Founder: A-share IPO pace gradually warms up, main board listing pace accelerates.

Founder releases research report stating that since 2025, the total number of A-share IPO applications has reached 179, including 32 on the Shanghai Stock Exchange, 32 on the Shenzhen Stock Exchange, and 115 on the Beijing Stock Exchange, a 459.4% increase compared to the same period last year. The speed of A-share IPO applications has significantly accelerated; in the same period in 2023, the total number of IPO applications was 593, indicating a more controlled pace compared to before the new policy, entering a stage that emphasizes higher quality development. By 2025, there were 23 new listings on the main board, a 35.3% increase compared to the same period in 2024, higher than the overall new listing rate of 15.8%, indicating a faster increase in listings on the main board than the overall IPO recovery rate. Founder's main points are as follows: Since the China Securities Regulatory Commission proposed the "827 new policy" of "phased tightening of IPO and refinancing pace" on August 27, 2023, two years have passed, during which the A-share IPO has experienced a phase adjustment and is now welcoming new development opportunities. Overall, the pace of A-share IPO in 2025 is showing a marginal recovery trend. 1. In terms of the number of new listings, as of August 27 this year, there were 66 new listings on A shares, a 15.8% increase compared to the same period last year (January 1, 2024 to August 27, 2024), indicating a recovery in the number of new IPO listings. 2. In terms of the number of withdrawals, as of August 27, the total number of IPO withdrawals in 2025 was 84, only about one-fourth of the 330 withdrawals in the same period in 2024, indicating a significant improvement in the overall quality of companies under review. 3. In terms of the number of IPO applications, since 2025, the total number of A-share IPO applications has reached 179, with 32 on the Shanghai Stock Exchange, 32 on the Shenzhen Stock Exchange, and 115 on the Beijing Stock Exchange, a 459.4% increase compared to the same period last year. The speed of A-share IPO applications has significantly accelerated; in the same period in 2023, the total number of IPO applications was 593, indicating a more controlled pace compared to before the new policy, entering a stage that emphasizes higher quality development. Structurally, 1. The pace of listings on the main board has accelerated. By 2025, there were 23 new listings on the main board, a 35.3% increase compared to the same period in 2024, higher than the overall new listing rate by 15.8%, indicating a faster pace of listings on the main board than the overall IPO recovery pace. 2. The Beijing Stock Exchange is gradually becoming the preferred listing venue for companies. Data shows that the current number of IPO applications accepted by the Beijing Stock Exchange is 115, accounting for more than 60% of the total IPO applications, more than three times the 30 applications accepted by the Beijing Stock Exchange in the same period in 2024, and significantly exceeding the 86 applications accepted by the Beijing Stock Exchange in the same period in 2023 (pre-"827 new policy"), indicating a fundamental shift in companies' attitude towards listing on the Beijing Stock Exchange. In terms of returns, 1. In the period from January 1 to August 27, the number of IPOs that broke on their first day of listing in 2023, 2024, and 2025 were 45, 1, and 0 respectively, showing a sharp decrease in the number of IPOs breaking due to the "827 new policy." 2. At the same time, the weighted average IPO first-day return rate in 2025 was 169.7%, a 56% increase compared to the 108.9% weighted return rate in the same period in 2024, and a 4.6 times increase compared to the 36.9% weighted return rate in the same period in 2023. The return quality of A-share IPOs has strengthened significantly compared to the period before the "827 new policy" in 2023. Multiple sets of data indicate that the current important feature of A-share IPOs is entering a stable stage of high-quality development. With the interpretation of the bull market and more incremental funds entering the market, combined with the accelerated acceptance of IPOs and the rise of the Beijing Stock Exchange, it is recommended to pay attention to the timely increase in the focus on new strategies that enhance earnings. Risk warning: Macro-economic conditions falling below expectations, significant market fluctuations, and historical experiences do not guarantee future outcomes.