A-share IPO fundraising returns to 100 billion yuan.

As the activity level of the capital market increases, its function of supporting the real economy is being restored.

According to Wind data, calculated by listing date, A-share IPO financing reached 100.359 billion yuan within 2025 (January to November).

This marks a return to the 100 billion yuan scale for A-share IPO financing after dropping below that threshold in 2024.

However, compared to the historical highs of over 500 billion yuan in 2021 and 2022, this year's A-share IPO financing performance is not particularly outstanding.

By segment, more than half of the IPO financing came from the main board, reaching 52.375 billion yuan, already surpassing the total main board IPO scale for all of 2024.

This is mainly driven by Huadian New Energy (600930.SH) on the main board. As the only hundred-billion-yuan mega-deal creator of the year, its IPO financing amounted to 18.171 billion yuan.

During the same period, IPO fundraising on the STAR Market and ChiNext were 17.962 billion yuan and 23.273 billion yuan respectively, not much different from 2024.

The growth in IPO financing has, to a certain extent, increased investment banks' profits. Over the year, five investment banks saw their IPO sponsorship amounts surpass 10 billion yuan, ranked from high to low: Guotai Haitong, Huatai Securities, CITIC Securities, CICC, and CSC Financial.

As a core tool for direct financing in the capital market, IPOs play a vital role in supporting the real economy across multiple dimensions such as corporate growth, industrial upgrading, and optimization of the economic structure. Its value lies not only in capital supply, but also in driving high-quality growth of the real economy through capital empowerment, institutional constraints, resource integration and other mechanisms.

In the future, as the multi-level capital market system is improved, IPOs are expected to provide stronger capital momentum for the development of new productive forces and industrial upgrading.

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