In the vast landscape of the capital market, the new stock sector has always been the focus of attention from all parties. Its dynamic trends not only reflect the current vitality and heat of the market but also, to a certain extent, herald future directions, connecting the financing needs of enterprises with investors' wealth dreams.
In terms of the number of new stock offerings and the scale of financing, 2025 has presented a unique trend. From January to July 2025, 49 initial public offerings (IPOs) took place on the Shanghai and Shenzhen Stock Exchanges, a 29% year-on-year increase, and the financing scale soared to 58.4 billion yuan, a substantial 93% year-on-year increase, indicating a significantly accelerated issuance pace. In July alone, 6 new stocks on the Shanghai and Shenzhen Stock Exchanges launched their initial public offerings, raising 4.3 billion yuan. According to Deloitte's forecast, the number of A-share IPOs for the whole year of 2025 will be equivalent to that of 2024.
This means that under the continuous guidance of regulatory policies, the capital market's support for the real economy will maintain a stable and strong rhythm. Different sectors have their own characteristics. The Growth Enterprise Market (GEM) and the Science and Technology Innovation Board (STAR Market) have attracted a large number of emerging enterprises due to their positioning in scientific and technological innovation. The main board, with its mature market mechanisms and extensive industry coverage, still holds an important position in terms of financing scale. For example, the listing of some large traditional enterprises often makes a splash on the main board, bringing in huge amounts of financing.
The enthusiasm for participating in new stock subscriptions has also been on the rise. The number of accounts participating in offline price inquiries for new stocks in each sector remains high and shows a month-on-month upward trend. In July 2025, 7,205 accounts participated in offline price inquiries for GEM stocks, and 8,227 accounts for stocks on the main board. Public funds, annuities, and private equity funds have become the main participants. The bid acceptance rate has also risen to a one-year high of 96%, indicating that the market's recognition of new stock issuance pricing is increasing, and investors' enthusiasm and accuracy in participation are enhanced. Take the Beijing Stock Exchange as an example. Hongyuan Co., Ltd. attracted 678,100 investors to subscribe for its new shares, freezing 740.833 billion yuan in funds, setting a new record. The frozen funds for Zhigao Machinery also exceeded 700 billion yuan, with a subscription multiple of 2,059 times. This booming situation reflects investors' high expectations for the "profit-making effect" of the new stock market, with a large amount of capital pouring into the new stock subscription field in the hope of obtaining low-risk returns.
The post-listing performance of new stocks is even more eye-catching. In July 2025, the median first-day gains of new stocks on the main board, GEM, and STAR Market were 276%, 278%, and 149%, respectively, and no new stocks have broken their issue prices on the first trading day in the past 17 months. In the Hong Kong stock market, more than 71% of new stocks closed higher on their listing day in the first half of the year, with new stocks in the consumer sector leading the trend. In the U.S. stock market, the "profit-making effect" of Chinese concept stocks on their listing day has also recovered, with a decrease in the proportion of companies that fell below their offering prices on the first day.
From an industry perspective, the consumer, healthcare, industrial, and information technology sectors have performed prominently. Consumer new stocks are highly favored by the market, attracting the attention of a large number of institutional and retail investors in both the Hong Kong and U.S. stock markets. In the Hong Kong stock market, 4 out of the top 5 companies in terms of public market subscriptions come from the consumer sector; among the 11 projects that received more than 10 times international placement subscriptions, 7 companies are from the consumer sector. In the A-share market, with the implementation of the "1+6" policy for the reform of the STAR Market and the adoption of the third set of standards by the GEM, the listing of high-tech enterprises will become a new highlight, injecting new vitality into the technology sector.
Looking ahead, the new stock market will continue to be influenced by various factors. Changes in the macroeconomic environment will affect the financing needs of enterprises and investors' risk appetite. If the economy continues to grow steadily, enterprises may be more willing to go public, and investors will be more active in participating in the new stock market. Policy orientation remains a key factor. The reform measures of regulatory authorities for the capital market, such as the further optimization of the STAR Market and GEM, as well as the continuous support for the Beijing Stock Exchange, will guide the new stock market towards a more healthy and efficient development. Industry development trends will also determine the performance of new stocks in the market. Enterprises in emerging industries such as artificial intelligence, new energy, and biomedicine, due to their high growth potential and innovation, are expected to stand out in the new stock market and attract more resources.
The new stock market has demonstrated strong vitality and unique trends in 2025, with an accelerated issuance pace, high enthusiasm for new stock subscriptions, and outstanding post-listing performance. In the future, under the multiple influences of the macroeconomy, policy orientation, and industry development, it will continue to write new chapters, contributing to the prosperity and development of the capital market while bringing more opportunities and challenges to investors.