In September 2025, 12 IPO candidates underwent regulatory review, with 11 companies approved, resulting in a nominal approval rate of 91.67%. From January to September 2025, 61 A-share IPO companies underwent review, with 58 approved, achieving a nominal approval rate of 95.08%, representing an increase of nearly 10 percentage points compared to 85.37% in the same period of 2024.

Regarding terminations, 7 companies terminated their A-share IPO processes in September 2025, maintaining single-digit termination numbers for three consecutive months. From January to September 2025, the total number of A-share IPO terminations was 91, representing a 74% year-over-year decrease compared to 350 terminations in the first three quarters of 2024.

In terms of issuance and fundraising, 11 A-share IPO companies were newly listed in September 2025, raising a combined total of 11.69 billion yuan. From January to September 2025, A-shares saw 78 new stock issuances, raising a total of 77.302 billion yuan, representing year-over-year increases of 13.04% and 61.49% respectively in IPO listings and total fundraising compared to the first three quarters of 2024.

**Review Status: Youxun Stock Faces Deferred Review Due to Share-Based Payment Accounting Issues**

In September, 12 IPO candidates underwent review, with 11 approved, achieving a nominal approval rate of 91.67%. Among these, Xiamen Youxun Chip Co., Ltd. ("Youxun Stock") faced deferred review, sponsored by CITIC Securities.

The listing committee questioned Youxun Stock on three major issues. First, they required the company's representatives to explain, based on product structure, pricing power, market development, main product validation, and outstanding orders, whether the company faces risks of continued gross margin decline and the sustainability of operating performance. Second, they required clarification on whether undisclosed related party relationships or concerted action relationships exist between Jina Shaw, Ping Xu, Pingni Ru Investment, Cai Chunsheng, and Yifang Construction. Considering the controlling shareholder's low shareholding ratio, relatively short control period, multiple equity changes during the reporting period, and historical disagreements among shareholders, they questioned the stability of the controlling shareholder's control and potential risks of control changes post-listing. Third, they required explanation of whether share-based payment accounting treatment during the reporting period complies with enterprise accounting standards.

The key issue requiring further clarification for Youxun Stock was whether the share-based payment accounting treatment during the reporting period complies with enterprise accounting standards.

This indicates that share-based payment accounting issues represent the most critical concern. In 2022-2024 and the first half of 2025, the company recognized share-based payment expenses of 31.3117 million yuan, 0 yuan, 15.7536 million yuan, and 9.4522 million yuan respectively due to equity incentive implementation.

In December 2022, employee Zhang Li acquired a 1.5% property share in the employee shareholding platform "Youxun Management" for 78,900 yuan, with no service period agreement. In August 2023, upon Zhang Li's resignation, she transferred half of her holdings (0.75%) to the actual controller Ke Tenglong for 143,900 yuan.

Youxun Stock argued that since actual controller Ke Tenglong committed to re-granting this portion of shares to other incentive recipients within three years without profit motive, this transaction does not constitute new share-based payment, and no share-based payment accounting treatment is required upon the controller's acquisition.

According to relevant provisions in "Share-Based Payment Standards Application Cases - Whether Actual Controller's Share Acquisition Constitutes New Share-Based Payment" issued by the Ministry of Finance on May 18, 2021, determining whether a general partner's share acquisition constitutes proxy holding typically requires considering evidence including: (1) clear agreement before acquisition that acquired shares will be re-granted to other incentive recipients; (2) clear and reasonable timing arrangements for re-granting to other incentive recipients; (3) during the holding period before re-granting to other incentive recipients, benefit arrangements related to partnership shares formed by acquired shares do not obviously conflict with proxy holding arrangements.

Additionally, Youxun Stock classified the 31.3117 million yuan share-based payment expense recognized in 2022 as non-recurring gains and losses, directly resulting in net profit after deducting non-recurring gains and losses of 96 million yuan that year, accounting for 117.61% of net profit. However, for share-based payment expenses recognized in 2024 and the first half of 2025, the company did not classify them as non-recurring gains and losses. The reasonableness and consistency of adopting different accounting treatments in different periods requires verification, as does whether it truly reflects the company's profitability.

Data shows that in the first nine months of this year, 61 A-share IPO companies underwent review, with 58 approved, achieving a nominal approval rate of 95.08%, representing an increase of nearly 10 percentage points compared to 85.37% in the same period of 2024.

In the first three quarters of this year, besides Youxun Stock facing deferred review, the three companies that did not successfully pass review included Xi'an Taijin New Energy Technology Co., Ltd. (Taijin New Energy) which faced deferred review, and Jaka Robotics Co., Ltd. (Jaka Stock) which had its review cancelled.

Taijin New Energy was required to further demonstrate, based on revenue recognition policy implementation, order signing, delivery and acceptance conditions, and operating cash flow during the reporting period, whether the company faces risks of significant future performance decline and whether related risk disclosures are adequate.

Jaka Stock's review cancellation was due to related matters requiring further verification, though specific reasons were not detailed. Before the review announcement, Jaka Stock was asked by the Shanghai Stock Exchange to explain specific circumstances regarding revenue recognition timing changes, credit policy relaxation, and accounts receivable recognition. Some investors believe Jaka Stock may have changed accounting policies to recognize revenue early.

Data shows that in the first nine months of this year, 24 securities firms sponsored 61 A-share IPO companies for review, with 21 firms achieving 100% approval rates. Only CITIC Construction Investment, CITIC Securities, and GTHT failed to achieve "perfect scores," with approval rates of 85.71%, 85.71%, and 91.67% respectively.

**IPO Termination Status: GTHT Records Highest Withdrawal Count**

Data shows that 7 companies terminated their A-share IPO processes in September 2025, maintaining single-digit termination numbers for three consecutive months. In July and August 2025, 7 and 6 A-share IPO companies terminated respectively.

From January to September 2025, total A-share IPO terminations reached 91, representing a 74% year-over-year decrease compared to 350 in the first three quarters of 2024.

Compared to the same period last year, A-share IPO terminations decreased significantly by over 70%. This phenomenon indicates improved IPO market conditions and relates to the lower base number following the sharp decline in queuing IPO companies.

By securities firm, GTHT recorded the highest number of IPO terminations in the first three quarters, with 9.5 companies (calculated by combining original Guotai Junan and Haitong Securities), followed closely by CITIC Securities with 8 companies.

Many smaller securities firms achieved 100% withdrawal rates after withdrawing IPO sponsorship projects this year, with zero reserve projects, including Minmetals Securities, Zhongtian Guofu, Jianghai Securities, and Changcheng Guorui.

**IPO Issuance Status: United Power's 3.6 Billion Yuan Fundraising Reflects High Issuance P/E Ratio**

Data shows that 11 A-share IPO companies were newly listed in September 2025, raising a combined 11.69 billion yuan. Among the 11 companies, United Power achieved the highest actual fundraising of 3.601 billion yuan, while Sanxie Motor had the lowest at only 183 million yuan.

Among the 11 newly listed companies, United Power was the only company with an issuance P/E ratio exceeding the industry average. Data shows United Power's issuance P/E ratio was 32.87 times, while the industry average P/E ratio was 29.08 times.

From January to September 2025, A-shares saw 78 new stock issuances raising a total of 77.302 billion yuan, representing year-over-year increases of 13.04% and 61.49% respectively in IPO listings and total fundraising compared to the first three quarters of 2024. In the first three quarters of 2024, A-shares saw 69 new stock issuances raising a total of 47.868 billion yuan.

Among the 78 companies, Huadian New Energy achieved the highest actual fundraising of 18.171 billion yuan, while Nenzhiguang had the lowest at only 102 million yuan.

Among the 78 companies, 30 achieved over-fundraising while 48 fell short of expectations. Insta360 achieved the highest over-fundraising ratio, with expected fundraising of 654 million yuan but actual fundraising of 1.938 billion yuan, representing over-fundraising of 1.284 billion yuan and a ratio of 196.30%, nearly double the target.

The most severe actual fundraising shortfall was experienced by Sciex Technology, which expected to raise 850 million yuan but actually raised only 216 million yuan, representing a 74.6% shortfall. Additionally, Shouhang New Energy, Taihe Stock, and Yongjie New Materials experienced fundraising shortfalls exceeding 50%, at 62.15%, 58.64%, and 53.3% respectively.

Among the 78 companies, Taili Technology had the highest underwriting and sponsorship fee rate (underwriting and sponsorship fees/total fundraising), with actual fundraising of 462 million yuan and underwriting and sponsorship fees of 65 million yuan, resulting in a fee rate of 14.08%, with Guolian Minsheng as the sponsoring underwriter.

Companies with fundraising amounts similar to Taili Technology - Huazhijie, Shouhang New Energy, Taihe Stock, Xinya Cable, C Jianfa Zhi, and C Yunhan - raised 497 million yuan, 487 million yuan, 462 million yuan, 459 million yuan, 446 million yuan, and 440 million yuan respectively, with underwriting and sponsorship fees of 24.85 million yuan, 43.481 million yuan, 37.8963 million yuan, 34.41 million yuan, 39.1859 million yuan, and 37.3836 million yuan respectively. Their underwriting and sponsorship fee rates were 5%, 8.94%, 8.2%, 7.5%, 8.8%, and 8.51% respectively, all significantly lower than Taili Technology's 14.08%, indicating Guolian Minsheng's abnormally high underwriting and sponsorship fees and fee rates.

**Securities Firm Rankings: CITIC Securities' First Three Quarters Underwriting Amount Drops to Fifth, "Guolian+Minsheng" Underwriting Amount Falls Nearly 50% Year-over-Year**

Data shows that from January to September 2025, 78 A-share new stock issuances raised a total of 77.302 billion yuan. Thirty-one securities firms shared the 77.302 billion yuan underwriting amount, with CICC taking the lead with 12.538 billion yuan in underwriting amount, ranking first.

From January to September 2025, the 2nd to 5th ranked securities firms in A-share IPO underwriting amounts were GTHT (including original Haitong Securities), Huatai United, CITIC Construction Investment, and CITIC Securities, with underwriting amounts of 11.708 billion yuan, 10.889 billion yuan, 10.049 billion yuan, and 6.591 billion yuan respectively.

CITIC Securities deserves particular attention. The company's A-share IPO underwriting amount in the first three quarters of 2024 was 7.253 billion yuan, ranking first in the industry. This year's first three quarters underwriting amount dropped to 6.591 billion yuan, falling to fifth place, with the top four all exceeding 10 billion yuan in underwriting amounts. However, CITIC Securities still leads in IPO underwriting quantity in the first three quarters with 10 deals.

From market share perspective, the top five securities firms' combined A-share IPO underwriting amount in the first three quarters was 51.775 billion yuan, accounting for 66.98% of the total 77.302 billion yuan underwriting amount, approaching 70% and demonstrating significant Matthew effect.

Another noteworthy securities firm is Guolian Minsheng. The combined A-share IPO underwriting amount of original Minsheng Securities and original Guolian Securities in the first three quarters was 2.115 billion yuan, representing a 45% year-over-year decrease compared to Minsheng Securities alone achieving 3.896 billion yuan in the same period last year, approaching a 50% decline.

The merged Guolian Minsheng's A-share IPO underwriting amount is surprisingly much lower than before. Whether this is a short-term phenomenon or gradually becoming the norm remains to be seen - time will provide the answer.