A major penalty was issued over the weekend: Zhong Shen Hua Certified Public Accountants was fined five times the illicit gains and banned from the market for six months by the China Securities Regulatory Commission (CSRC) due to serious violations in the annual report audits for 2018 to 2023 of Guangdao Digital, the first company delisted from the Beijing Stock Exchange.
After twists and turns involving the STAR Market and the Beijing Stock Exchange, Chenxin Technology, a loss-making chip design firm with a market capitalization exceeding 220 billion yuan, has ultimately set its sights on the Growth Enterprise Market (GEM). Recently, the company completed its tutoring review with the Qingdao Securities Regulatory Bureau under the guidance of
As the GEM gains momentum, the STAR Market is also intensifying efforts to attract large, currently unprofitable companies with promising futures. This weekend, Minimax, an AI large model company that recently listed in Hong Kong, announced its filing for A-share tutoring, aiming for a listing on the Shanghai Stock Exchange.
Last Friday marked the final working day of May, bringing comprehensive A-share IPO data for the month.
In the first five months of this year, 62 companies completed IPOs on the A-share market, showing significant growth in both the number of listings and total funds raised compared to the same period last year. Among these, 11 were sponsored by Guotai Haitong, placing the institution far ahead of its peers. The rankings of the top five institutions have seen considerable changes, with Dongwu Guojin breaking into the top five. From a city distribution perspective, Suzhou and Wuxi, with 7 and 5 listings respectively, surpassed Beijing, Shanghai, Shenzhen, and Hangzhou!
Statistics show that in May, 24 new enterprises were accepted for IPO review in the A-share market, bringing the total for the first five months to 44.
From January to May, 79 companies passed listing review meetings, with the Beijing Stock Exchange still accounting for the majority, over 60%, totaling 51 companies.
By the end of May, the latest A-share IPO queue stood at 317 companies. Shenzhen, Suzhou, and Dongguan ranked as the top three cities, surpassing Beijing and Shanghai. By board: the Beijing Stock Exchange had 178 companies, accounting for nearly 60%; the Shanghai Stock Exchange Main Board had 19, the STAR Market had 48, together representing 21%; the Shenzhen Main Board had 19, and the GEM had 53, together representing 23%.
Which institutions or regions led in A-share IPO listings, approvals, queuing, and new filings from January to May? The latest rankings are provided below.
A. Latest IPO Highlights
Highlight 1: Severe Failures Across Eight Audit Areas! Zhong Shen Hua Fined Five Times Illicit Gains, Banned for Half a Year! Total fines for the firm and accountants reach 16.12 million yuan!
Recently, the Shenzhen Bureau of the CSRC issued Penalty Decision No. 8 [2026], imposing severe penalties on Zhong Shen Hua Certified Public Accountants and three signing certified public accountants for serious violations in the annual report audits of Shenzhen Guangdao Digital Technology Co., Ltd. from 2018 to 2023.
Zhong Shen Hua was fined five times the illicit gains, had its securities service business suspended for 6 months, with fines and confiscated amounts totaling 13.02 million yuan. The three accountants were warned, banned from the market for 3-5 years, and fined, with combined penalties reaching 3.1 million yuan.
Regulatory investigations found that from 2018 to 2023, Guangdao Digital systematically fabricated sales and procurement businesses by creating false purchase and sales contracts, invoices, bank slips, delivery notices, and warehouse receipts, thereby inflating operating revenue and costs.
The proportion of inflated operating revenue ranged from 85% to over 99% annually, and inflated operating costs generally exceeded 80%, approaching 100% in some years. In other words, almost all the disclosed revenue data was "inflated."
However, Zhong Shen Hua issued unqualified audit opinions for the annual reports of these six consecutive years, with total audit service revenue (after tax) reaching 2,169,811.28 yuan.
Regulators detailed serious failures in due diligence by Zhong Shen Hua during the audit process, involving deficiencies in eight major areas:
Major deficiencies in control testing: Failure to maintain professional skepticism regarding obvious anomalies such as consecutive warehouse receipt numbers, illogical delivery order numbers, and non-standard naming of bank slips.
Major deficiencies in cash procedures: "Turning a blind eye" to typographical errors, abnormal formats, and混乱的 account names on bank statements and slips, failing to detect the company's long-term forgery of bank documents.
Major deficiencies in confirmation procedures: Failure to control the sending and receiving process of confirmation requests, and not further verifying serious anomalies such as overlapping recipients/senders with company employees, inconsistent addresses, and identical contact persons for different customer confirmations.
Major deficiencies in accounts receivable procedures: Failure to maintain due skepticism regarding bank slips attached to vouchers containing typos and异常 account names.
Major deficiencies in inventory procedures: Physical inventory checks were "perfunctory," failing to open packages for inspection and thus missing empty boxes or second-hand hardware冒充 inventory;同时 ignoring anomalies like consecutive warehouse receipt numbers.
Inadequate procedures for accounts payable: Failure to maintain professional skepticism regarding异常 naming of bank slip accounts.
Major deficiencies in revenue procedures: Failure to verify混乱 delivery order numbers,异常 VAT invoice accounts, and inconsistent customer names.
Lack of verification for tax certificates: Failure to verify the authenticity of tax certificates through channels like tax bureau websites or QR codes,未能发现伪造 tax certificates.
Highlight 2: 225-Billion-Yuan Loss-Making Chip Design Firm Targets GEM's Fourth Set of Standards
Last Tuesday, Chenxin Technology, listed on the New Third Board, announced it passed the tutoring review by the Qingdao Securities Regulatory Bureau on May 22. Fifteen months prior, the company signed a tutoring agreement with
On April 24, the Shenzhen Stock Exchange released the first batch of supporting business rules for deepening GEM reform, officially implementing the GEM's fourth set of listing standards, which允许未盈利企业上市.
Specifically, there are two criteria: First, "Estimated market value not less than 3 billion yuan, operating revenue in the most recent year not less than 200 million yuan, and a compound annual growth rate of operating revenue over the past three years not less than 30%," mainly applicable to enterprises in emerging industries. Second, "Estimated market value not less than 4 billion yuan, operating revenue in the most recent year not less than 200 million yuan, cumulative R&D investment over the past three years not less than 100 million yuan and accounting for not less than 15% of operating revenue," mainly applicable to enterprises in future industries.
Humanoid robotics firm Leju Intelligent became the first company to apply for listing using the GEM's fourth set of standards, specifically the first sub-criterion.
As a loss-making chip design firm, Chenxin Technology is applying under the second sub-criterion of the GEM's fourth set of listing standards. The company's cumulative R&D investment over the past three years was 7.31 billion yuan, accounting for 58.91% of its cumulative operating revenue over the same period, meeting the financial conditions for GEM listing stipulated in Article 2.1.2 of the Shenzhen Stock Exchange GEM Listing Rules (2026 Revision).
As of the close on May 29, Chenxin Technology's stock price was 114.5 yuan per share, up 10.10%, with a latest market capitalization reaching 225.3 billion yuan.
Highlight 3: Large Model Company MiniMax Initiates STAR Market Tutoring, Hong Kong Market Cap Exceeds 260 Billion HKD
On May 30, the CSRC website disclosed that MiniMax Group Inc. filed for tutoring registration with the Shanghai Securities Regulatory Bureau, planning an initial public offering and listing. The tutoring sponsor is CITIC Securities Co., Ltd.
MiniMax listed on the main board of the Hong Kong Stock Exchange on January 9, 2026, becoming another company in China's AI large model sector, following Zhipu and Fansi Intelligence, to initiate a dual "A+H" platform布局. The company's issue price was HKD 165 per share. On its first trading day, the stock opened sharply higher and closed up approximately 109% at HKD 345, with its total market cap climbing to HKD 106.7 billion, making it a star stock in Hong Kong's AI sector.
As of the close on May 29,
According to an Oriental Securities research report, the company's full-year Annual Recurring Revenue for 2026 is expected to reach USD 800 million to 1 billion. Financially, total revenue for 2025 was USD 79.038 million, a year-on-year increase of 158.9%. Gross margin improved from 12.2% in 2024 to 25.4%, and adjusted net loss narrowed significantly.
This A-share tutoring filing comes仅四个月 after its Hong Kong listing, a faster pace than the常规 "A+H"间隔, signaling the company's transition from a technology firm to a platform-based AI infrastructure service provider.
B. Latest IPO Rankings
I. Newly Accepted List for This Year As of May 29, 44 enterprises have been accepted for review. Among these, 24 were accepted in May alone, while 2, 1, 8, and 9 companies were accepted in January through April respectively. Clearly, May's single-month figure exceeded the total of the first four months.
By board: GEM 18, STAR Market 13, Beijing Stock Exchange 7, Main Board 6. By sponsor: Guotai Haitong and Huatai United并列第一 with 5 each, followed by CITIC and Everbright. Top 10 Sponsors for Newly Accepted IPO Companies
By registered location: Guangdong leads遥遥领先 with 11, accounting for a quarter of the total! Jiangsu/Zhejiang and Shandong follow closely with 6 each. Top 10 Provinces for Newly Accepted IPO Companies
II. Listing Rankings Institution Guotai Haitong Ranks First, Top Five Rankings See Major Changes! Cities Suzhou and Wuxi Take First and Second Place
In the first five months of this year, 62 companies completed IPOs on the A-share market, a 44% increase from 43 in the same period last year. The total funds raised were 58.160 billion yuan, a year-on-year increase of 106% from 28.202 billion yuan in the same period last year.
Data shows that among these 62 companies, 11 were sponsored by Guotai Haitong, placing it遥遥领先! CICC, CITIC等位列其后, with Dongwu Guojin挤进前5. Top 10 Sponsors by Number of IPOs in First Five Months
By province: Jiangsu and Zhejiang并列第一 with 13 each, leading遥遥领先! Guangdong had only 6, falling far behind.
By city distribution: Suzhou and Wuxi, with 7 and 5 listings respectively, surpassed Beijing, Shanghai, Shenzhen, and Hangzhou, taking the冠亚军 positions! Top 10 Cities by Number of IPOs in First Five Months
III. Approval Rankings Guotai Haitong Leads with 16, Followed by CITIC and CICC In May, 19 companies were安排上会, with 18 passing and 1 (Huasheng Radar) deferred. The number of approvals in May increased 20% month-on-month compared to April.
From January to May 2026, 80 IPO companies underwent review meetings, with 79顺利过会 and 1 deferred (second reviews counted by final result).
By board distribution among the 79 approved companies: Beijing Stock Exchange accounted for over 60%, with 51 companies; GEM had 12; Shanghai/Shenzhen Main Boards and STAR Market each had 8. Compared to 21 in the same period last year, the number of IPO approvals from Jan-May 2026 increased by 276.19%.
By券商: Guotai Haitong ranks first with 16. CITIC Securities and CICC follow. Sponsor Rankings for IPO Approvals in First Five Months
IV. Queue Rankings Guotai Haitong and CITIC in the First Tier Shenzhen, Dongguan, Beijing are Top Three Cities
As of May 29, 2026, the total number of companies in the IPO queue across the three major exchanges was 317. The Beijing Stock Exchange had the most with 178, accounting for 56%; the GEM and STAR Market had 53 and 48 respectively; the Shanghai and Shenzhen Main Boards each had 19.
Overview of IPO Queue Distribution Across Three Exchanges
Guotai Haitong leads with 36.5, CITIC Securities ranks second with 35.5, and
Top 20 Sponsors for Companies in IPO Queue
The top five provinces are Guangdong, Jiangsu, Zhejiang, Beijing, and Anhui, with a combined 206 companies in the queue, accounting for 65% of the total! Top 10 Provinces for Companies in IPO Queue
In city rankings, Shenzhen, Dongguan, and北京名列前茅: Top 10 Cities for Companies in IPO Queue