GMT EIGHT - General News

Cui Dongshu: China's share of the world's new energy vehicle market will be 70% in January-December 2024.

Cui Dongshu, Secretary-General of the China Association of Automobile Manufacturers, stated that in the period from January to December 2024, global automotive sales reached 90.6 million units, with new energy vehicles reaching 16.03 million units. The market share of new energy vehicles in the January-December period of 2024 reached 19.7%, with pure electric vehicles accounting for 11.4%, plug-in hybrids accounting for 6.3%, and hybrid vehicles accounting for 5.9%, with an increase in the market share of hybrid electric vehicles. Recently, Shanxi Guoxin Energy Corporation's passenger car sales growth has been stronger than the global average growth rate, maintaining a strong level of 52% for the whole year of 2021; in 2022, Shanxi Guoxin Energy Corporation's passenger car market share surpassed 63% globally; in 2023, China accounted for 64% of the global market share; and in January-December 2024, it continued to maintain a market share of 70.4%, with Shanxi Guoxin Energy Corporation's passenger car market share reaching 75% in October-December. In 2023, global automotive sales reached 89.01 million units, with new energy vehicle sales reaching 14.29 million units, and the proportion of fuel-powered vehicles decreasing relative to the total. In December 2024, global sales of new energy passenger cars reached 2.03 million units, with a 26% year-on-year increase and a 6% increase month-on-month. From January to December, the global sales of new energy passenger cars reached 17.38 million units, a 24% year-on-year increase. Due to the slowdown in the new energy vehicle market in Europe and America, the trend of global new energy vehicles in January-December has slowed down significantly compared to previous years. Cui Dongshu pointed out that in the context of increased supply of fuel-powered vehicles, the performance of new energy vehicles in Europe and America has been average. Due to the slowdown in the new energy vehicle market in Europe and America, the trend of global new energy vehicles in January-December has slowed down significantly compared to previous years. The slowing sales growth of new energy vehicles in Europe and America is worth noting. Currently, early adopters and environmentalists in Europe and America have already purchased electric vehicles, but mainstream consumers still have significant concerns about charging infrastructure, battery life, and insurance costs. Even with higher interest rates, the increase in sales penetration has not met expectations despite the opening up of the use of autonomous driving. In terms of the contribution of new energy vehicles in December, China accounted for 92%, the United States accounted for 2%, and the United Kingdom accounted for 4%. Turkey and the Netherlands each accounted for 2%, while other countries actually showed a relative decrease in contribution to the increase, especially Germany and France exhibited negative contributions. In 2024, Shanxi Guoxin Energy Corporation's increment contribution to the global passenger car market was 95%, while the United Kingdom, Brazil, and the United States each accounted for around 2%, and Indonesia accounted for 1%, so the overall increase in the global new energy vehicle market mainly came from China. Currently, China contributes to around 95% of the world's increase in new energy vehicles, making the Chinese car market the core focus of the world's new energy vehicle competition. Affected by the high base and the withdrawal of subsidies in various countries, as well as the EU's incorrect tax policy on Chinese electric vehicles, after a weak start in 2024, the new energy passenger car market in Europe and America continued to decline. From January to December 2024, Shanxi Guoxin Energy Corporation's car exports were not strong, but performed well in the South American and Southeast Asian markets, showcasing the strength of the Chinese industrial chain and the dual growth of a strong domestic market and exports. I. Trends of global new energy vehicles 1. Performance of global new energy vehicles in 2024: In 2023, global automotive sales reached 89.01 million units, with new energy vehicle sales reaching 14.29 million units, and the proportion of fuel-powered vehicles decreasing relative to the total. From January to December 2024, global automotive sales reached 90.6 million units, with new energy vehicles reaching 16.03 million units. 2. Global automotive energy structure: The sales proportion of global new energy vehicles reached 23.6% in January-December 2024, an increase of 2 percentage points compared to 2023. The proportion of narrow new energy vehicles reached 17.7%, showing a relatively strong performance. Among them, pure electric vehicles accounted for 11.4%, plug-in hybrids for 6.3%, hybrid vehicles for 5.9%, with an increase in the market share of hybrid electric vehicles. 3. Structure of global new energy vehicles: The structure of global new energy vehicles is mainly focused on narrow passenger cars, accounting for 95.7% in January-December 2024, while new energy commercial vehicles accounted for 4.3%. In new energy passenger cars, sedans accounted for 41%, SUVs for 52%, and MPVs had a relatively low share. SUVs are currently the main force in the global new energy market. With the increasing sales of new energy pickup trucks in the United States and China, the market share of new energy pickup trucks reached 0.6%. II. Trends of global new energy passenger cars 1. Performance of global new energy passenger cars in 2024: In 2020, sales of new energy passenger cars reached 2.87 million units, showing a 42% increase compared to the same period in 2019. In 2021, sales of new energy passenger cars reached 6.37 million units, exceeding expectations with a 122% growth rate. In 2022, the global new energy passenger car market showed strong growth, reaching 10.39 million units, a 63% year-on-year increase. In 2023, the global new energy passenger car market showed strong performance, reaching 13.99 million units, a 35% year-on-year increase. In December 2024, sales of new energy passenger cars reached 2.03 million units, a 26% year-on-year increase and a 6% month-on-month increase. From January to December, global sales of new energy passenger cars reached 17.38 million units, a 24% year-on-year increase. Due to the slowdown in the new energy vehicle market in Europe and America, the trend of global new energy vehicles in January-December experienced a significant slow down compared to previous years. 2. Market trends of global new energy passenger cars: In the first half of 2020, global new energy vehicles faced pressure from the high base, but in the second half, they entered a phase of low base, laying the foundation for a new growth cycle that continues to this day. From 2021 to 2022, there was an accelerating trend of growth, with stronger growth under the low base. In 2023, global new energy vehicles started on a lower note but then recovered to a medium-high growth. After reaching a peak in 2024, the features of a subsequent fall became evident. Due to the late Chinese New Year and no subsidy interference, Shanxi Guoxin Energy Corporation's sales were higher at the beginning of the year, with a slight decrease in February mainly due to.Due to the Spring Festival factor, growth resumed from March to August, and accelerated from September to December.3. Trends in the overseas new energy passenger car market Overall, the new energy trend in markets outside of China is relatively weak. Overseas new energy vehicles have been relatively sluggish since the beginning of this year, with growth slowing to 4% from January to December due to weak trends in Europe and North America in the third quarter. After a strong start in January, overseas new energy car trends were weak from February to August, but showed good performance from September to December, with a positive growth trend from October to December. Among the main overseas markets that can currently be analyzed, independent brand new energy vehicles have continued to perform well overall. The market share of Chinese independent brand new energy vehicles in overseas markets increased from 1.8% in 2021 to 4.7% in 2022, a 2.9 percentage point increase, and is expected to rise to 7.9% in 2023, a further 3.2 percentage point increase. In December of this year, the market share of independent new energy passenger cars in overseas markets was 11.1%, and from January to December it was 9.5%. The growth rate of market share for independent new energy passenger cars in overseas markets has slowed down significantly since March of this year. From the regional market trends of new energy vehicles, Europe has been consistently accelerating ahead of China since 2020. The European new energy vehicle market is expected to continue to grow steadily from 2021 to 2023. While the European market has been stronger in recent years, the US market for new energy vehicles has been slightly faster than Europe. The Chinese market continues to show strong sales growth trends in 2024, with the US showing clear signs of recovery at the beginning of this year and Europe improving from October to December after a sluggish second half of the year. 4. Penetration rates of new energy vehicles by country The overall penetration rate of new energy vehicles worldwide is rapidly increasing, reaching 13% in 2022, 16% in 2023, and 19.3% in 2024. Within the penetration rates for 2024, China is at 38.9%, Germany at 18%, Norway at 72%, the US at 9.6%, and Japan at 6.7%, showing significant imbalances in the global development of new energy vehicles. As China continues to strengthen its development of new energy vehicles, while Europe and the US weaken their incentives for new energy, the world's new energy vehicles are entering a new stage of differentiated development. 5. Contributions to new energy vehicle sales by country In December, China accounted for 92% of the world's new energy vehicle sales, the US for 2%, and the UK for 4%. Turkey and the Netherlands each accounted for 2%, with other countries showing a relative decline in contributions. In 2024, China's contribution to the world's new energy vehicle sales is expected to be around 95%, with the UK, Brazil, and the US each contributing around 2%, and Indonesia 1%. Therefore, China remains the core focus of competition in the world's new energy vehicle market.Guoxin Energy Corporation's market share in the automotive world has reached 75%.2. Trend of market share for new energy vehicles by manufacturers Looking at the sales share in previous years, China's BYD Company Limited is world-leading, while Tesla is not performing strongly and China's Geely is rapidly rising. SAIC Motor Corporation had a good performance in the early stages of new energy vehicles, with both SAIC Motor Corporation's passenger cars and SAIC Wuling's two independent car companies performing well. Recently, SAIC passenger cars have been weaker due to the impact of the European market. Geely Auto and Changan New Energy have shown significant strength recently. German Volkswagen's new energy vehicles have performed well, while BMW Group, Hyundai of South Korea, and others have fallen to the third tier level. Competition in the luxury car new energy wave is relatively intense, with Tesla's performance slowing down. Currently, the trend of performance cars from BMW and Mercedes-Benz is average, and Tesla's sales are currently increasing in models such as Model 3 and Model Y. Overall, the performance of China's new forces is strong, especially with companies like Ide, Zero Run, and others performing particularly well. 4. Trend of market structure for pure electric new energy vehicles 1. World structure of pure electric vehicles China's share in the global pure electric vehicle market has been relatively outstanding, with a share of around 60% in 2017-2018; this share slightly decreased in 2019-2020 to 48.5%, then increased to 65.9% in 2022, reaching 62.3% in 2023, and remaining relatively stable at 65% from January to December of 2024. Recently, China's plug-in hybrid vehicles have shown strong performance, while pure electric vehicles have performed averagely. The share of pure electric vehicles in Europe rose from 16% in 2018 to 23% in 2019, reaching 35% in 2020, then dropping to 20% in 2023 and falling back to 18% from January to December of 2024. This year, the share of electric vehicles in the United States decreased by 10.5%. 2. Trend of market share for car manufacturers Looking at the share of pure electric vehicles from car manufacturers, BYD Company Limited's share has been steadily increasing. From 2017 to 2021, maintaining a share of over 7%, the share increased to 12% in 2022, 17% in 2023, and a good performance of surpassing 18% in 2024. Tesla's share in pure electric vehicles has been relatively strong, but BYD Company Limited has surpassed Tesla in pure electric vehicles. Tesla's share was around 23% in 2020 and currently maintains a strong trend at 18%. Geely Group's share increased from 4% in 2019 to 9.5% in 2024. SAIC Motor Corporation, GAC, and Changan's share of pure electric vehicles have slightly decreased recently, while Changan's share remains relatively stable.

01/04/2025

2025 Forbes Global Billionaires List released, Musk tops the list with a net worth of $342 billion, becoming the world's richest person.

On April 1, 2025, the Forbes Global Billionaires List was released. In 2025, a record-breaking 3,028 people globally appeared on the Forbes annual Global Billionaires List, an increase of 247 people from the previous year, marking the first time the number of billionaires has exceeded 3,000. Their total wealth reached a record-breaking $16.1 trillion, an increase of $2 trillion from a year ago; the average wealth of billionaires is $5.3 billion, an increase of $200 million from 2024. Over the past year, Elon Musk's wealth increased by $147 billion to $342 billion. Despite recent protests and stock market sell-offs at Tesla, the stock price remains higher than a year ago. This has enabled Musk to reclaim the title of the world's richest person from Bernard Arnault by $1.26 billion more than the second-ranked Mark Zuckerberg ($216 billion). Amazon's Jeff Bezos ($215 billion) ranks third, with Oracle's Larry Ellison ($192 billion) in fourth place. Arnault ($178 billion) dropped to fifth place due to a fall in the stock price of his luxury goods group LVMH. Of the global billionaires, only 406 are women, accounting for 13.4% of the total list, slightly up from 13.3% last year. In 2025, a total of 288 new faces made it to the annual Billionaires list. They include celebrities such as rock star Bruce Springsteen ($1.2 billion), actor Arnold Schwarzenegger ($1.1 billion), and comedian Jerry Seinfeld ($1.1 billion). The newcomers also include several artificial intelligence entrepreneurs from companies like Anthropic, CoreWeave, and DeepSeek, as well as magnates behind well-known food chains like Cava, Chipotle, Jersey Mike's, and Zaxby's. While the overall trend of the global billionaires list shows a growth in wealth, some billionaires experienced setbacks in 2024. A total of 107 billionaires fell off the 2025 list due to a decline in wealth, including noteworthy dropouts such as AMD CEO Lisa Su, Supermicro co-founder Sara Liu, whose server and storage equipment manufacturing business faced difficulties, and Nicolas Puech, the Hermes luxury goods empire heir who claimed his assets mysteriously disappeared. The top 10 on the Forbes 39th annual Global Billionaires list are as follows:

01/04/2025

State Grid Corporation: From January to February, the total amount of electricity market transactions organized by various power trading centers nationwide reached 950.25 billion kilowatt-hours, a year-on-year increase of 0.6%.

On April 1st, according to the China Electricity Council, from January to February, the cumulative market trading volume organized by various power trading centers nationwide reached 950.25 billion kilowatt hours, a year-on-year increase of 0.6%, accounting for 61.1% of the total electricity consumption in society, a decrease of 0.62 percentage points year-on-year, and accounting for 75.5% of the electricity sold by the grid, a decrease of 0.18 percentage points year-on-year. Among them, the total volume of long-term direct power trading in the national electricity market was 4,219.15 billion kilowatt hours, an increase of 5.7% year-on-year. In February, the total market trading volume organized by various power trading centers nationwide reached 495.38 billion kilowatt hours, a year-on-year increase of 6.0%. Among them, the total volume of long-term direct power trading in the national electricity market was 726.87 billion kilowatt hours, a decrease of 2.8% year-on-year. I. Trading situation of various power trading centers nationwide From January to February, various power trading centers nationwide organized a cumulative market trading volume of 950.25 billion kilowatt hours, a year-on-year increase of 0.6%, accounting for 61.1% of the total electricity consumption in society, a decrease of 0.62 percentage points year-on-year, and accounting for 75.5% of the electricity sold by the grid, a decrease of 0.18 percentage points year-on-year. The total intra-provincial trading volume was 738.83 billion kilowatt hours, including 714.86 billion kilowatt hours of direct power trading (including 348,000 kilowatt hours of green power trading and 1,539.7 billion kilowatt hours of grid agent purchase), 238.9 billion kilowatt hours of generation rights trading, and 0.8 billion kilowatt hours of other trading. The total inter-provincial trading volume was 211.42 billion kilowatt hours, including 120.1 billion kilowatt hours of inter-provincial direct power trading, 1,923.7 billion kilowatt hours of inter-provincial sent trading, 20.4 billion kilowatt hours of generation rights trading, and 50 billion kilowatt hours of inter-provincial spot trading. In February, the total market trading volume organized by various power trading centers nationwide reached 495.38 billion kilowatt hours, a year-on-year increase of 6.0%. The total intra-provincial trading volume was 385.87 billion kilowatt hours, including 369.69 billion kilowatt hours of direct power trading (including 192.7 billion kilowatt hours of green power trading and 586.1 billion kilowatt hours of grid agent purchase), 158 billion kilowatt hours of generation rights trading, and 3.9 billion kilowatt hours of other trading. The total inter-provincial trading volume was 109.51 billion kilowatt hours, including 80.5 billion kilowatt hours of inter-provincial direct power trading, 986.3 billion kilowatt hours of inter-provincial sent trading, 6.9 billion kilowatt hours of generation rights trading, and 21.5 billion kilowatt hours of inter-provincial spot trading. From January to February, the various power trading centers in the State Grid region organized a cumulative market trading volume of 74.879 billion kilowatt hours, a year-on-year decrease of 1.5%, with the Beijing Power Trading Center organizing a total inter-provincial trading volume of 184.54 billion kilowatt hours; the various power trading centers in the South China Grid region organized a total market trading volume of 156.16 billion kilowatt hours, an increase of 14.2%, with the Guangzhou Power Trading Center organizing a total inter-provincial trading volume of 26.88 billion kilowatt hours; and the Inner Mongolia Power Trading Center organized a total market trading volume of 45.29 billion kilowatt hours, a decrease of 4.7%. II. Direct power trading situation in the national electricity market From January to February, the total direct power trading volume in the national electricity market was 7,268.7 billion kilowatt hours, a decrease of 2.8% year-on-year. Among them, the total volume of intra-provincial direct power trading (including green power and grid agent purchase) was 7,148.6 billion kilowatt hours, and the total volume of inter-provincial direct power trading (imported) was 120.1 billion kilowatt hours. In February, the total direct power trading volume in the national electricity market was 3,490.1 billion kilowatt hours, an increase of 5.3% year-on-year. Among them, the total volume of intra-provincial direct power trading (including green power and grid agent purchase) was 3,435.7 billion kilowatt hours, and the total volume of inter-provincial direct power trading (imported) was 54.4 billion kilowatt hours. From January to February, the total volume of long-term direct power trading in the State Grid region was 5,558.9 billion kilowatt hours, a decrease of 4% year-on-year; the total volume of long-term direct power trading in the South China Grid region was 1,274.1 billion kilowatt hours, an increase of 1.6% year-on-year; and the total volume of long-term direct power trading in the West of Inner Mongolia Grid region was 435.7 billion kilowatt hours, a decrease of 0.4% year-on-year.

01/04/2025

CRIC Real Estate Research: The land market in March is showing a sporadically hot trend, with land auction activities in core cities continuing to heat up.

Ke Rui Real Estate Research pointed out in a document that the land market was hot in March, with land auctions in core cities continuing to heat up. The average premium rate was 17.1%, an increase of about 6 percentage points compared to the previous month. High-priced land parcels with high premiums were transacted in cities such as Beijing, Shanghai, Hangzhou, Suzhou, and Chengdu. Among the top 10 cities in terms of transaction amount this month, 6 cities had an average premium rate exceeding 10%, with Hangzhou and Suzhou reaching as high as 42% and 38% respectively. Thanks to the innovative high floor prices in cities such as Beijing, Shanghai, Hangzhou, and Chengdu, as well as the sustained confidence on the demand side, the land auction confidence remains high in 2025. Investment amount, top 100 threshold for building area and total price increased by 18% and 14% respectively. As of the end of March, the threshold value of the top 100 new land reserves was 11.7 billion yuan, a decrease of 19% year-on-year, but the decrease was 10 percentage points higher than the end of February; the threshold value of the top 100 new total price was 5.3 billion yuan, an increase of 18% year-on-year; the threshold value of the top 100 new building area was 171,000 square meters, a slight increase of 14% year-on-year, with the growth rate narrowing compared to the end of February. The land acquisition amount of the top 100 investors increased by 42.2% year-on-year in the first quarter. In March 2025, the total value of new land reserves, total price, and building area of the top 100 real estate developers totaled 622 billion yuan, 317.1 billion yuan, and 33.56 million square meters, with a year-on-year increase of 17.8%, 42.2%, and 5.1% respectively. The three indicators of the top 100 investment companies all rebounded compared to the same period last year, showing an increase in investment enthusiasm. Sales concentration of the top 100 continued to rise, with a land acquisition to sales ratio of 0.3 In the first three months of 2025, the concentration of land acquisition among the top 100 real estate companies continued to rise, with the top 10 companies accounting for 75% of the total new value, an increase of 13 percentage points from the end of 2024. The market is further concentrating on leading companies; in addition, the new value of the top 11-20 companies accounted for 13%, top 21-30 accounted for 3%, top 31-50 accounted for 10%, and the remaining 50 accounted for only 3%. In terms of land acquisition to sales ratio, the top 100 real estate companies' land acquisition to sales ratio in January-March 2025 rose to 0.3, an increase of 0.13 from the end of 2024, mainly driven by the significant land acquisition amounts of certain leading companies, such as CHINA JINMAO, Hangzhou Binjiang Real Estate Group, and GREENTOWN CHINA, whose land acquisition to sales ratios are much higher than the overall top 100 level. The top 10 sales leaders in the first quarter saw a 162% year-on-year increase in land investment acquisition amount. In the first quarter, there was a "differentiation" trend in enterprise investments. On the one hand, nearly 70% of the top 100 in sales did not have land reserves, maintaining a cautious investment stance. On the other hand, leading sales companies increased their land acquisition efforts compared to last year, driving a hot land market. The top 10 companies in sales were the most proactive in land acquisition, with a total land acquisition amount (all-caliber) of nearly 177.5 billion yuan in the first quarter, a year-on-year increase of 162%. Eight of these companies were among the top 10 in land acquisition amount, continuing to invest in high-quality land parcels in core cities over the past two years. Among state-owned enterprises, CHINA RES LAND, China Overseas Land & Investment Ltd., and China Merchants Shekou Industrial Zone Holdings Co., Ltd. had land acquisition to sales ratios exceeding 0.6, with significant increases in the amount, at 92%, 1768%, and 183% respectively. Compared to last year, with the market stabilizing and more high-quality land parcels being supplied, state-owned enterprises have taken a more front-seat approach in investment allocation. Local state-owned enterprises, such as YUEXIU PROPERTY and Jianfa Real Estate, have also been actively acquiring land in first-tier and core second-tier cities such as Beijing and Chengdu to fill future high-quality saleable values. Hangzhou Binjiang Real Estate Group continued to focus on its main business, with land acquisition in Hangzhou accounting for 94% in the first quarter. Overall, leading companies' investment strategies are converging: first, they are selecting high-quality land in core cities and have lower interest in peripheral areas; second, they prefer well-located, low FAR, small land parcels that ensure security while maintaining flow rates. Key land auction heat remains sustainable, and investment concentration will continue to rise. In the period from January to March 2025, the land market continued to show significant differentiation. Land transaction premium rates in first-tier cities such as Beijing, Shanghai, Hangzhou, and Chengdu continued to rise, with high premium transactions for high-quality land parcels in core locations driving market heat and attention back to an upward trend. However, it is worth noting that this round of market warming shows obvious structural characteristics, with third and fourth-tier cities experiencing a decline in both quantity and price, indicating that the market recovery still lacks momentum and substantial improvement will rely on the recovery of regional economic fundamentals and continued policy support. From the perspective of real estate developers, leading companies continue to strengthen their strategic land reserves in high-energy-level cities, with an increasing number of companies participating in bidding for key land parcels and intense competition in bidding prices. Market concentration is further differentiated, with leading companies and state-owned enterprises accelerating the optimization of their land reserves leveraging their financial advantages, while small and medium-sized real estate companies continue to shrink their investment radius due to liquidity pressures. This investment pattern is expected to drive the continuous aggregation of high-quality land resources to leading companies, leading to a new cycle of industry concentration.

01/04/2025

March China Car Residual Value Study Report: Small MPVs Face Decline in Resale Value due to Electrification Substitution.

On April 1st, the China Automobile Dealers Association and Jingzhengu jointly released the "March 2025 China Automobile Residual Value Research Report." The report stated that the rise in used car prices is a favorable factor for the first half of the year, and car dealers should seize the market situation to avoid a decrease in the circulation speed. Different types of vehicles that experienced a decline in residual value this month are facing various challenges. Among them, the market size of compact sedans is shrinking, the unit price of medium-sized SUVs is too high, and small MPVs are facing electrification substitution, all of which are unfavorable for price stability. Luxury brand used cars are mainly fuel-powered, and there is still a large audience that recognizes the brand value. Due to the inevitable adjustment of sales targets for new cars by various manufacturers, the current terminal pressure has temporarily eased. Tesla's advanced driver assistance features are close to fruition, leading existing car owners to delay their selling plans. After the decline in Land Rover's residual value this month, it is more in line with the brand's long-term performance in the domestic market. By focusing on residual value data, we can understand the past market environment, industry trends, the relationship between enterprise development and residual value, and also reflect the overall strength of the brand in terms of product power, awareness, reputation, etc. The residual value price data on this list is calculated based on the resale price of used cars in good condition (B2C). The following are the rankings based on the data: Policy direction Stimulate consumption special action plan The release of the "Action Plan" at a high level has already indicated the significant importance of "consumption," making it a top priority in economic work and a solution to maintain stability in all aspects. In addition to the already implemented "old for new" policy, extending the automobile consumption chain is a relatively novel approach directed at multiple pain points in the used car market. The original text proposes to nurture and expand the main operators of the second-hand car market and continue to implement facilitation measures such as "reverse invoicing" for second-hand car sales, remote trading registration, etc. Strengthening information sharing in the automobile sector, supporting the development of third-party platforms for querying second-hand car information, and promoting safe and convenient second-hand car transactions. Hot event Old operating trucks being scrapped and renewed This detailed regulation was jointly issued by the Ministry of Transportation, the National Development and Reform Commission, the Ministry of Public Security, the Ministry of Finance, and the Ministry of Commerce. Commercial vehicles are also a key focus of the country's "two new" policy, and this time, the financial subsidies funds are shared between the central and local governments, with an increase in intensity. Users and owners of old operating trucks are sensitive to prices, and the effects and elasticity of subsidies are expected to be good. This update will also have an impact on the promotion of new energy trucks. Change in online car listings The volume of car listings has significantly increased The hot sales of new cars are also one of the reasons for the active second-hand market. Extending the scope of the "old for new" policy is stimulating consumer enthusiasm throughout the demand side, with a noticeable increase in spring car demand. Some regions are testing subsidies for second-hand car transactions, which currently have a very small impact on the overall market situation. Residual value rates at all levels Residual value rates at all levels are generally on the rise Luxury brand residual value rates Tesla's residual value rate increases Luxury brand used cars are mainly fuel-powered, and there is still a large audience that recognizes the brand value. Due to the inevitable adjustment of sales targets for new cars by various manufacturers, the current terminal pressure has temporarily eased. Tesla's advanced driver assistance features are close to fruition, leading existing car owners to delay their selling plans. After the decline in Land Rover's residual value this month, it is more in line with the brand's long-term performance in the domestic market. Residual value rates of mainstream international brands Residual value rates of joint venture brands have significantly improved The "one-price" initiative launched by brands such as Volkswagen and Buick has been imitated by many brands, especially joint venture brands, which are mostly implementing similar schemes combined with new car generations. The prices of second-hand cars usually include risk factors, and when a fixed one-price becomes a consistent reference factor, the prices of second-hand cars can be appropriately increased. The ranking of residual value rates for American and Korean brands has changed significantly, clearly influenced by recent international conditions. Residual value rates of domestic brands Residual value rate changes for domestic brands In terms of domestic brands, the residual value rates show a slight downward trend. GAC Motor continues to retain the highest residual value. Many domestic brands are leveraging the new energy track to overtake their competition, surpassing joint venture counterparts in terms of sales volume and ranking, and opening up a "acceleration" mode for brand development. Popular residual value ranking list Joint venture Luxury Mid-sized cars Residual value ranking The Cadillac CT5 stands out in the luxury mid-sized car market due to its excellent luxury configuration and powerful performance, winning the favor of many consumers. The main competitors of the Cadillac CT5 undoubtedly include the 3 Series, C-Class, and A4L of BBA, but in terms of their emphasized sportiness, the CT5 is undoubtedly purer, ranking third in the same category, with Mercedes-Benz C-Class and BMW 3 Series ranking first and second respectively. Popular residual value ranking list 150,000-200,000 yuan Domestic Pure electric Mid-sized cars residual value ranking SAIC Roewe has officially introduced the policy of "zero spontaneous combustion and three electric lifetime quality assurance" addressing consumers' concerns regarding new energy and battery safety, regardless of the first owner, year, or mileage, providing a lifetime of quality assurance and pledging to "pay one if it burns". In the competitive new energy vehicle market, the Roewe D7 ranks first in its class due to its excellent value, advanced technology, and rich configuration. Popular residual value ranking list Joint venture Large SUV residual value ranking Among the large SUVs in the market, only the SAIC Volkswagen Touareg meets the distinctive label of "big space" and "big size." This label has been recognized by the vast majority of Touareg owners, and precise handling and high configuration are also major advantages of this car. The reputation that Volkswagen has built over the years is also the best guarantee for the Touaregs residual value, ranking first in its class. Popular residual value ranking list New energy Electric Large SUV Residual value ranking As the flagship SUV of Hongmeng Zhihang, the new car has achieved outstanding results with a cumulative delivery of over 100,000 units since its launch. With intelligent cockpit and advanced technology of Huawei Qinxun smart driving, the Wenjie M9 ranks first in its class. Popular residual value ranking list Domestic Plug-in hybrid MPV Residual value ranking In the domestic plug-in hybrid MPV market, GAC Motor, with its leading plug-in hybrid technology, proven reliable quality, and comprehensive advantages in luxurious space and intelligent configuration, strikes a perfect balance between family travel and business needs. With GAC Motor's years of technological accumulation and brand reputation, the GAC E8 new energy and GAC E9 secure the top two spots in their class. Changes in the new energy car market Product access, recalls, andSoftware online upgrade managementDuring the software upgrade process, the primary responsibility of the enterprise still needs to be emphasized, and the upgraded products must still meet various national standards requirements. The attention of regulators has been drawn to cases where the driving assistance system fails or the vehicle is involved in a collision. During the "315" period, the Market Supervision Administration also issued a "Car Recall User Guide" to guide consumers in protecting their rights. In the case of the recovery of the March car market, competition in the new energy vehicle sector has become more intense, especially with hybrid cars being greatly impacted by price wars. With BYD Company Limited announcing the "standard configuration" of intelligent driving, the disadvantages of older second-hand cars are very apparent, as the differences in features cannot be compensated for by a "good condition" alone. Hybrid models from luxury brands like Mercedes-Benz and BMW are popular in the second-hand market, but with the upgrade of charging infrastructure and manufacturers actively stopping production of hybrids in favor of developing pure electric vehicles, the value of older models is gradually decreasing. Major pure electric vehicle depreciation rates In the March 2025 list of major pure electric vehicles, the top three pure electric models are Wanjie M9, Ideal MEGA, and Model X; this month, several new models have made it to the list, with a significant proportion of domestic brands in the top 15 list of pure electric models. Major plug-in hybrid vehicle depreciation rates In this month's plug-in hybrid list, the top spot is taken by the Tank 700 new energy vehicle, and domestic brands are still showing strong momentum, with a majority of domestic brands making it to the list; after three years of use, domestic brands still dominate and have a significant market share. The penetration rate of domestic new energy vehicles has exceeded expectations, and domestic brands still have a significant advantage.

01/04/2025

China Automobile Dealers Association: The automobile consumption index for March was 71.5, a slight decrease from the previous month.

On April 1, 2025, the China Automobile Dealers Association released the latest issue of the "Automobile Consumption Index": the automobile consumption index in March 2025 was 71.5, a slight decrease from the previous month, but the decrease was not significant. It is expected that sales in April will remain relatively stable compared to March or may slightly decrease. Car consumption index trend chart In April, the automobile market faces a complex situation with various factors intertwined. From the demand side, three major factors may constrain sales growth: first, at the end of March, dealers carried out promotional activities to meet quarterly assessments, resulting in the early consumption of some demand; second, the busy spring farming season has led to a temporary weakening of car purchase demand in rural markets; third, the traditional Qingming Festival customs have caused some consumers in certain regions to buy cars earlier or postpone their purchases. However, the market also has multiple positive factors: the peak travel season in spring driving demand for family cars, the approaching May long holiday further stimulating consumer willingness to buy cars, the recent launch of many new car models, a significant decrease in prices for smart driving models, significantly increasing product attractiveness, coupled with spring car exhibitions in various regions and the upcoming Shanghai International Auto Show at the end of April injecting new vitality into the market. Comprehensive analysis shows that with the combined effects of positive and negative factors, it is expected that automobile sales in April will remain relatively stable or slightly decrease compared to March, but there are still significant structural opportunities in the market, with new energy and intelligent vehicle models likely to maintain their growth momentum. Demand sub-index: Looking at the sub-indices that make up the automobile consumption index, the demand sub-index in March 2025 was 71.8, slightly lower than the previous month. In April, the consumption demand in the automobile market showed structural differentiation: on one hand, due to the dealer promotions at the end of March, busy spring farming, and the influence of Qingming customs in some regions, some car purchase demands were suppressed; on the other hand, spring outings and the upcoming May holidays driving an increase in car usage demand, combined with the launch of many new car models, have stimulated new consumer willingness to purchase. Car consumption index - Demand sub-index Store entry sub-index: The store entry sub-index in March 2025 was 75.1, slightly lower than the previous month. In April, store traffic will show regional and structural differences, with a decrease in traffic in rural areas due to spring farming, while at urban car exhibitions, store traffic is active. Large events like the Shanghai Auto Show bring significant crowd gathering effects, while the continuation of replacement subsidies and the launch of new cars will continue to drive specific groups of people to enter stores. Car consumption index - Store entry sub-index trend chart Purchase sub-index: The purchase sub-index in March 2025 was 69.7, lower than the previous month. Overall, the release of travel demand will drive sales growth, with upgraded products on one hand stimulating new consumption demands, and on the other hand, the extended delivery cycles due to the climbing production capacity of new products temporarily constraining volume sales. It is expected that the automobile market in April will demonstrate characteristics of "stable volume adjustment and structural optimization". Car consumption index - Purchase sub-index trend chart The consumer environment in the automobile market in April is conducive to stable sales: firstly, the smooth implementation of the "two new" policies in the automobile industry continues to drive continued consumer vitality; secondly, the recent launch of many new car models, with smart driving models seeing price decreases, has significantly increased the attractiveness of new products, attracting consumers to enter stores; in addition, many regions have started spring car exhibitions, with the Shanghai International Auto Show in late April attracting consumer attention. In terms of consumer demand and willingness to purchase, there are structural differences in demand in April: on one hand, at the end of March, dealers carried out promotional activities to meet quarterly assessments, resulting in the early consumption of some demand, and in April, spring farming busy seasons in many regions and the influence of Qingming customs in some areas affect the release of some car purchase demands; on the other hand, April is the peak season for travel and outings, combined with the approaching May holidays, driving the increase in travel-related car purchase demands. In conclusion, it is expected that the automobile market in April will demonstrate the operational characteristics of "structural differentiation of demand, intertwining of traditional off-season and seasonal demand release", with overall market sales expected to remain stable, with slight adjustments compared to March.

01/04/2025

A-share companies heading for listing in Hong Kong have strong momentum, with 16 companies currently submitting applications and 17 companies announcing.

Ryan Capital issued a statement stating that it is becoming a trend for A-share listed companies to seek listing in Hong Kong. Since ZTE Corporation (00763) became the first A-share listed company to list in Hong Kong on October 9, 2004, as of March 31, 2025, a total of 48 A-share listed companies have issued H-shares for listing in Hong Kong. In particular, since the listing reform in Hong Kong on April 30, 2018, a total of 19 A-share companies (including 2 introduction listings not involving financing) have achieved listing in Hong Kong, with a total IPO financing of approximately HK$143.7 billion, accounting for 2.3% of the total number of companies listed in Hong Kong since the listing reform (827 companies) and 9.2% of the total IPO funds raised (approximately HK$1.5622 trillion). In October 2024, the Hong Kong Securities and Futures Commission and the Stock Exchange jointly issued a statement announcing plans to optimize the timetable for new listing applications, including accelerating the approval process for qualified A-share companies, in order to further enhance Hong Kong's attractiveness as a leading international IPO fundraising market in the region. Since then, a wave of A-share companies announcing plans to list in Hong Kong has emerged. Since 2024, as of March 31, 2025, at least 33 A-share companies have been preparing for A+H listings. 1. A-share companies listed in Hong Kong in 2025 (1 company) As of March 31, 2025, only 1 A-share company has been listed in Hong Kong in 2025, raising HK$26.76 million, accounting for 5.9% of the total number of companies listed this year (17 companies) and 16% of the total IPO funds raised of HK$170.86 million. In the past years of 2024, 2023, and 2022, 3, 1, and 4 A-share companies were listed in Hong Kong, accounting for 4.2%, 1.4%, and 4.4% of the respective annual total number of listings. In the past years of 2024, 2023, and 2022, A-share companies listed in Hong Kong raised HK$42.047 billion, HK$10.98 billion, and HK$36.087 billion, accounting for 48.1%, 2.4%, and 34.5% of the total IPO funds raised in the respective years. 2. A-share listed companies that have submitted applications in Hong Kong (16 companies) Currently, 16 A-share listed companies have submitted applications for listing in Hong Kong, including: Lens Technology(300433.SZ), Shenzhen Longsys Electronics(301308.SZ), Wuxi Lead Intelligent Equipment(300450.SZ), Sicc Co., Ltd.(688234.SH), Contemporary Amperex Technology(300750.SZ), Balitien Heng(688506.SH), Anji Foods Group(603345.SH), Ningbo Joyson Electronic Corp.(600699.SH), Zhejiang Sanhua Intelligent Controls(002050.SZ), Fortior Technology(Shenzhen)Co.,(688279.SH), Foshan Haitian Flavouring and Food(603288.SH), Mywe Life Science(688062.SH), Jiangsu Hengrui Pharmaceuticals(600276.SH), Hainan Drinda New Energy Technology(002865.SZ), Xiamen Jihong Package Technology(002803.SZ), BHGB(833575.BJ). Among them, 13 A-share companies have submitted applications to the Hong Kong Exchanges and Clearing Limited (HKEX) in 2025, with 12 of them submitting applications to HKEX for the first time. According to the new regulations, for qualified A-share listed companies, HKEX and the Hong Kong Securities and Futures Commission will complete regulatory assessments within no more than 30 business days, taking into account the time required for the applicant to respond and the time required for approval by the China Securities Regulatory Commission. It is expected that more A-share listed companies will list in Hong Kong in the second quarter of 2025. 3. A-share listed companies that have announced plans to list in Hong Kong (17 companies) As of March 31, 2025, there are 17 A-share listed companies that have not yet submitted applications to Hong Kong, but have formally announced plans to list in Hong Kong: Chongqing Sokon Industry Group Stock(601127.SH), Yusys Technologies(300674.SZ), Three Squirrels Inc.(300783.SZ), Suzhou Novosense Microelectronics(688052.SH), ENN Natural Gas(600803.SH), Fibocom Wireless Inc.(300638.SZ), Unisplendour Corporation(000938.SZ), Eastroc Beverage(605499.SH), JA Solar Technology(002459.SZ), Sany Heavy Industry(600031.SH), JoulWatt Technology(688141.SH), CNGR Advanced Material(300919.SZ), GEM Co.,Ltd.(002340.SZ), Nanhua Futures(603093.SH), Hehui Optoelectronics(688538.SH), Cig Shanghai(...603083.SH)Chengxin Lithium Group(002240.SZ)The impact of Hong Kong's optimization of the new stock listing application approval system is gradually becoming apparent. 4. Rumored A-share companies listed in Hong Kong (3 companies) In addition, there are rumors in the market that A-share listed companies such as Guangzhou Shiyuan Electronic Technology (002841.SZ), Muyuan Foods (002714.SZ), and Shanghai Yuyuan Tourist Mart (600655.SH) are planning to go for a secondary listing in Hong Kong. 5. Several A-share companies split subsidiaries for Hong Kong listing In addition to directly choosing an H-share listing, some A-share listed companies are splitting subsidiaries for listing in Hong Kong. Iflytek Co., Ltd. (002230.SZ) split XUNFEIHEALTH (02506) and successfully listed in Hong Kong on December 30, 2024; Shandong Nanshan Aluminium (600219.SH) split Shandong Nanshan Aluminium International (02610) and successfully listed in Hong Kong on March 25, 2025; Goertek Inc. (002241.SZ) split Goer Microelectronics for listing in Hong Kong and has submitted the application to the Hong Kong Stock Exchange; Noblelift Intelligent Equipment (603611.SH) has announced plans to split Zhongding Intelligent for listing in Hong Kong.

01/04/2025

Omdia: Steam's position in the Southeast Asian gaming market is stable, with an average YAU reaching 11.5 million.

The latest "2025 Southeast Asia Gaming Market Report" released by Omdia shows that Steam has consolidated its dominant position in the thriving Southeast Asian PC gaming market. In 2024, this gaming platform owned by Valve set a new record in the region, with an average of 11.5 million annual active users (YAU), accounting for 3.7% of the global annual active user base. Despite facing some challenges, Steam's strategic focus on local payment gateways and region-specific pricing makes it the preferred platform for local developers looking to expand into the global market. Mobile games: Football games dominate in a stagnating growth situation Despite a growth rate of only 2% in 2024, Konami's "efootball" and EA's "EA FC Mobile Soccer" performed exceptionally well. With the promotion of major football events, strategic updates, and high-profile IP collaboration activities, these games saw a 39% increase in revenue, solidifying their position in the mobile gaming industry. Policy shifts: Governments balance regulation while promoting esports Governments in Southeast Asia are enacting policies favorable to esports, actively nurturing the gaming ecosystem. These policies cover infrastructure development, talent cultivation, and intellectual property protection. However, regulatory challenges still exist, as some countries maintain restrictive measures on foreign games and companies to protect local developers and young audiences. Dynamic future of the Southeast Asian gaming market Omdia's latest report emphasizes a dynamic market landscape, with Steam's PC ecosystem, the rise of sports games, and government-supported esports initiatives reshaping the future of the Southeast Asian gaming industry. Chenyu Cui, Senior Analyst at Omdia, stated, "Southeast Asia remains a crucial battlefield for developers. While this market has huge growth potential, success depends on adapting to evolving regulatory policies, leveraging local partnerships, and staying abreast of regional gaming trends."

01/04/2025

IDC: By 2024, the overall market revenue of digital industrial printers in China will reach as high as 1 billion USD, a year-on-year increase of 9.5%.

The Global Industrial Printer Market Tracking Report for the fourth quarter of 2024 released by International Data Corporation (IDC) shows that in 2024, the overall market revenue of digital industrial printers in China reached a high of 1 billion US dollars, an increase of 9.5% year-on-year. Among them, the large-format digital printing machine saw a 1.4% year-on-year decline, while digital textile printing machines saw an 11.4% increase, and digital industrial label and packaging printing machines saw a 29.1% increase. IDC found the following trends in the Chinese digital industrial printer market in 2024: - The growth in demand for advertising printing alleviated the decline in the large-format digital printing machine market in 2024. - The demand for large-format engineering machines continued to decline year-on-year in 2024. The decrease in the number of new engineering projects undertaken by the real estate and architectural design institutes led to continued overall low demand in the market. In pursuit of maximizing operational efficiency, related companies further tightened their budget for office equipment procurement. Additionally, the confidence of homebuyers did not show a clear recovery in 2024, which also partially impacted the sales of existing and new homes, thereby affecting the initiation of new projects. - The market revenue for digital advertising printing machines saw positive growth in 2024. However, markets such as wedding photography, graduation photos, and personal portraits performed poorly last year. On one hand, with the changing marriage concepts of the younger generation, wedding forms are increasingly focused on personalization, simplicity, and rationality, impacting the traditional demand for wedding photography. On the other hand, the photography industry faces fierce market competition, rising costs, and rapid changes in consumer demands, affecting customers' demand for new equipment purchases. - The third industry, represented by culture and tourism, continued to inject strong momentum into the domestic economic development in 2024. Many cities with unique cultural intellectual property creatively developed attractive tourism resources, promoting a strong recovery and high-quality development in the domestic tourism industry. The tourism market overall progressed steadily, with vibrant consumer market activity, serving as a powerful engine driving domestic demand and boosting market confidence. - The digital textile printing machine market steadily grew in 2024, moving towards a high value-added track. IDC's classification of digital textile printing machines includes flocking machines, low-speed digital printing machines, high-speed industrial digital printing machines, and digital T-shirt direct printing machines. In 2024, both flocking machines and low-speed digital printing machines showed a downward trend in the domestic market. On the other hand, the market size of digital T-shirt direct printing machines and high-speed industrial digital printing machines both saw positive year-on-year growth. On one hand, the slowing global economic growth weakened the confidence and purchasing power of domestic end consumers, leading to a suppression of demand for non-essential consumer goods like apparel and home textiles. On the other hand, amid increasing domestic market competition, many brands specializing in low value-added equipment gradually shifted their business strategies towards overseas markets to gain more sales opportunities. This shift indirectly reflects the maturity of the domestic digital textile printing market, as equipment products transition from simple price competition to high value and high quality direction. At the same time, Chinese digital textile printing equipment has gained significant recognition in domestic and international markets, with products gaining international reputation, driving the notable growth of apparel and home textile exports. These factors objectively provide strong support for the growth in demand for high-speed industrial digital printing machines. In 2024, there was strong demand growth for digital industrial label and packaging printing machines, with outstanding contributions from the fast-moving consumer goods and cultural creative industries. The market revenue for digital industrial label and packaging printing machines saw further growth in 2024. The digital industrial label market developed rapidly, while the packaging printing machine market steadily grew, with corrugated printing machines performing particularly well. Despite the overall rational consumption and cautious purchasing behavior of domestic consumers in 2024, practical, trendy, and well-designed product packaging continued to stimulate consumer purchasing desire. The growth in industries such as e-commerce, express logistics, and fast-moving consumer goods drove increasing demand from printing factories for digital industrial label and packaging printing equipment that could meet personalized and innovative requirements. Simultaneously, the rapid development of the cultural creative industry also prompted printing companies to increasingly demand creative and innovative labeling and packaging solutions. These factors collectively drove the rapid development of digital industrial packaging and labeling printing equipment. Sun Hongqing, Senior Analyst of IDC's Print, Image and Document Solutions Research Department in China, believes that the scale of the digital industrial printer market in China continued to steadily grow in 2024, showing good development momentum. Although there is a gradual differentiation in profit margins for equipment, certain types have achieved higher profit levels due to technological advantages and innovative applications. IDC recommends that equipment manufacturers keenly observe the dynamics of the domestic market, grasp hot trends, accurately target market demands, create more targeted products and services, stand out in fierce market competition, consolidate their competitive position. At the same time, there is a need to continue to invest in product quality and research and development, innovate thinking, actively explore new application scenarios, attract more potential customers, and expand a broader market space.

01/04/2025

In the first quarter, the A-share equity financing market maintained a stable pace of issuance, with CITIC SEC ranking first in total underwriting amounts among securities firms.

In the first quarter of 2025, the A-share equity financing market issuance pace was stable. According to Wind data, in the first quarter of 2025, the Chinese mainland stock market completed a total of 57 fundraising events through IPOs, secondary offerings, and convertible bonds, a decrease of 21 events compared to the same period last year, raising a total of 92.255 billion yuan, a year-on-year increase of 14.82%. In terms of financing methods, there were 25 IPO issuances, a decrease of 6 compared to the same period last year, raising 15.82 billion yuan, a decrease of 41.39% year-on-year. Under the policy guidance of "strengthening the entry gate and facilitating refinancing", there were 24 secondary offerings, a decrease of 14 compared to the same period last year, raising a total financing amount of 62.755 billion yuan, an increase of 24.08% compared to the same period last year. From the perspective of securities underwriting, CITIC SEC ranked first with a total underwriting amount of 30.352 billion yuan, with 12 underwritings; Zhonghang Securities ranked second with a single project underwriting amount of 8.72 billion yuan; and Orient ranked third with an underwriting amount of 7.141 billion yuan, with 5 underwritings. Overview of the equity financing market 1.1 Trend of equity financing scale in the past three years In the first quarter of 2025, there were a total of 57 equity financing events in A shares, a decrease of 21 compared to the same period last year; the total equity financing amount was 92.255 billion yuan, an increase of 14.82% compared to the same period last year. Among them, there were 25 IPO projects, a decrease of 6 compared to the same period last year; the amount raised was 15.82 billion yuan, a decrease of 41.39%. There were 24 secondary offerings, a decrease of 14 compared to the same period last year; the amount raised was 62.755 billion yuan, an increase of 24.01% year-on-year. 1.2 Distribution of financing methods Specifically, in the first quarter of 2025, there were 25 IPO issuances, raising 15.82 billion yuan, accounting for 17.15%; 24 secondary offerings, raising 62.755 billion yuan, accounting for 68.02%; and 8 convertible bond issuances, raising 13.68 billion yuan, accounting for 14.83%. 1.3 Distribution of financing entities by industry In terms of the distribution of financing in various industries, the hardware equipment industry ranked first with a fundraising amount of 21.3 billion yuan, followed by non-bank financial institutions and utilities with fundraising amounts of 12 billion yuan and 11.9 billion yuan respectively. 1.4 Regional distribution of financing entities In terms of regional distribution of financing, Shanghai ranked first with a fundraising amount of 18.018 billion yuan, with 6 fundraising projects, mainly due to the Guotai Junan secondary offering project. Shaanxi ranked second with a fundraising amount of 17.439 billion yuan, with 1 fundraising project, mainly due to the Avic Chengdu Aircraft secondary acquisition project. Guangdong closely followed with a fundraising amount of 15.891 billion yuan, with 9 fundraising projects. IPO section 2.1 Trend of IPO issuance scale In the first quarter of 2025, there were 25 IPO issuances, a decrease of 6 compared to the same period last year; the total amount raised was only 15.8 billion yuan, a decrease of 41.39% compared to the same period last year. 2.2 Distribution of IPO listing sectors Looking at the listing sectors, the emerging industries sector led in fundraising by a wide margin, accounting for 59.17% of total fundraising; followed by the Shanghai and Shenzhen main boards. Among them, there were 5 IPO issuances on the Shanghai main board, raising 3.507 billion yuan, accounting for 22.17%; 3 IPO issuances on the Shenzhen main board, raising 1.656 billion yuan, accounting for 10.46%; 4 IPO issuances on the Science and Technology Innovation Board, raising 2.964 billion yuan, accounting for 18.74%; and 11 IPO issuances on the Growth Enterprise Market, raising 6.395 billion yuan, accounting for 40.43%. There were 2 IPO issuances on the Beijing Stock Exchange, raising 1.297 billion yuan, accounting for 8.20%. 2.3 Distribution of IPO listing industries In terms of the distribution of listing industries, the electrical equipment industry ranked first in IPO fundraising with 3 billion yuan; followed by the hardware equipment industry with 2.8 billion yuan. The automotive and parts industry ranked third with fundraising of 2.4 billion yuan. 2.4 Distribution of IPO listing regions In terms of regional distribution, Zhejiang ranked first in IPO fundraising with 4.988 billion yuan, with 7 initial offerings. Guangdong and Anhui ranked second and third with fundraising amounts of 2.587 billion yuan and 1.78 billion yuan, and 5 and 2 IPO fundraisers respectively. 2.5 Top 10 IPO fundraising amounts In the first quarter of 2025, the highest IPO financing amount was Shenzhen Kaifa Technology, raising 1.169 billion yuan. Hubei Sinophorus Electronic Materials and Hanshow Technology ranked second and third with fundraising amounts of 1.168 billion yuan and 1.162 billion yuan respectively, with Fuling Technology seeing a first-day increase of 339.25%. Additional share offering section 3.1 Trend of additional share issuance financing in the past three years In terms of the trend of additional share financing in recent years, in the first quarter of 2025, the overall financing scale of additional share issuance was slightly higher than the same period last year. Although there were only 24 additional share offerings, a decrease of 14 compared to the same period last year, the fundraising amount was 62.8 billion yuan, an increase of 24.08%. 3.2 Distribution of additional share issuance enterprises In terms of the distribution of additional share issuance enterprises, central state-owned enterprises and local state-owned enterprises are the absolute main forces in additional share fundraising, with a total fundraising amount of 51.969 billion yuan. Foreign-invested enterprises ranked second with a total fundraising amount of 5.926 billion yuan. In terms of the number of fundraisings, state-owned enterprises accounted for a significant share, with as many as 13. 3.3 Distribution of additional share issuance industries In terms of the distribution of additional share industries, the hardware equipment industry is in a leading position, raising 17.5 billion yuan, while non-bank financial institutions and transportation industries rank second and third in fundraising, raising 12 billion yuan and 8.2 billion yuan respectively. 3.4 Distribution of additional share issuance regions In the first quarter of 2025, the fundraising in additional share issuance was...The region with the highest scale is Shaanxi, with only one project raising 17.439 billion yuan. Shanghai ranks second with a fundraising amount of 16.355 billion yuan and four fundraising projects. Guangdong ranks third with a fundraising amount of 8.304 billion yuan and three fundraising projects.3.5 Top 10 Financing Projects by Additional Issuance In the first quarter of 2025, the project with the largest fundraising scale through additional issuance was Avic Chengdu Aircraft, raising a staggering 17.439 billion yuan, with the proceeds used for financing the acquisition of other assets. The second and third ranked financing projects were Guotai Junan and SDIC Power Holdings, raising 10 billion yuan and 7 billion yuan respectively. Among the top ten fundraising projects, the main purposes of additional issuance were project financing and supplementary financing. Institutional Rankings - Overall 4.1 Top 10 Underwriting Amounts by Securities Firms From the perspective of securities underwriting, CITIC SEC topped the underwriting amount ranking with a total underwriting amount of 30.352 billion yuan. China Aviation Securities rose to second place with an underwriting amount of 8.72 billion yuan, while Orient ranked third with 7.141 billion yuan. 4.2 Top 10 Number of Underwritings by Securities Firms In terms of the number of underwritings by securities firms, CITIC SEC ranked first with 12 underwritings, followed by Guotai Junan with 7, and Orient and Huatai with 5 each tying for third place. Institutional Rankings - IPOs 5.1 Top 10 IPO Underwriting Amounts Guotai Junan ranked first in IPO underwriting amounts with 2.549 billion yuan, followed by Dongxing and Huatai in second and third place with 1.794 billion yuan and 1.535 billion yuan respectively. 5.2 Top 10 IPO Underwriting Numbers Guotai Junan topped the list with 6 IPO underwritings and 2.549 billion yuan in underwriting amount. Shenwan Hongyuan Group and CITIC SEC tied for second with 3 underwritings each, totaling 1.295 billion yuan and 1.261 billion yuan respectively. 5.3 Science and Technology Innovation Board (STAR Market) IPO Underwriting Amount Ranking The highest IPO underwriting amount in the STAR Market was by Zhongtai at 646 million yuan, followed by CITIC SEC at 569 million yuan. Tianfeng, Guotai Junan, and GLMS SEC tied for third place with underwriting amounts of 389 million yuan each. 5.4 ChiNext IPO Underwriting Amount Ranking Guotai Junan led the ChiNext IPO underwriting amounts with 2.16 billion yuan, followed by CICC at 1.162 billion yuan in second place. Shenwan Hongyuan Group ranked third with 1.08 billion yuan. 5.5 Beijiao Exchange IPO Underwriting Amount Ranking In the first quarter of 2025, Huatai had the highest IPO underwriting amount at Beijiao Exchange with 1.169 billion yuan, followed by China Securities Co., Ltd. at 128 million yuan. Institutional Rankings - Additional Issuance 6.1 Top 10 Additional Issuance Underwriting Amounts CITIC SEC ranked first in additional issuance underwriting amounts with 24.091 billion yuan. China Aviation Securities ranked second with 8.72 billion yuan, and Orient ranked third with 5.429 billion yuan. 6.2 Additional Issuance Underwriting Number Ranking In terms of the number of additional issuances underwritten, CITIC SEC ranked first with 8 underwritings. Orient followed closely with 3 underwritings. China Securities Co., Ltd., Huatai, and EB SECURITIES tied for third place with 2 underwritings each. Institutional Rankings - Convertible Bonds 7.1 Convertible Bond Underwriting Amount Ranking CITIC SEC ranked first in convertible bond underwriting amounts with 5 billion yuan. Huatai and Shenwan Hongyuan Group ranked second and third with 2.95 billion yuan and 1.9 billion yuan respectively. All participating securities firms underwrote only 1 project. Underwriting Intermediary Section 8.1 Top IPO Audit Firm Ranking In terms of auditing firms, Zhonghui and Rongcheng had the most audits with 6 each. Tianjian followed closely with 3 audits. Lixin, Shanghui, and Zhongshen Zhonghuan had 2 audits each, tying for fourth place. 8.2 Top IPO Business Law Firm Ranking In terms of law firms in the IPO ranking, Jintiancheng and Guohao Law Firm tied for first place with 4 businesses each. Zhonglun Law Firm followed closely with 3 businesses. 8.3 Top IPO Business Asset Appraisal Agency Ranking In the ranking of asset appraisal agencies, Tianyuan Asset Appraisal Co., Ltd. ranked first with 4 appraisal businesses. This article is a reprint from Wind Information; General Manager: Chen Xiaoyi.

01/04/2025

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