In the first quarter of this year, the average increase on the first day of new A-share listings reached 163.55%.
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Investment Time Network, Biaodian Finance researcher Li Lu
As the new &#34;Nine National Policies&#34; approaches its two-year anniversary, A-share IPOs have delivered their quarterly report. Overall, guidance filings, new acceptances, review meetings, and issuances have all seen significant year-on-year increases, while the number of withdrawn applications has hit a recent low, with all five key indicators showing a comprehensive recovery.
According to Wind data, in the first quarter of 2026, there were 129 new guidance filings for A-shares, a year-on-year increase of 57.32%. Among them, 62 companies disclosed their intended listing boards, with 54 applying for the Beijing Stock Exchange, accounting for 87.1%, while 7 were for the Sci-Tech Innovation Board and 1 for the Growth Enterprise Market.
In terms of new acceptances, 11 IPO companies were newly accepted in the first quarter, a year-on-year increase of 57.14%, with the Sci-Tech Innovation Board accounting for the majority with 6 companies, while the previously leading Beijing Stock Exchange only accepted 2 companies.
There may be two driving factors behind this situation. First, with the in-depth implementation of the &#34;1+6&#34; policy and pre-review mechanism for the Sci-Tech Innovation Board, market support for technological innovation has continued to increase. Among them, &#34;the four domestic GPU dragons,&#34; Suiruan Technology, became the first IPO acceptance project of 2026; Yushu Technology was the second company to land under the pre-selection review mechanism; and one of the &#34;five commercial aerospace dragons,&#34; China Aerospace Science and Technology Corporation, successfully accepted, competing for the title of &#34;first stock in commercial aerospace.&#34; Second, the Beijing Stock Exchange has recently shown a strict stance on listing approvals, having already begun on-site inspections for some IPO companies that have passed the review.
Investment Time Network and Biaodian Finance researchers noted that in the first quarter of this year, a total of 48 A-share IPO companies went to review meetings, a year-on-year increase of 5 times, among which 2 were postponed and passed in a second review meeting, thus the actual number of companies reviewed was 46, all of which passed. Among the 46 companies that passed, 33 were from the Beijing Stock Exchange, accounting for over 70%.
Huike Co., Ltd., which passed the review on the Shenzhen main board, became the largest IPO company by net profit scale since the &#34;Nine National Policies&#34;; Zhengda Seed Industry, which passed the review on the Beijing Stock Exchange, became the first agricultural company to pass since the new &#34;Nine National Policies&#34;; and Shenghe Jingwei, the first IPO company to pass in the Year of the Horse, used the second set of standards for overseas unlisted red-chip stocks on the Sci-Tech Innovation Board.
With the pace of review meetings accelerating, the speed of approval document issuance by the China Securities Regulatory Commission has also increased. In the first quarter, a total of 52 IPO approval documents were issued, doubling from the same period last year, with 19 of the approved companies successfully obtaining registration documents, accounting for over 40%. The fastest was Shenghe Jingwei, which took just over 4 months from IPO acceptance to registration effectiveness
In summary, a total of 30 IPO companies successfully landed on the A-shares in the first quarter, an increase of 3 companies year-on-year; fundraising reached 25.879 billion yuan, a significant increase of 57.07% year-on-year, achieving a dual increase in both the number and amount of listings. In terms of quantity, the Beijing Stock Exchange has replaced the ChiNext board as the new main battlefield for listings, with 16 companies listed on the Beijing Stock Exchange, accounting for 53%. In recent years, the Beijing Stock Exchange has become the preferred place for small and medium-sized innovative enterprises to go public, with its inclusive system and the &#34;specialized, refined, distinctive, and innovative&#34; clustering effect leading many growing companies to choose to list there. At the same time, the issuance pace of the Beijing Stock Exchange has significantly accelerated, with more and more companies quickly passing through channels such as the &#34;direct connection mechanism,&#34; allowing it to fully surpass the Shanghai and Shenzhen markets in terms of new stock supply.
It is worth mentioning that on March 20, the number of listed companies on the Beijing Stock Exchange exceeded 300, marking a significant event for its new stock expansion. Zhang Keliang, a researcher at the Central University of Finance and Economics, stated that the current achievements of the Beijing Stock Exchange in serving innovative small and medium-sized enterprises are remarkable. Among the 300 listed companies, nearly 60% are national-level specialized and innovative &#34;little giants,&#34; with an average R&amp;D intensity exceeding 5%, and cumulative fundraising exceeding 60 billion yuan, most of which is used for R&amp;D investment, technological upgrades, and capacity expansion.
In terms of fundraising scale, the Sci-Tech Innovation Board led with 8.922 billion yuan, an increase of 180.6% year-on-year; the Shanghai Stock Exchange main board followed with 6.428 billion yuan, an increase of 116.3% year-on-year; the Beijing Stock Exchange ranked third with 4.884 billion yuan, an increase of 270.4% year-on-year; the ChiNext and Shenzhen Stock Exchange main board raised 3.317 billion yuan and 2.327 billion yuan, with year-on-year changes of -53.6% and +40.6%, respectively.
According to industry statistics from the China Securities Association, listing resources are mainly concentrated in high-end manufacturing and strategic emerging sectors. Among them, the automotive manufacturing industry and specialized equipment manufacturing industry rank first, while the computer, communication, and electronics-related industries maintain a high proportion, covering fields such as aerospace, pharmaceutical manufacturing, new materials, and non-ferrous chemicals.
However, among the companies listed in the first quarter, there are not many with high financing scales, with only 3 companies raising over 2 billion yuan in their initial public offerings, namely ZhenShi Co., Ltd. (601112.SH) on the Shanghai main board, Visionary Technology-UW (688781.SH) on the Sci-Tech Innovation Board, and Hongming Electronics (301682.SZ) on the ChiNext.
In terms of performance on the first day of listing, these companies continued the myth of &#34;new stocks never fail&#34; in the A-shares, with all new stocks achieving an increase on their first day, with an average increase of 163.55%. The average first-day increase for new stocks on the Sci-Tech Innovation Board reached 222.07%, while the average first-day increases for new stocks on the Shenzhen main board, Beijing Stock Exchange, Shanghai main board, and ChiNext were 180.07%, 159.75%, 113.69%, and 101.57%, respectively. Among them, 21 new stocks saw their first-day increases double, accounting for as much as 70%.
The Sci-Tech Innovation Board's DianKe Lantian (688818.SH) topped the first quarter with a first-day increase of 596.3%. The Beijing Stock Exchange's ZuXing New Materials (920078.BJ), KeMa Materials (920086.BJ), and the Sci-Tech Innovation Board's HengYunChang (688785.SH) also performed well, with first-day increases of 405.73%, 371.27%, and 302.80%, respectively
In addition, the number of companies that terminated their A-share IPOs in the first quarter was only 11, a year-on-year decrease of 69.44%, hitting a new low in recent years.
Top Ten Stocks by Closing Price Increase on the First Day of A-share Listings in the First Quarter (CNY, %)
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OiNNQEHqhLns70VQ2b-jtVqJkFg817EdzogpOG4LHvUhgAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Image" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OiNNQEHqhLns70VQ2b-jtVqJkFg817EdzogpOG4LHvUhgAA/641"/> Data Source: Wind
From the perspective of companies planning to go public, Wind data shows that as of April 9, there are a total of 326 companies queued for A-share IPOs.
These companies exhibit several characteristics: First, the distribution across sectors is concentrated, with the Beijing Stock Exchange having the most companies queued, totaling 197, accounting for over 60%.
Second, there are differences in profitability levels among sectors. Of the 158 queued companies, the net profit of the last year exceeded CNY 100 million, with China Resources New Energy having the highest profit of CNY 6.102 billion; 22 companies are in a loss position, accounting for less than 7%. Mainboard companies generally have higher profit scales, with the average profit scale of companies queued on the Shanghai and Shenzhen mainboards being nearly CNY 1 billion. Due to the influence of loss-making companies, the average profit scale of companies queued on the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange is only CNY 50 million.
Third, there is a high concentration of industries, with manufacturing accounting for over 70%. Popular sectors include computer, communication, and other electronic equipment manufacturing, specialized equipment manufacturing, and chemical raw materials and chemical products manufacturing. The number of companies in hard technology and new energy fields has shown significant growth.
Fourth, there is a clear regional concentration, with the combined number of companies in Guangdong, Jiangsu, and Zhejiang provinces accounting for over 50%. Companies from economically developed coastal areas in the east dominate, while the number of companies from central and western provinces is relatively small.
So, among the lineup of companies planning to go public, which includes star enterprises like Changxin Technology, Landspace, Suirian Technology, Yushu Technology, and China Aerospace Science and Technology, who will become the next breakout point in A-shares?
Average Net Profit of A-share Companies Planning to Go Public by Listing Board in the Latest Year (CNY 100 million)
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Data Source: Wind
Investment Keywords: Suirian Technology | Yushu Technology | China Aerospace Science and Technology | Huike Co., Ltd. | Chia Tai Seeds | Shenghe Jingwei | Zhenstone Co., Ltd. (601112.SH) | Hongming Electronics (301682.SZ) | Electric Science Blue Sky (688818.SH) | Zuxing New Materials (920078.BJ) | Kema Materials (920086.BJ) | Hengyun Chang (688785.SH)

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The Beijing Stock Exchange performed outstandingly in A-share IPOs, with an average first-day increase of 163.55% for new stocks in the first quarter of 2023. Overall, there has been a significant increase in counseling filings, new acceptances, reviews, and listings, while the number of companies withdrawing applications has reached a recent low. There were 129 new counseling filings for A-shares, a year-on-year increase of 57.32%, of which 54 were companies intending to list on the Beijing Stock Exchange. The number of IPO companies approved surged, with 46 companies being approved, accounting for over 70% of the total. The speed of approvals from the China Securities Regulatory Commission has accelerated, reflecting a positive trend in the capital market

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How does the Beijing Stock Exchange lead A-share IPOs, reflecting trends in the capital market?