IPO Monthly Report | In March, the Beijing Stock Exchange's IPO pace continued to accelerate, with 19 companies receiving approval for overseas listing, dominated by semiconductor and robotics companies

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Our reporter | Wang Lin    Our editor | Huang Sheng

In March, 23 companies in the A-share IPO market had their initial offerings reviewed, and all passed the review, a significant increase from 8 companies in February. Among these 23 companies, the proportion planning to list on the Beijing Stock Exchange (BSE) continued to exceed 70%. Of the 13 new stocks listed in March, over 60% came from the BSE. This indicates a sustained acceleration in the IPO pace of the BSE.

Meanwhile, the number of terminated IPOs in March reached 4, including Shuguang Group, which has high client and supplier concentration and a high proportion of related-party transactions. The A-share IPO market also accepted 8 new companies in March, including well-known tech firms China Space Yuhang and Yushu Technology.

In the Hong Kong IPO market, the number of companies submitting applications to HKEX jumped from 43 in February to 68 in March. The enthusiasm for A-share companies to list in Hong Kong continued to cool, with at least 5 A-share companies disclosing plans to list in Hong Kong in March. Additionally, 19 companies received approval from the China Securities Regulatory Commission (CSRC) for overseas listing filings, a significant increase from 10 in February, mainly from the semiconductor and robotics industries.

Wind data shows that in March, a total of 23 companies in the A-share IPO market had their initial offerings reviewed, including 17 companies from the BSE such as Jieli Technology and Zhengda Seed Industry, the STAR Market’s Changjin Photonics and Zhenbao Technology, ChiNext’s XinXing Tools, and the Shanghai and Shenzhen main boards’ Jiade Li, Huikang Technology, and Huike Co., Ltd. The proportion from the BSE continued to exceed 70%. This review count for the month is higher than 17 in January and 8 in February, but lower than 28 in December 2025.

From the review outcomes, all 23 companies passed, with a 100% approval rate.

Among these 23 companies, Jin Ge New Materials mainly engages in the research, production, and sales of functional materials, including thermal conductive powders, flame-retardant powders, and wave-absorbing powders.

The prospectus shows that during the reporting period, Jin Ge New Materials’ “Guangdong Jin Ge New Materials Co., Ltd. Second Factory Expansion and Reconstruction Project” and the “Annual Production of 7,000 Tons of Electronic and Electrical Heat Dissipation Spherical Powder Production Line Technical Renovation Project” involved project construction before environmental impact assessment approval. However, as of the signing date of the prospectus, both projects had completed environmental impact assessment approval and environmental acceptance procedures.

Meanwhile, from 2023 to 2025, Jin Ge New Materials’ operating expenses as a percentage of revenue are 13.04%, 11.94%, and 9.78%, decreasing year by year. In 2025, its sales expenses and administrative expenses are 14.42 million yuan and 15.63 million yuan, respectively, down 2.73% and 20.44% from 14.83 million yuan and 19.65 million yuan in 2024. Jin Ge New Materials explains that this is mainly due to reduced sales bonuses in 2025, leading to lower sales expenses, and decreased intermediary fees, leading to lower administrative expenses.

In fact, in 2023 and 2024, Jin Ge New Materials’ management expense ratios were 4.23% and 4.20%, well below the industry average of 7.50% and 7.41%, and lower than all comparable companies’ management expense ratios.

Additionally, in March this year, 13 new stocks were listed in the A-share market, including 8 from the BSE. All new stocks gained on their first trading day, with 9 exceeding 100% increase, the highest being Zuxing New Materials, which surged 405.73% on debut, and the lowest being Tongling Technology, which rose 41.42%.

In March, the three major exchanges in the A-share market announced a total of 4 terminated IPO projects: SciTech’s Xinmi Technology and Yijia Additive Manufacturing, Shuguang Group on the Shanghai Main Board, and Ruijian Medical on the BSE. This is a slight increase from 3 in February.

Among these four terminated companies, Shuguang Group is a large integrated chemical enterprise focusing on cyanide chemicals, modern coal chemical industry, fine chemicals, and new chemical materials, with three mature business segments: cyanides, butyric alcohol, and coal-to-hydrogen. It is actively advancing the BDO business segment.

Shuguang Group has high client and supplier concentration and a high proportion of related-party transactions. The prospectus shows that from 2022 to the first half of 2025, sales to related parties accounted for 67.04%, 64.56%, 62.41%, and 69.85% of the company’s revenue, respectively, with sales to Sinopec Group accounting for 64.62%, 60.69%, 58.78%, and 69.86%. During the same period, purchases from the top five suppliers accounted for 89.67%, 89.14%, 87.40%, and 88.85% of total procurement, with related-party purchases making up 45.09%, 37.55%, 45.47%, and 59.80%.

In March this year, 160 companies in the A-share market had their IPO projects suspended, mainly due to “pending supplementary audit matters related to financial reports” at the end of Q1.

In March, 8 new companies were accepted for IPO filings, including SciTech’s Zhongke Yuhang, Yushu Technology, Aike Medical, and Saike Sais, ChiNext’s Ligho New Energy and Feiyino, Shenzhen’s Wuxing New Materials, and BSE’s Huayi Taikang.

According to the prospectus, Yushu Technology focuses on R&D, production, and sales of high-performance general-purpose humanoid robots, quadruped robots, robot components, and embodied intelligence models. Its high-performance humanoid and quadruped robots have maintained leading global sales in recent years.

In terms of performance, from 2022 to the first three quarters of 2025, Yushu Technology’s revenue was 123 million yuan, 159 million yuan, 392 million yuan, and 1.17B yuan, with net profit after non-recurring gains and losses of -8.07 million yuan, -18.02 million yuan, 77.50 million yuan, and 431 million yuan, achieving profitability in 2024. Meanwhile, R&D investment accounted for 24.39%, 31.39%, 17.84%, and 7.73% of revenue.

From the ownership structure, Wang Xingxing, Shanghai Yuyi, Hanhai Information, and Ningbo Hongshu hold over 5%, with stakes of 23.82%, 10.94%, 7.61%, and 6.21%, respectively.

The prospectus shows that China Space Yuhang mainly engages in the R&D, manufacturing, and launch services of large and medium-sized commercial rockets, and explores new space economy sectors such as space manufacturing, space science experiments, and space tourism. It is a clear leader in the domestic commercial rocket market. As of the signing date, its Leyan series rockets have been successfully launched 11 times, ranking first among domestic private commercial rockets by payload capacity. The company is also the only domestic private commercial rocket firm to undertake multiple major national and overseas satellite launch missions.

In the first three quarters of 2022–2025, China Space Yuhang’s revenue was 5.95 million yuan, 77.72 million yuan, 244 million yuan, and 84.22 million yuan, with net profits after non-recurring gains and losses of -370 million yuan, -440 million yuan, -826 million yuan, and -762 million yuan.

Notably, China Securities Regulatory Commission’s second batch of 2026 first-time issuance on-site inspection lottery list includes both China Space Yuhang and Yushu Technology.

Regarding domestic companies listing abroad, the China Securities Regulatory Commission’s official website shows that as of March 27, 2026, a total of 232 companies are undergoing overseas securities issuance and listing filings, including 179 planning to list on HKEX and 52 on NASDAQ.

In the Hong Kong IPO market, 68 companies submitted applications in March, a sharp increase from 43 in February. Among these, several A-share listed companies such as Top Group, Huqian Technology, Yuanjie Technology, Xinghuan Technology, and others also applied.

In March, 19 companies received approval from the CSRC for overseas listing filings, including Luoshi Robotics, Yingpai Pharmaceuticals, Xizhi Technology, Yunyinggu, Dongfang Kema, Jitai Technology, Shuanglin Shares, Baogai New Materials, Changguang Chenxin, Yifei Technology, Sig New Energy, Huayang Robotics, Fourier, Kef Medical, Shenghong Technology, Maike Tian, Shenyang Intelligent, Puyuan Jingdian, and Ledong Robotics. This is a significant increase from 10 companies in February 2026.

The trend of A-share companies listing in Hong Kong or multiple regions remains weak. According to incomplete statistics by the “Daily Economic News,” in March, at least five A-share companies, including Sanxing Medical, Honghe Technology, Xinyuan Co., Ltd., Changying Precision, and Wanma Shares, announced plans to list in Hong Kong, slightly up from at least three in February. Yanzhou Energy also disclosed plans to spin off its subsidiary Wubo Technology for listing on the Hong Kong Stock Exchange.

Notably, the “IPO lottery” market in Hong Kong continued to show strong profit potential in March. Wind data shows that 16 new stocks listed in Hong Kong in March, including the listing of Lantu Motors on the Main Board via introduction, and Zejing Shares, Copper Master, Eston, and Youlesai shared in the first-day decline. The other 11 companies all rose on their first trading day, with Jishi Jiao, Deshi-B, and Fourier surging over 100%, at 150.00%, 111.72%, and 100.00%, respectively.

Cover image source: Media Library of Our Daily Economics