Industry sources attribute the year’s highest monthly IPO acceptance volume to synchronized financial reporting and application cycles, creating a temporary concentration of submissions. Data shows 27 IPO projects were accepted from January to May, with May alone accounting for 16—exceeding the combined total of the prior four months. This contrasts sharply with the Shanghai and Shenzhen exchanges’ zero IPO acceptances during the same period in 2024, while the Beijing Exchange accepted just two.
Of the 27 accepted projects, Beijing-domiciled firms dominated with 18 listings (67% share), followed by 3 on the STAR Market and 2 each on Shanghai/Shenzhen main boards and the ChiNext. Notably, most approved companies align with China’s “new quality productivity” industrial policy, focusing on advanced manufacturing and tech innovation. Investment bankers note this reflects normal seasonal patterns rather than regulatory acceleration, with one Shanghai-based banker revealing their midsize firm currently holds no IPO pipeline projects.
The data underscores three key developments: the Beijing Exchange’s growing prominence as a listing venue, the continued prioritization of strategic industries in approvals, and the lingering impact of 2024’s IPO slowdown on issuer pipelines. While May’s spike appears cyclical, the concentration of policy-aligned companies suggests regulators maintain selective admission criteria even during peak acceptance periods. Market participants anticipate this bifurcation—between supported sectors and others—will persist through 2025’s reporting cycles.
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