The number of new investors participating in IPO subscriptions has shown significant growth this year, with average subscription volumes reaching nearly 12 million per offering – substantially higher than 2023 and 2024 levels. This surge reflects renewed market confidence and improved liquidity conditions in China’s primary market.
Current data reveals healthy subscription activity on the STAR Market, with approximately 3,051 qualified institutional accounts (Category A) and 1,784 professional investor accounts (Category B) actively participating in recent offerings. The median number of valid subscription accounts across 20 recent IPOs demonstrates sustained interest from both institutional and professional investors.
The increased participation rates suggest growing optimism about China’s IPO market recovery, particularly for innovative companies listed on the Science and Technology Innovation Board. The expansion of qualified investor accounts indicates broadening market depth and improved capital availability for new listings.
While current subscription levels are encouraging, market observers will monitor whether this momentum can be sustained throughout the year. The combination of retail and institutional interest creates a favorable environment for companies seeking to go public, though careful pricing remains crucial to maintain post-listing performance.
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