As of August 21, a total of 100 new initial public offerings have been recorded on China's A-share market so far in 2026, marking a year-on-year increase of 53.85%, according to Wind Data. These listings have collectively raised approximately 188.47 billion yuan in first-round proceeds, up 189.31% from the prior-year period.

Looking at board distribution, the Beijing Stock Exchange accounted for over half of the new listings, while the STAR Market's fundraising totaled nearly half of the overall amount. On a monthly basis, April saw 19 companies debut on the A-share market, the highest monthly count this year. In July, 14 newly listed firms raised roughly 97.61 billion yuan combined, driven largely by sizable offerings from ChangXin Technology and China Resources New Energy. As of August 21, 15 additional enterprises have completed listings this month, contributing approximately 20.29 billion yuan in total proceeds.

Wang Zhengzhi, chief new stock analyst at Guotai Haitong, noted that regulators have repeatedly signaled support for high-quality tech-innovative enterprises to go public, and projected that the pace of stock issuance is likely to accelerate in 2026.

STAR Market accounts for over half of total fundraising

Among the 100 firms listed this year, 52 are on the Beijing Stock Exchange, 16 on the STAR Market, 14 on the ChiNext Board, and nine each on the Shenzhen and Shanghai main boards. By segment, the Beijing Stock Exchange listings raised about 17.85 billion yuan, representing roughly 9.5% of the total. The 16 STAR Market companies collectively raised approximately 96 billion yuan, or about 50.9%, making them the dominant force in this year's IPO fundraising. The nine Shenzhen main board firms raised around 47.10 billion yuan, while ChiNext and Shanghai main board proceeds reached roughly 15.81 billion yuan and 11.71 billion yuan, respectively.

STAR Market issuers averaged about 6 billion yuan per company, with most being semiconductor, high-end equipment, and hardware technology players. These enterprises typically hold technical moats and strategic value in self-reliance, leading the market to assign valuation premiums above traditional industries. Beijing Stock Exchange listings are primarily smaller "specialized and innovative" firms, with first-round proceeds concentrated in the 200 million to 500 million yuan range. ChiNext companies lean toward high-growth innovative enterprises, with this year's sample focused on semiconductors, electronic hardware, and advanced manufacturing. Main board listings are dominated by mature manufacturers and consumer firms with stable profitability, alongside large-scale energy and utility projects.

Of the 100 companies, 96 belong to strategic emerging industries, including 25 from next-generation information technology, 20 from new materials, and 20 from high-end equipment manufacturing. Tang Zhehui, co-managing partner of the audit services market at EY Greater China, told Securities Daily that the multi-tiered capital market has played an irreplaceable core role in serving the real economy, particularly in backing hard-tech development, effectively channeling financial resources into the cultivation of new quality productive forces.

Patient capital signals long-term confidence

Disclosure data shows that the vast majority of new listings arranged strategic placements. Among the 100 companies, 92 disclosed the proportion of shares allocated to strategic investors, with Beijing Stock Exchange listings averaging 10.7% and STAR Market and ChiNext listings averaging 20.3%. China Resources New Energy and Huike each saw strategic placement ratios of 43.48%.

Several marquee projects feature strategic placement investor rosters with notable "patient capital" and industrial synergy characteristics. During ChangXin Technology's STAR Market issuance, strategic placements totaled roughly 1.67 billion shares worth approximately 14.44 billion yuan. Participants included multiple portfolios of the National Social Security Fund and the Basic Pension Insurance Fund, the second phase of the National Industrial Investment Fund, as well as insurers such as China Life, PICC, Taikang Life, and China Post Life. On the supply chain side, semiconductor equipment and materials firms like Montage Technology and Piotech participated, along with Alibaba Cloud, Meituan, and Tencent-affiliated entities. Downstream adopters including ZTE and NIO also appeared on the list.

Unitree Robotics' strategic placement roster is equally impressive. The National Council for Social Security Fund was allocated 933,400 shares, valued at approximately 141 million yuan. DeepSeek, founded by Liang Wenfeng, also received 933,400 shares with a three-year lock-up period. Additional participants included PetroChina Kunlun Capital, China Southern Power Grid Industrial and Financial Holdings, Chinamobile Tianyi Capital, Shanghai Qishan Investment (a Tencent-affiliated platform), CITIC Securities Investment, and two employee asset management plans of Unitree itself. The long-term lock-up by these institutions reflects, to some extent, industrial capital's endorsement of Unitree's long-term value.

Cen Zhiyong, an analyst at Wutong Research Institute, told Securities Daily that strategic placements in this year's new IPO projects have increasingly become a vital channel for social security funds, insurers, national funds, and supply chain leaders to express long-term optimism. For the market, this helps optimize the shareholder structure of new listings and stabilize early-stage share chips. For issuers, the focus is on industrial synergies and long-term stability of the capital structure.

New stocks deliver notable gains

In terms of market performance, all 100 new listings closed higher on their debut day relative to their issue prices, achieving a "zero break" record and delivering significant returns to investors. The average first-day gain was approximately 277.8%, with an average first-day turnover rate of around 81.2%, indicating active trading.

By board, STAR Market and ChiNext listings showed greater first-day volatility, with average gains of about 466% and 372%, respectively. Beijing Stock Exchange listings were relatively steadier, averaging roughly 218%, while Shanghai and Shenzhen main board listings averaged 242.3% and 175.4%, respectively—all closing in positive territory. Among individual stocks, Changguang Photon, Zhenbao Technology, and Lianxun Instruments led the gains, surging 1,510.5%, 1,212.8%, and 875.8%, respectively.

Looking further out, based on issue prices, 95 companies with available data maintained positive returns five trading days after listing, with an average gain of about 238%. This suggests that investors holding for roughly a week after allocation would still be in profit on paper. However, sharp pullbacks following first-day surges are also common. Many stocks retreated in subsequent trading sessions, with the profit window largely concentrated in the early phase after listing opens.

A private equity fund manager in North China observed that this year's new stock subscription offers strong "first-day certainty," but the high turnover indicates rapid chip exchange, meaning first-day gains do not necessarily translate into fully realized profits for investors. A more prudent approach, he suggested, is to set profit-taking targets based on company fundamentals and float structure.