TREE NEWS reports: A-share IPO underwriting volume has already surpassed all of 2025, with CICC leading the underwriting league table, CITIC Securities climbing sharply from its first-half ranking and Guotai Haitong topping the list by number of deals. First-day trading performance of new listings has diverged, while several brokerages reported higher first-half underwriting revenue.
A-share IPO underwriting tops full-year 2025 as brokerages post gains
AI take
The signal here is about the underwriting pipeline, not the listings themselves: fees are accruing to brokers even as first-day trading splits between winners and laggards, which suggests deal flow is being driven more by issuance appetite than by dependable aftermarket demand. The league-table reshuffle — CICC leading on volume, CITIC climbing, Guotai Haitong ahead on deal count — points to competition shifting on execution capacity rather than pure scale. Whether that divergence in first-day performance starts to slow approvals is the open question.
Generated by AI for reference only.
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