Changpeng Wan
June’s IPO landscape shows robust recovery as exchanges accepted 150 listings—a five-fold annual surge driven by Beijing Stock Exchange dominance.
Market Dynamics Unpacked: Why June Saw Unprecedented Activity
Beijing Stock Exchange Emerges as IPO Powerhouse
During June 2025, China’s stock exchanges accepted 150 IPO applications—a staggering 500% increase from June 2024’s modest 30 approvals. This resurgence occurs amid regulators’ selective approach to listing standards.
The BSE Dominance Factor
The Beijing Stock Exchange captured 60% of June’s IPO approvals with 97 accepted listings. This represents:
– 200% year-over-year growth
– Higher acceptance volumes than 2022 (92) and 2023 (60)
– Shift from Shenzhen/Shanghai exchanges as primary destinations
Shanghai/Shenzhen Lag Behind
Comparatively, June approvals totaled:
– Shenzhen Exchange: 28 listings
– Shanghai Exchange: 25 listings
The combined mainland exchanges haven’t matched their 2023 peak throughput despite recent momentum.
Profitability Benchmarks: Rising Bar at BSE
While welcoming SMEs, Beijing Stock Exchange listings increasingly demonstrate financial strength—averaging 91 million yuan ($12.5M) in 2024 adjusted net profits among new applicants.
Top Performers
Leading profit generators included:
– Qiaoluming (汽车饰件): 411M yuan net profit
– Tongfu Shares (同富股份): 233M yuan
– Jintai Stock (金钛股份): 227M yuan
All exceeded typical Main Board thresholds.
Growth-Oriented Entrants
8 approved firms recorded sub-50M yuan profits yet showcased innovation potential:
– Jia Chen Zhi Neng (嘉晨智能): Auto-motor systems
– Ti Niu Ke Ji (提牛科技): Logistics robotics
– Chuan Mei Xun (传美讯): Smart manufacturing
Innovation Frontiers: Unprofitable Tech Listings Advance
New CSRC policies championed by Chairman Wu Qing (吴清) enabled breakthrough approvals for pre-revenue innovators under ‘dual-venture’ boards’ specialized criteria.
STAR Market Tech Pioneers
5 of 18 approved STAR Market listings operated at losses:
– Moore Threads: GPU developer (-1.5B yuan)
– MetaX (沐曦股份): AI chips (-1.04B yuan)
– ViewRay Technology: Microdisplays (-308M yuan)
ChiNext Milestone
Shenzhen’s growth board approved first-ever unprofitable IPO:
– Dapu Micro: Enterprise SSD specialist meeting ‘≥5B yuan revenue + ≥5B valuation’ exception
Regulators cite such frameworks as vital for advancing China’s semiconductor sovereignty goals.
Main Board Contrasts: Industrial Champions Endure
Shenzhen Main Board’s 9 approvals averaged 575M yuan profits—outpacing Shanghai’s 263M yuan average among 7 approved firms.
Heavyweight Contenders
Profit leaders dominated:
– HKC Co., Ltd. (惠科股份): Display manufacturer with 25.89B yuan profit
– Zhejiang Zhenshi New Materials: 600M yuan material sciences firm
Such approvals reinforce Main Boards’ blue-chip positioning.
Policy Catalysts: How Regulatory Shifts Ignited Applications
June’s volume stemmed from two converging forces:
Financial Reporting Deadline Pressure
The June 30 cutoff for annual report validity created urgency—41 filings processed on deadline day alone according to Securities Times data.
Regulatory Tailwinds
Chairman Wu Qing’s June 18 Shanghai Forum announcements unlocked pathways:
1. STAR Market’s revived ‘Standard V’ for pre-revenue tech firms
2. ChiNext’s new unprofitability tolerance framework
3. Accelerated ‘hard tech’ IPO review lanes
Sustainable Momentum? Investor Implications
First-half 2025 closed with 177 total IPO approvals:
– BSE: 115 (65% market share)
– Shanghai Exchange: 30
– Shenzhen Exchange: 32
This rebalancing toward Beijing highlights structural shifts beyond seasonal factors.
Investor Action Points
Market participants should:
– Monitor BSE sector concentration in advanced manufacturing/tech
– Evaluate pipeline quality through CSRC disclosure platforms
– Note dual-class shares enabling pre-revenue listings
The IPO reopening signals selective confidence in Chinese capital markets. With BSE capturing major mindshare and policy enabling strategic listings, savvy investors must discern between quantity surge versus fundamental quality across exchanges.
