwrote and sponsored 3 companies; China Citic Securities independently underwrote and sponsored 2 companies; Guotai Huatong independently underwrote and sponsored 1 company and jointly underwrote and sponsored 2 companies.

The total underwriting and sponsorship fees to be paid by the 30 companies will be 1.463 billion yuan. Among them, CICC’s 4 separately underwritten and sponsored projects will generate 253 million yuan in revenue, ranking first. For the 3 independently underwritten and sponsored projects, ICBC International Securities, Soochow Securities, and Guojin Securities will receive underwriting and sponsorship fees of 195 million yuan, 133 million yuan, and 83.568 million yuan respectively. China Citic Securities will receive underwriting and sponsorship fees of 131 million yuan.

The STAR Market has the most newly accepted applications; the number of terminations falls sharply

From the beginning of this year through March 30, the Shanghai and Shenzhen exchanges and the Beijing Stock Exchange collectively added 8 IPO applications for acceptance.

Among them, the Shanghai Stock Exchange added 5 IPO applications for acceptance, all coming from the STAR Market. The Shenzhen Stock Exchange added 2 IPO applications for acceptance: 1 came from the ChiNext board and 1 from the main board. The Beijing Stock Exchange added only 1 application for acceptance for listing.

By contrast, in the same period last year, a total of 7 IPO applications were newly accepted for review. Unlike this year, when the STAR Market had the most newly accepted IPO applications since the beginning of the year, in the same period last year, it was the Beijing Stock Exchange that was the main venue for newly accepted applications, accepting 4 applications for listing. The numbers newly accepted for review by the Shanghai and Shenzhen exchanges were 2 and 1, respectively.

Since the beginning of this year, policies supporting the listing of technology-based enterprises have continued to be strengthened. The “14th Five-Year Plan” outline proposes to support high-quality technology-based enterprises to raise funds through listing and financing. This year’s Government Work Report has also clearly stated that for science and technology enterprises in key core technology areas, a “green channel” mechanism for the normalized implementation of listing and financing and mergers and acquisitions and restructuring will be carried out, using technology finance to support innovation and value creation.

As a “pilot field” for reforms in the capital market, the STAR Market continuously supports “hard technology” enterprises through institutional innovation. On March 20, the STAR Market IPO application of Unitree Technology was accepted, becoming the second enterprise to land under a pre-review mechanism. The company’s push for what it calls the “first embodied intelligence” on A shares also means a milestone breakthrough for humanoid robots entering the capital market.

At the same time, some companies’ listing processes were also terminated. From the beginning of this year through March 30, 9 companies had their review terminated, including 5 on the Shanghai Stock Exchange (3 on the STAR Market, 2 on the main board), 1 on the Shenzhen ChiNext board, and 3 on the Beijing Stock Exchange.

Compared with the same period last year, the number of companies whose listing processes were terminated has clearly decreased. In the same period last year, the Shanghai and Shenzhen exchanges and the Beijing Stock Exchange had a total of 50 companies terminate their listing processes, including 11 on the Shanghai Stock Exchange, 22 on the Shenzhen Stock Exchange, and 17 on the Beijing Stock Exchange.

Regarding the commonalities among the companies whose reviews were terminated this year, industry insiders analyze that the core issues are concentrated in four areas: first, performance pressure is evident, as most companies see declines in revenue and net profit, leading to doubts about their ability to sustain operations; second, insufficient financial standardization, with some companies facing difficulties such as high accounts receivable and exposure to financial risks; third, weak core competitiveness, with insufficient R&D investment, lagging technology iteration, and doubts about the independence of core technologies; fourth, compliance and governance risks, including excessive customer concentration leading to major dependence, family-style governance, patent disputes, etc., compounded by changes in the market environment and increasingly strict regulatory review.

Some companies, meanwhile, have obtained the admission tickets to enter the A-share market. From the beginning of this year through March 30, the Shanghai and Shenzhen exchanges and the Beijing Stock Exchange registered listing applications for 39 enterprises, including 20 on the Beijing Stock Exchange, 13 on the Shenzhen Stock Exchange, and 6 on the Shanghai Stock Exchange.

As of March 30, there were a total of 297 enterprises under review across all boards. Among them, the Shanghai Stock Exchange had 61 (18 on the main board, 43 on the STAR Market), the Shenzhen Stock Exchange had 52 (16 on the main board, 36 on the ChiNext board), and the Beijing Stock Exchange had 184.

(This article comes from First Financial)