[Panorama of IPO issuance expenses] In July, 14 companies raised 97.6 billion yuan, with underwriting and recommendation income of 5.695 billion yuan from January to July

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

1. Overview

According to statistics from the Prospective Industry Research Institute, in July 2026, a total of 14 A-share companies entered the capital market, raising a total of approximately 97.606 billion yuan. Driven by large-scale issuance projects such as Changxin Technology and China Resources New Energy, the scale of fundraising in a single month is at a high level during the year. From January to July 2026, a total of 85 A-share companies have initially listed, raising a cumulative amount of approximately 159.5 billion yuan, a significant year-on-year increase.

In July, 14 listed companies raised a total of 97.606 billion yuan, of which Changxin Technology (Science and Technology Innovation Board) raised 57.919 billion yuan, setting a new record for the largest IPO in the history of the Science and Technology Innovation Board, and China Resources New Energy (Shenzhen Main Board) raised 24.5 billion yuan. The two companies together accounted for about 84% of the funds raised in July, and the remaining 12 companies mainly raised small and medium-sized funds.

2. Panoramic analysis of issuance expenses

Judging from the fund-raising distribution of the sector during the year (as of August 21, 2026, a total of 100 companies), the Science and Technology Innovation Board raised approximately 96 billion yuan (accounting for 50.9%) to become the main initial fund-raising force, with Shenzhen Main Board 47.102 billion yuan, Beijing Stock Exchange 17.846 billion yuan (accounting for 9.5%), GEM 15.812 billion yuan, and Shanghai Main Board 11.710 billion yuan. An average of about 6 billion yuan was raised by the Science and Technology Innovation Board, mostly for hard technology targets with technical barriers such as semiconductors and high-end equipment.

On the expense side, from January to July 2026, a total of 28 brokerage investment banks served as underwriting sponsors for IPO listed companies, with a cumulative underwriting and recommendation income of 5.695 billion yuan. The overall issuance expenses increased with the scale of fundraising.

3. Issuance rates and first-day performance-Differences between rates and increases

The elasticity of growth on the first day of the Science and Technology Innovation Board and the GEM was significantly higher than that of the main board and the Beijing Stock Exchange

From January to July 2026, all new shares closed up on the first day of listing, with an average increase of 277.8%, with a significant money-making effect; the Science and Technology Innovation Board (466%) and the GEM (372%) in the sector have the greatest flexibility, while the main board is relatively stable. The rising popularity of new competition has led to a decline in the winning rate. The average winning rate in the first seven months was 0.0347%(dropped to 0.0296% after excluding Changxin Technology), which is much lower than the same period in 2024 and 2025. In terms of issuance rates, due to the high proportion of fixed fees for small and medium-sized projects raised by the Beijing Stock Exchange, the rates are usually higher than those for mainboard/science and technology innovation board projects with large rated increases.

Four, Underwriting and Sponsoring Revenue Ranking (January to July)

Underwriting and sponsoring revenue is counted by the issuance date, joint sponsorship is distributed according to the actual quota or arithmetic average; the three leading securities firms together account for nearly half of the market.

5. Strategic placement-Patience Capital is optimistic for a long time

During the year, the strategic placement of new shares has increasingly become a channel for social security, insurance, national funds and industry chain leaders to express their long-term optimism. Changxin Technology's strategic placement totals approximately 1.667 billion shares, with an amount of approximately 14.437 billion yuan. Participants include the National Social Security Fund, Phase II of the National Investigation Fund, insurance institutions such as China Life Insurance and China People's Insurance Company, as well as semiconductor industry chain enterprises such as Lanqi Technology and Tuojing Technology; Yushu Technology has been invested by the National Social Security Fund, DeepSeek (In-depth Search), etc., reflecting the recognition of long-term value by industrial capital.

6. In-depth analysis of individual cases

Changxin Technology raised 57.919 billion yuan to set a new record for the largest IPO in the history of the Science and Technology Innovation Board. The strategic value of the semiconductor storage leader was heavily invested by Patient Capital; as a large-scale public utility project, China Resources New Energy accounted for 43.48% of the strategic placement, reflecting the long-term allocation needs of energy transformation assets. The two cases represent two fundraising paradigms: hard technology and large-scale blue chips.

VII. Summary

In July and January-July 2026, the A-share IPO issuance side showed the characteristics of "high fundraising volume, zero break, and heated allocation." Large value-added companies (Changxin Technology and China Resources New Energy) have increased single-month fundraising, and the hard technology sector has contributed the main fundraising scale; underwriting and recommendation income has been concentrated on top securities firms such as CICC, Cathay Pacific Haitong, and CITIC; strategic placement has become an important mechanism to optimize shareholder structure and introduce patient capital. As the pace of issuance accelerates, the structural differentiation between issuance fees and rates is expected to continue.

★ 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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