Chinese Companies Rush to List Amid Stable Markets
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The number of IPO applications accepted for review by the Chinese mainland’s three bourses hit a monthly record for the year in June, as companies raced to get submissions in before the end of the first half.
On Monday alone, the last day of June, nearly 40 applications for IPOs were accepted by the Beijing, Shanghai and Shenzhen stock exchanges, taking the total for the month to 147, according to exchange data. In comparison, from January through May, fewer than 15 applications were accepted per month.
Industry insiders told Caixin that the spike in June was due partly to companies filing to get their IPO applications under review before the mid-year financial reporting cutoff. If they missed the deadline, applicants would have to update documents with more recent earnings data.
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- In June 2024, 147 IPO applications were accepted on mainland China’s three major bourses, compared to fewer than 15 monthly from January to May.
- Only 77 IPO applications were accepted in 2024, down nearly 90% from the previous year, with proceeds at a decade low of 67.6 billion yuan ($9.5 billion).
- By June 30, there were over 200 IPO candidates in process, but only 39 IPOs cleared review in H1 2024.
- August 2023：
- Regulators started slowing the pace of IPOs, making it tougher for companies to list in an effort to reverse a slump in the stock market.
- 2024：
- Only 77 IPO applications were accepted, a decline of nearly 90% from the previous year, and total IPO proceeds hit a 10-year low of 67.6 billion yuan ($9.5 billion).
- December 2024：
- Financial data as of this date could still be used for IPO applications, provided the applications were accepted by June 30, 2025.
- Early April 2025：
- The CSI 300 Index experienced a slump amid U.S. President Donald Trump’s tariff onslaught.
- January 2025 - May 2025：
- Fewer than 15 IPO applications were accepted per month by the Beijing, Shanghai, and Shenzhen stock exchanges.
- First half of 2025：
- Only 39 IPOs cleared exchange reviews, while 70 were withdrawn.
- June 2025：
- The number of IPO applications accepted for review by the Chinese mainland’s three bourses hit a monthly record for the year, totaling 147 applications.
- Monday, June 30, 2025：
- Nearly 40 IPO applications were accepted, the highest daily figure in June; this was also the deadline for applications using 2024 financial statements without updating earnings data.
- As of June 30, 2025：
- There were more than 200 IPO candidates at various stages of the process on the mainland.
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