Top-ranking list of Chinese enterprises in the first quarter: 20% increase in the number of listings, 7% decrease in fundraising size.

In the first quarter of 2025, the number of Chinese-funded companies listed increased compared to the same period in 2024, but the fundraising scale decreased compared to the same period in 2024. Looking at the markets, Chinese-funded companies have more listings in the A-share market and raise more funds in the Hong Kong stock market. 1. Chinese-funded companies' global IPO 1.1 Number of Chinese-funded companies' global IPOs According to Wind data, in the first quarter of 2025, a total of 65 Chinese-funded companies globally completed IPO listings (A-shares based on online issuance date, Hong Kong and US markets based on the first listing date), an increase of 11 from the same period in 2024. 1.2 Amount raised by Chinese-funded companies' global IPOs In the first quarter of 2025, the total fundraising scale for Chinese-funded companies' global IPOs was approximately 35.353 billion yuan (RMB), a decrease of 7.18% from the same period in 2024. 1.3 Number of Chinese-funded companies' IPOs by market Specifically, in the first quarter of 2025, there were 27 IPOs in the A-share market, a decrease of 4 from the same period in 2024; 16 IPOs in the Hong Kong market, an increase of 6 from the same period in 2024; and 22 IPOs completed in overseas markets, an increase of 9 from the same period in 2024. 1.4 Amount raised by Chinese-funded companies' IPOs by market In terms of fundraising, in the first quarter of 2025, A-share market Chinese-funded companies raised 16.582 billion yuan in initial fundraising, a decrease of 25.87% from the same period in 2024; Hong Kong market Chinese-funded companies raised 16.795 billion yuan in fundraising, an increase of 336.55% from the same period in 2024; and overseas market Chinese-funded companies raised 1.977 billion yuan in initial fundraising, a decrease of 83.35% from the same period in 2024. 1.5 Amount raised by Chinese-funded companies' IPOs by industry By industry (according to Wind's classification), in the first quarter of 2025, the fundraising scale for consumer discretionary reached 11.123 billion, with materials and industries raising 9.335 billion and 6.262 billion respectively. 1.6 Top 20 fundraising for Chinese-funded company IPOs In terms of fundraising by each company, in the first quarter of 2025, 11 companies raised more than 1 billion, with companies listed on the Hong Kong Stock Exchange raising the most, occupying the top six spots. 2. Chinese-funded companies' A-share IPO 2.1 Number of Chinese-funded companies' A-share IPOs In the first quarter of 2025, 27 companies were listed on the A-share market, a decrease of 4 from the same period in 2024 and 6 from the fourth quarter of 2024. 2.2 Amount raised by Chinese-funded companies' A-share IPOs In the first quarter of 2025, Chinese-funded companies raised 16.582 billion yuan in A-share IPOs, a decrease of 25.87% from the same period in 2024 and 19.88% from the fourth quarter of 2024. 2.3 Number of Chinese-funded companies' A-share IPOs (by exchange) By exchange, in the first quarter of 2025, 16 companies were listed on the Shenzhen Stock Exchange and 9 on the Shanghai Stock Exchange; additionally, 2 companies were listed on the Beijing Stock Exchange. 2.4 Amount raised by Chinese-funded companies' A-share IPOs (by exchange) In terms of fundraising, in the first quarter of 2025, companies listed on the Shenzhen Stock Exchange raised a total of 8.813 billion yuan; those listed on the Shanghai Stock Exchange raised a total of 6.471 billion yuan; and those listed on the Beijing Stock Exchange raised a total of 1.297 billion yuan. 2.5 Industry distribution of Chinese-funded companies' A-share IPOs From an industry perspective, in the first quarter of 2025, there were 10 industrial IPO companies with a fundraising scale of 5.525 billion, leading among all industries. 2.6 Regional distribution of Chinese-funded companies' A-share IPOs By region, in the first quarter of 2025, the majority of listed companies on the A-share market were from Zhejiang and Guangdong, with 8 and 5 companies respectively; these companies also led in fundraising, with total fundraising of 5.288 billion yuan and 2.587 billion yuan respectively. 3. Chinese-funded companies' Hong Kong IPO 3.1 Number of Chinese-funded companies' Hong Kong IPOs In the first quarter of 2025, there were 16 Chinese-funded companies listed on the Hong Kong market, an increase of 6 from the same period in 2024 and a decrease of 7 from the fourth quarter of 2024. 3.2 Amount raised by Chinese-funded companies' Hong Kong IPOs In the first quarter of 2025, Chinese-funded companies raised a total of 16.795 billion yuan through Hong Kong IPOs, an increase of 336.55% from the same period in 2024 and a decrease of 43.14% from the fourth quarter of 2024. 3.3 Industry distribution of Chinese-funded companies' Hong Kong IPOs From the industry distribution of Chinese-funded companies listing on the Hong Kong Stock Exchange, in the first quarter of 2025, consumer discretionary companies accounted for the majority, with 5 companies raising a total of 7.717 billion yuan. 3.4 Regional distribution of Chinese-funded companies' Hong Kong IPOs In the first quarter of 2025, the majority of companies listed on the Hong Kong market were from Shanghai, with 12 companies. In terms of fundraising, companies from Henan raised a total of 3.665 billion yuan, leading in fundraising. 4. Chinese-funded companies' overseas IPO 4.1 Number of Chinese-funded companies' overseas IPOs In the first quarter of 2025, Chinese-funded companies completed 22 overseas IPOs, an increase of 9 from the same period in 2024 and the same as the fourth quarter of 2024. 4.2 Amount raised by Chinese-funded companies' overseas IPOs In the first quarter of 2025, Chinese-funded companies raised 17.399 billion yuan through listing on the US stock market, a decrease of 83.35% from the same period in 2024 and 51.05% from the fourth quarter of 2024. 4.3 Industry distribution of Chinese-funded companies' overseas IPOs From the industry distribution of Chinese-funded companies listing overseas, in the first quarter of 2025, industrial companies accounted for the most, at 8; the healthcare industry raised the most funds, totaling 9.49 billion yuan. 4.4 Regional distribution of Chinese-funded companies' overseas IPOs In the first quarter of 2025, the majority of Chinese-funded companies listed overseas were from Hong Kong, with 8 companies raising a total of 9.42 billion yuan; in terms of fundraising, companies from Jiangsu raised a total of 9.42 billion yuan, leading in fundraising. Appendix: Details of Chinese-funded company IPOs in the first quarter of 2025 This article is reprinted from "Wind Financial Terminal"; GMTEight Editor: Li Fo.