China A-Share IPO Underwriting Tops Full-Year 2025 as Debut Gains Average 262.68%
A-share IPO underwriting in 2026 has already surpassed all of 2025, reaching RMB 205.741 billion, up 206.12% from RMB 131.771 billion last year, with 113 listings versus 116 in 2025. CICC leads with RMB 66.265 billion and a 32.21% share, followed by China Securities and CITIC Securities. All 113 new stocks rose on debut, averaging a 262.68% gain, with Changjin Photonics up 1,510.52%.
Since the start of 2026, the A-share IPO market has expanded, with securities firms' IPO underwriting amounts exceeding the full-year total for 2025. Data show that, as of the statistical cutoff, securities firms' IPO underwriting amounted to RMB 205.741 billion in 2026, up 206.12% year on year, compared with RMB 131.771 billion for all of 2025. By listing date, 113 A-share IPOs were recorded in 2026, up 61.43% year on year, while the full-year 2025 total was 116.
By underwriting amount, CICC ranked first with RMB 66.265 billion, a 32.21% market share and 15 deals. China Securities ranked second with RMB 37.607 billion, an 18.28% share and 11 deals; CITIC Securities ranked third with RMB 36.495 billion, a 17.74% share and 13 deals. The top three together held a 68.23% market share. Guotai Haitong and Huatai Securities ranked fourth and fifth with RMB 20.843 billion and RMB 8.163 billion, representing shares of 10.13% and 3.97%, respectively. China Merchants Securities, Guotou Securities, Guolian Minsheng, Shenwan Hongyuan Securities and Zhongtai Securities ranked sixth through tenth.
Compared with the first half of 2026, CICC kept first place, with its market share rising from 27.36% to 32.21%; China Securities rose from ninth to second, Huatai Securities climbed from thirteenth to fifth, while CITIC Securities and Guotai Haitong each fell one place. Since the start of 2026, securities firms' IPO underwriting has increased by RMB 135.167 billion from the first-half level. Compared with 2025, CICC rose from fifth to first, CITIC Securities, which led in 2025, ranked third, and China Securities remained second. By number of underwriting deals, Guotai Haitong led with 21, a 16.41% share; CICC, CITIC Securities, China Securities and Huatai Securities recorded 15, 13, 11 and 7, respectively.
On first-day trading performance, 113 new stocks listed in 2026, with listing dates spanning January 6 to September 11. All rose on their first day, with an average gain of 262.68% and a median of 172.86%. In 2025, all 116 new listings rose on debut, with an average gain of 259.33% and a median of 225.00%. Among 2026 listings, Changjin Photonics led with a first-day gain of 1,510.52%, followed by Zhenbao Technology at 1,212.84%, Lianxun Instruments at 875.82%, Torrens at 858.85% and Xinrui Electronics at 800.67%; three of the top five were STAR Market listings. Jiadeli, Jiachen Intelligent and Chaochun Yingcai each posted first-day gains of more than 600%.
Compared with 2025, 15 stocks listed in 2026 gained more than 500% on their first day, versus 5 in 2025; 2 gained more than 1,000%, versus 1 in 2025. The top three first-day performers in 2025 were Dapeng Industry, Hengdongguang and Sanxie Electric, with gains of 1,211.11%, 878.16% and 785.62%, respectively. In 2026, 88 new stocks doubled on their first day, accounting for 77.88%, compared with 104, or 89.66%, in 2025. The average first-day gain for 2026 new listings was higher than in 2025, while the proportion of doubles and the median were lower than in 2025.
In terms of net revenue from securities underwriting, CITIC Securities, CICC, Guotai Haitong, Huatai Securities and China Securities ranked in the top five for the first half of 2026, with RMB 3.023 billion, RMB 2.931 billion, RMB 2.224 billion, RMB 1.541 billion and RMB 1.113 billion, respectively, matching their rankings in the same period of 2025. In the first half of 2025, the five firms' net revenue from securities underwriting was RMB 2.098 billion, RMB 1.668 billion, RMB 1.392 billion, RMB 1.168 billion and RMB 1.123 billion, respectively. Among the five, CITIC Securities, CICC, Guotai Haitong and Huatai Securities posted year-on-year growth in first-half 2026 net underwriting revenue, while China Securities declined. The net revenue gap between second-placed CICC and first-placed CITIC Securities narrowed from RMB 430 million to RMB 92 million.
Rankings in the second tier also shifted: Guojin Securities rose to sixth from thirteenth in the same period of 2025; China Merchants Securities rose to eighth from twelfth; and Soochow Securities rose to tenth from eleventh. Shenwan Hongyuan Securities held seventh place, while Orient Securities fell to ninth from sixth.