[Panorama of IPO queuing companies] 435 companies in the Beijing Stock Exchange, accounting for 53.1%, have outstanding hard-core manufacturing attributes (as of the end of July)

★ Disclaimer: This article only objectively states public information and does not constitute any investment advice.

1. Overview

As of July 31, 2026, a total of 435 IPO companies were under review on the three major exchanges of Shanghai, Shenzhen and North China, down about 7.2% from 469 at the end of June. This was mainly due to the completion of registration and issuance by some companies, voluntary termination of declarations and financial reports updates. Suspension of projects was cleared and the stock size was slightly cleared.

In terms of structure, 231 companies in Beijing Communications accounted for 53.1% of the shares, making it the most concentrated sector; there are 87 companies on the GEM (20.0%), 72 companies on the Science and Technology Innovation Board (16.6%), and 45 companies on the Shanghai and Shenzhen main boards (10.3%). The gradient pattern of multi-level capital markets is clear.

2. Panoramic data of IPO review

2.1 Distribution of audit phases

According to statistics on the public review progress of the exchange (as of July 24, 2026, 441 in the entire market; on July 31, it fell back to 435, with similar stage structures), the enterprises under review can be divided into four categories according to the review echelon: 134 enterprises have just accepted inquiries and are waiting to be consulted, 217 enterprises have already inquired and are waiting to be consulted (accounting for nearly half, which is the main blocking point), 42 enterprises have been approved by the Shanghai Municipal Party Committee meeting and are waiting to be registered, and 48 enterprises have been suspended or terminated.

2.2 In-depth interpretation: Nearly half of enterprises are stuck with "inquiries"

As many as 217 echelons have been inquired about waiting for meetings, which is a concentrated reflection of short-term review blockages. The vast majority of companies on the Science and Technology Innovation Board, GEM, and Beijing Stock Exchange stay here. The exchange has multiple rounds of inquiries and companies continue to supplement financial and compliance materials, which takes the longest time; among them, 114 companies are on the Beijing Stock Exchange and 54 companies are on the GEM., there are 45 science and technology innovation boards, and a total of 14 main boards. With the implementation of the supporting reform of the registration system in 2026 and the improvement of review efficiency, this echelon is expected to gradually digest it in the second half of the year.

3. The distribution of enterprises under review-behind the "half of the country" of the Beijing Stock Exchange

The 231 companies on the Beijing Stock Exchange (53.1%) are leading the lead in the review, which stems from its positioning as a service for innovative small and medium-sized enterprises and the application boom brought by the small-amount rapid financing system; companies need to be listed on the innovation layer of the New Third Board for 12 months, and most of the fundraising by single companies is concentrated in the range of 100 - 500 million yuan. In contrast, the 45 companies on the Shanghai and Shenzhen main boards have the lowest stock and the shortest review cycle (the average number of days for registrations accepted by the main board in the first half of 2026 is about 163 days), making them the sectors with the highest review efficiency.

4. Analysis of net profit of enterprises under review-sector positioning determines profit distribution

Profitability is significantly stratified: the Shanghai and Shenzhen main boards show blue-chip attributes with a median of 482 million yuan; the Beijing Stock Exchange and the GEM are mainly small and medium-sized profitable enterprises, and the overall quality is stable; the Science and Technology Innovation Board has a large area due to its hard technology attributes. Unprofitable (36 companies, accounting for 50%), but breeds high growth potential. In terms of extreme values, the top profit was Hubei Bank (3.213 billion yuan, Shanghai Main Board), and the biggest loss was Guangdong Semiconductor, which had already passed its meeting (loss of 2.744 billion yuan, GEM). 428 companies have disclosed 2025 data, and only 7 companies have used earlier annual financial reports.

Five, regional distribution of enterprises under review — "Double Engine" pattern of Yangtze River Delta + Pearl River Delta

The industrial agglomeration effect is significant. The three provinces of Guangdong (91), Jiangsu (78), and Zhejiang (61) have a total of 230 companies, accounting for 52.9% of the total number under review. In terms of cities, 37 companies in Shanghai lead the way, 33 companies in Shenzhen and Beijing each rank second, and 30 companies in Suzhou, 26 companies in Dongguan, and 20 companies in Hangzhou rank fourth to sixth. The regional characteristics of the sectors have their own focus: the Science and Technology Innovation Board has Shanghai (18 companies), Beijing (14 companies), and Jiangsu (13 companies) as the core; Guangdong (30 companies) dominates the GEM; the Beijing Stock Exchange has Guangdong (43 companies), Zhejiang (39 companies), and Jiangsu (37 companies).

6. Industrial distribution of enterprises under review-the "hard core" attribute of the manufacturing industry is outstanding

The manufacturing industry occupies the absolute main force, with a total of 246 industries in the five major industries of electronic equipment (70), special equipment (56), general equipment (41), electrical machinery (40), and automobile manufacturing (39), contributing more than 56% of the queue volume. In terms of sectors, the Science and Technology Innovation Board focuses on special equipment (22 companies), electronic equipment (19 companies), and pharmaceutical manufacturing (8 companies); the GEM is led by electronic equipment (24 companies); the Beijing Stock Exchange is biased towards electrical machinery (28 companies), automobile manufacturing (27 companies); the main board industry is relatively balanced. The overall situation is characterized by high-end manufacturing and electronic information industry chain as the main force.

The five major industries of electronic equipment, special equipment, general equipment, electrical machinery, and automobile manufacturing together accounted for 56% of the total in review

7. Companies that have been registered and effective and are pending listing

As of July 31, 2026, a total of 12 queuing companies in the Shanghai and Shenzhen markets have been registered by the China Securities Regulatory Commission and have not yet started IPO, and there are sufficient registration approvals. Among them, Suiyuan Technology (Science and Technology Innovation Board) plans to raise 6 billion yuan, the highest amount of funds raised among registered companies to be issued. The specific list of other registered unlisted companies and the proposed fundraising shall be subject to disclosure by the exchange and the issuer.

8. Summary and Outlook

As of the end of July 2026, the A-share IPO queuing pattern has shown a differentiated trend of "the China Stock Exchange has significantly expanded its capacity, the Science and Technology Innovation Board adheres to hard technology, the main board focuses on blue chips, and the GEM serves growth-oriented innovative enterprises." More than half of them were new declarations during the year (241 companies, accounting for 55%). The high-end manufacturing and electronic information industry chain are still the main force for listing, and the three major urban agglomerations continue to lead the capitalization process. With the expansion of the fourth set of standards on the GEM, the fifth set of standards on the Science and Technology Innovation Board and the implementation of the small-amount rapid mechanism on the Beijing Stock Exchange, the listing channels for innovative companies have continued to expand, the review is strict but no high threshold is set, existing projects are dynamically cleared, and supply remains stable and controllable.

★ Data sources and disclaimers ★

Disclaimer: The content of this article objectively states public information and does not constitute any investment advice.

Data sources: Beijing Stock Exchange/Shanghai Stock Exchange/Shenzhen Stock Exchange announcements, China Securities Regulatory Commission, prospectus and issuance announcement and other public channels.

Report produced by: Prospective Industry Research Institute.

★ About the Prospective Industry Research Institute ★

The Prospective Industry Research Institute was established in 1998 and is headquartered in Shenzhen and has professional research centers in Beijing, Hangzhou, Chengdu and other places. Prospective is the earliest technology-based think tank in China focusing on industrial big data and IPO consulting, and is also the current leader in the research field of domestic IPO market segments. Based on the data cited in the prospectus of companies and listed companies that have successfully participated in meetings over the years, the Prospective Industry Research Institute has been the leading market share consultant for IPO industry research and feasibility research of fundraising projects for many consecutive years.

Prospective mainly provides professional IPO consulting services, refinancing consulting services and M & A consulting services to companies planning to be listed and listed companies. Specific contents include: A-share IPO market segment research (in-depth support for the "Business and Technology" chapter of the prospectus), feasibility study of IPO fundraising projects, feasibility study of refinancing fundraising projects (additional issuance, convertible bonds), due diligence and feasibility study of M & A targets, Hong Kong stock IPO industry consultant, commercial due diligence, post-investment project management evaluation, etc.

As of 2026, the Prospective Industry Research Institute has successfully provided IPO consulting services to more than 1200 companies, and its professional data has been cited in more than 8000 listing documents. Serving customers comprehensively covers major industries such as new generation information technology, biomedicine, high-end equipment manufacturing, new materials, new energy, energy conservation and environmental protection, and TMT.

Prospective is a consulting company with big data heritage and industry depth. Business consulting: 400-639-9936, 150-1360-1266

If you quote the data of this article in the prospectus or the company's annual report, please contact the Prospective Industry Research Institute at 400-068-7188.

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Prospective Industry Research Institute is a leader in industrial consulting in China, specializing in providing solutions in industrial planning, industrial declaration, industrial upgrading and transformation, industrial park planning, feasibility reports and other fields to sweep away attention. Related reading RELEVANT [August 5 IPO dynamics observation] Senhe High-Tech North Stock Exchange surged 900% on its first day of listing! Hengxing shares purchased today, and Yushu Technology launched inquiry

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