政府新闻
随着市场反弹，中国5月份的IPO申请超过前四个月 2025-06-04
China’s three main stock exchanges accepted more applications for initial public offerings in May than they did in the first four months combined, in a sign that the country’s IPO market is bouncing back.
The Shanghai Stock Exchange, Shenzhen Stock Exchange and Beijing Stock Exchange accepted 16 IPO applications last month, compared with 11 from January to April, according to Wind Information data. In all, 27 companies had their filings accepted in the first five months, a big jump from just two in the same period last year.
The Beijing Stock Exchange led the way, accepting 18 applications, six of which were in the last week of May alone.
This is a signal that the IPO market in China is starting to recover, said Cui Yanjun, a senior employee at the Beijing bourse. The rush of applications at the end of May is likely because firms wanted to meet deadlines before the mid-year financial reporting cycle, he added.
These 18 companies applying to go public in Beijing all posted solid financial results. Most raked in net profit of over CNY60 million (USD8.3 million) last year on revenue of more than CNY300 million (USD42 million). Three of them earned over CNY1 billion (USD139 million). The Beijing stock exchange tends to attract innovative small and medium-sized firms.
“The improved quality of IPO applicants means we can expect more vibrant investment and fundraising activities from companies listed on the Beijing bourse going forward,” said Zhou Yunnan, founder of Beijing Nanshan Investment.
Meanwhile, the Shenzhen ChiNext board accepted two IPO applications at the end of May. These were the first IPOs accepted by the growth-enterprise focused market in 2025, signaling an upswing in activity there.
China’s securities regulator started slowing down the approval of IPOs in July 2023 amid a sluggish stock market and a spate of stocks slumping below their debut price. That led to almost no IPOs being accepted in the first half of last year. Things only began to pick up again in late June 2024.
Source: Yicai Global
