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.