21st Century Business Herald Reporter Yang Ping
With the simultaneous listing of Shenglong Co., Ltd., Longyuan Co., Ltd., and Taijin New Energy on March 31, the A-share IPO market for the first quarter of 2026 officially concluded.
The IPO market continued to warm up in the first quarter of this year. According to Wind data, from January to March this year, the A-share market welcomed a total of 30 new stocks. Although the number of listings only slightly increased by 3 compared to 27 last year, the overall fundraising scale reached 25.879 billion yuan, a significant increase of 57.07% compared to the same period last year.
Among them, the Beijing Stock Exchange has replaced the dual innovation board as the new main battlefield for listings, with more than half of the new stocks coming from the Beijing Stock Exchange. At the same time, there has been a noticeable acceleration in the IPO review process. In the first quarter of 2026, the Shanghai, Shenzhen, and Beijing exchanges reviewed a total of 46 companies for their initial public offerings, far exceeding the 8 companies reviewed in the same period last year, representing a year-on-year increase of 475%.
Wind data shows that as of now, the total number of companies under review at the Shanghai, Shenzhen, and Beijing exchanges is 330 (including those issued but not yet listed), among which large companies like Huike Co., Ltd. and Shenghe Jingwei have been intensively reviewed and obtained approval, and are expected to complete their listings in the future.
From the distribution of newly listed stocks, the Beijing Stock Exchange has become the most prominent area in the IPO market for the first quarter.
Data shows that out of the 30 newly listed stocks in the first quarter of 2026, 16 came from the Beijing Stock Exchange, surpassing the combined number from the Sci-Tech Innovation Board (6) and the ChiNext (2), making it the main platform for A-share IPOs. During the same period, the Shanghai and Shenzhen main boards only had 4 and 2 new stocks listed, respectively.
This change is not accidental. 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 attracting many growing companies to list here. 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 the Beijing Stock Exchange to fully surpass the Shanghai and Shenzhen markets in terms of new stock supply.
On March 20, the number of listed companies on the Beijing Stock Exchange successfully surpassed 300, marking a significant event in its expansion of new stocks.
Zhang Keliang, a researcher at 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. The Beijing Stock Exchange has truly attracted a group of high-quality enterprises with core technologies and high growth potential in niche fields, resulting in a qualitative leap in the &#34;gold content&#34; and &#34;new content&#34; of these companies.
It is worth noting that from the financing scale of listed companies in the first quarter, not only were there no hundred billion IPO projects, but there were also not many financing projects exceeding 2 billion yuan, with only 11 companies raising more than 1 billion yuan through their IPOs. Among them, the highest was Zhenstone Co., Ltd., with an IPO fundraising amount of 2.919 billion yuan. It is understood that Zhenstone Co., Ltd. mainly engages in the production and sales of wind turbine blade materials, and in 2024, its global market share of wind power fiberglass fabric exceeded 35%. It is currently listed on the Shanghai main board
Following closely are the fundraising amounts of Visionary Technology and Hongming Electronics, which are 2.268 billion yuan and 2.117 billion yuan, respectively, listed on the Sci-Tech Innovation Board and ChiNext. The former is a leader in the silicon-based OLED micro-display field, while the latter is an established electronic components company. Both companies originally planned to raise 2.168 billion yuan and 2.030 billion yuan, achieving a small-scale oversubscription.
Unlike the differentiated market conditions of the Hong Kong IPO market, the &#34;new shares never lose&#34; myth in the A-share market continued in the first quarter of this year.
Benefiting from the liquidity premium caused by the requirements for issuance price-to-earnings ratios and the scarcity of new share lottery wins, all 30 new shares listed in the first quarter of this year achieved an increase on their first day, with an average first-day increase of 163.55%. Among them, 21 new shares doubled their first-day increase, accounting for as much as 70%. During the same period, the average initial issuance price-to-earnings ratio of new shares in the A-share market was only 22.87 times, with an average online lottery win rate as low as 0.03%.
The Sci-Tech Innovation Board company, Electric Science Blue Sky, claimed the title of &#34;King of Increase&#34; in the first quarter, with an issuance price of 9.47 yuan per share, and the opening price on the first day skyrocketed to 80.88 yuan per share, achieving an increase of 750%. Although the stock price later retreated, it still closed on the first day with an increase of 596.3%, setting a new record for first-day increases of new shares this year.
According to the prospectus, Electric Science Blue Sky is a core supplier of aerospace power in China, with its aerospace power products mainly used in spacecraft and near-space vehicles. It is the first energy industrialization platform under China Electronics Technology Group Corporation to be listed on the Sci-Tech Innovation Board and the first aerospace IPO this year. Less than two months after its listing, Electric Science Blue Sky's total market value once exceeded 100 billion yuan. As of the close on April 2, Electric Science Blue Sky's total market value was still 99.4 billion yuan, an increase of 504.01% compared to its issuance market value.
In addition, new stocks on the Beijing Stock Exchange, such as Zuxing New Materials and Kema Materials, as well as new stocks on the Sci-Tech Innovation Board, such as Hengyun Chang, also performed well on their first day, with increases of 405.73%, 371.27%, and 302.80%, all exceeding 300%. In terms of earnings, a single lottery win for Hengyun Chang, with an issuance price of 92.18 yuan per share, can earn 127,000 yuan, making it the &#34;King of Meat Lottery Wins&#34; in the first quarter of 2026.
From the perspective of industry distribution, automobile manufacturing and specialized equipment manufacturing emerged as the biggest winners. Among the 30 listed companies, automobile manufacturing and specialized equipment manufacturing each occupied 6 seats, followed by 4 companies in the computer, communication, and other electronic equipment manufacturing industries.
From the perspective of sponsoring institutions, the 30 new stock projects belong to 17 sponsoring institutions, with China International Capital Corporation having the most projects, totaling 4 successful listings. Meanwhile, the three small and medium-sized securities firms, Guotou, Guojin, and Dongwu, also performed well, each securing 3 seats, while CITIC Securities, CITIC Jianan, Shenwan Hongyuan, and Guotai Junan each had 2 projects listed.
In terms of underwriting and sponsorship fees, in addition to the leading securities firms, small and medium-sized securities firms are also making rapid advances
Among them, China International Capital Corporation (CICC) garnered underwriting and sponsorship fees of 253 million yuan in the first quarter of this year, with a profit of over 143 million yuan from just one deal with ZhenShi Co., Ltd. Following closely is Guotou Securities, a small and medium-sized brokerage, ranking second with underwriting and sponsorship fees of 267 million yuan. Among the three projects it sponsored, two had underwriting and sponsorship fees exceeding 100 million yuan (Shenglong Co., Ltd. 113 million yuan, Yisiwei 117 million yuan).
In addition to the recovery on the issuance side, the changes in the IPO review process are also significant.
This year's &#34;Government Work Report&#34; proposed the regular implementation of a &#34;green channel&#34; mechanism for listing financing and mergers and acquisitions for technology companies in key core technology fields.
Industry insiders believe that this statement indicates that under a series of policy supports, the inclusiveness and adaptability of the capital market system continue to enhance, and the &#34;green channel&#34; mechanism for technology companies' listing financing and mergers and acquisitions remains smooth, significantly improving the efficiency of the capital market in serving technological innovation.
Wind data shows that in the first quarter of 2026, a total of 46 companies were reviewed for initial public offerings (IPOs) by the Shanghai and Shenzhen Stock Exchanges and the Beijing Stock Exchange, far exceeding the 8 companies in the same period last year, representing a year-on-year growth of 475%. Among these 46 companies, Xinxing Technology and Huikang Technology were previously subject to deferred review but subsequently passed the review on their second attempt.
In line with the listing side, the Beijing Stock Exchange remains the absolute main force in the review process, with 33 companies accounting for over 70% of the total. The number of IPO companies reviewed on the Shanghai and Shenzhen main boards, STAR Market, and ChiNext was 5, 4, and 4, respectively. In the same period last year, only 1 company, Chiao Da Tie Fa, from the Beijing Stock Exchange was scheduled for review among the 8 companies; additionally, 5 companies aimed for main board listings, while there was 1 company each for the STAR Market and ChiNext.
From the perspective of the review months, March saw the highest number of companies reviewed, with 23 companies including Zhenbao Technology, Qiaoluming, and Deshuo Technology undergoing review, accounting for 50% of the 46 companies. In January and February, there were 17 and 8 companies entering the listing committee meetings, respectively. In January, 17 companies including Chenguang Electric, Bangze Chuangke, and Gaote Electronics were reviewed; in February, 8 companies including Xinfu Technology, Huahui Intelligent, Chunguang Group, Longxin Intelligent, Jiachen Intelligent, Zhenhong Co., Ltd., Shenghe Jingwei, and Longchen Technology were reviewed.
With the pace of reviews accelerating, the speed of approval document issuance by the China Securities Regulatory Commission (CSRC) is also increasing. Data shows that among the companies that passed the review this year, 19 have successfully obtained registration approval, accounting for over 40%.
Among them, Shenghe Jingwei's IPO review progress is particularly rapid, taking only a little over 4 months from acceptance to registration effectiveness.
The prospectus shows that Shenghe Jingwei is an advanced packaging and testing company for integrated circuit wafer-level packaging, starting with advanced 12-inch mid-section silicon wafer processing and further providing full-process advanced packaging and testing services such as wafer-level packaging (WLP) and chip multi-chip integrated packaging. Its STAR Market IPO was accepted on October 30, 2025, passed the review on February 24, 2026, submitted registration on February 25 of this year, received approval on March 3, and will start subscription on April 9

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In the first quarter of 2026, the A-share IPO market showed signs of recovery, with 30 new stocks listed and a fundraising scale of 25.879 billion yuan, a year-on-year increase of 57.07%. The Beijing Stock Exchange became the main source of new stocks, with 16 new stocks coming from this exchange, surpassing the total from the STAR Market and ChiNext. The IPO review process accelerated, with the Shanghai and Shenzhen Stock Exchanges and the Beijing Stock Exchange reviewing a total of 46 companies, an increase of 475%. The inclusive system of the Beijing Stock Exchange attracted a large number of small and medium-sized innovative enterprises, and on March 20, the number of listed companies exceeded 300

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Q1 A-share IPO Review: New Shares on the Beijing Stock Exchange Account for Over Half, Number of Companies Approved for Listing Increases Nearly Fivefold