This issue brings the IPO report for August 2026, with Zhejiang ranking first in fundraising amount, and the first-day破发 rate of Chinese company IPOs being zero.
Author丨China Investment Research Institute
Source丨China Investment Jiachuan
Core Findings
In August 2026, a total of 20 Chinese companies successfully conducted IPOs on the A-shares, Hong Kong stocks, and U.S. stocks, raising a total of 25.821 billion yuan;
The amount raised from A-share IPOs saw a significant decline month-on-month; the number and amount of IPOs in Hong Kong hit a one-year low; the average amount raised by Chinese company IPOs in the U.S. increased;
The penetration rate of VC/PE institutions in IPOs is 80%.
Part One
Analysis of Chinese Company IPOs by Market
The amount raised from IPOs in A-shares significantly declined month-on-month
In August 2026, a total of 20 Chinese companies successfully conducted IPOs on A-shares, Hong Kong stocks, and U.S. stocks. The number of IPOs increased by 11.11% year-on-year but decreased by 35.48% month-on-month; the total amount raised was 25.821 billion yuan, which represents a year-on-year increase of 189% but a month-on-month decline of 86.09%. This month, the amount raised from A-share IPOs saw a significant decline month-on-month, the number and amount of IPOs in Hong Kong hit a one-year low, the average amount raised by Chinese company IPOs in the U.S. increased, and the number of companies filing for listing in the U.S. has reached zero within the limited period.
Figure 1 Number and Amount of Chinese Company IPOs in Global Markets from August 2025 to August 2026
Table 1 Statistics on IPO Numbers and Amounts by Trading Sector in August 2026
Chinese company IPOs have a first-day破发 rate of zero
In August 2026, a total of 20 Chinese companies successfully conducted IPOs on A-shares, Hong Kong stocks, and U.S. stocks, and no companies experienced a first-day破发, resulting in a破发 rate of zero.
In August 2026, the first-day price increase of Chaochun Materials was 6.62 times, the highest increase; the first-day price increase of Pingzhun Laser was 5.16 times, the second highest. This month, there were 4 companies with first-day price increases in the range of [50%,100%) and [100%,150%), each accounting for 20%, the largest proportion; there were 3 companies with first-day price increases in the range of [250%,300%), accounting for 15%.
Table 2 Top 5 First-Day Price Changes of Chinese Company IPOs in Global Markets in August 2026
Figure 2 Distribution of First-Day Price Changes of Chinese Company IPOs in Global Markets in August 2026
The amount raised from A-share IPOs saw a significant decline month-on-month
In August 2026, a total of 17 Chinese enterprises conducted IPOs on the Shanghai, Shenzhen, and Beijing stock exchanges, with the number of IPOs increasing by 1.13 times year-on-year and rising by 21.43% month-on-month; the total amount raised was 21.985 billion yuan, a year-on-year increase of 4.65 times, but a month-on-month decline of 74.35%. The amount raised from A-share IPOs in August showed a significant decline month-on-month.
In August 2026, the intelligent robot developer Yushu Technology successfully listed on the Sci-tech Innovation Board, raising 6.099 billion yuan, the highest IPO amount for this month. In July, DRAM leader Changxin Technology listed on the Sci-tech Innovation Board; on August 21, NAND leader Yangtze Memory entered the IPO acceptance phase, planning to raise 33 billion yuan, bringing together two major domestic memory leaders on the Sci-tech Innovation Board.
Figure 3 Number and Amount of Chinese Company IPOs in A-share Market from August 2025 to August 2026
Table 3 Top 5 Fundraising in A-share Market of Chinese Companies in August 2026
The number and amount of IPOs in Hong Kong reached a one-year low
In August 2026, 2 Chinese companies conducted IPOs in Hong Kong, with a year-on-year decrease of 60% and a month-on-month decrease of 88.24%; the total amount raised was 3.2 billion yuan, a year-on-year decrease of 32.66% and a month-on-month decrease of 96.80%.
In August 2026, both the number of IPOs and the amount raised in Hong Kong hit a one-year low, with Junzheng Co. being a secondary listing. On August 21, the Hong Kong Stock Exchange announced a three-year short-term exemption, extending the validity period for new listing applications, from six months to twelve months, starting from the date the listing application is submitted.
Figure 4 Number and Amount of Chinese Company IPOs in Hong Kong Market from August 2025 to August 2026
Table 4 Fundraising Situation of Chinese Companies in Hong Kong Market in August 2026
The average amount raised by Chinese companies in U.S. IPOs increased
In August 2026, Longdian Huaxin (FOIL.NYSE) successfully went public, with the amount raised from the IPO reaching a new high in nearly a year. In April, Dazuche listed on the NASDAQ global market, with initial fundraising of 51 million USD. In August, Longdian Huaxin listed on the Main Board of the New York Stock Exchange, raising 94.29 million USD. In recent years, the median amount raised by small and medium-sized enterprises going public in the U.S. has been in the million-dollar range, with most trading sectors concentrated in the NASDAQ capital market. In the past six months, small and medium-sized enterprise IPOs in the U.S. have effectively been paused, with only two medium and large companies going public in the U.S., and the number of companies with valid overseas listing record files for U.S. listings has reached zero.
Figure 5 Number and Amount of Chinese Company IPOs in U.S. Market from August 2025 to August 2026
Table 5 Fundraising Situation of Chinese Companies in U.S. Market in August 2026
In August 2026, a total of 16 Chinese companies with VC/PE backgrounds achieved listing, with the number of listed companies supported by VC/PE institutions increasing by 77.78% year-on-year, but decreasing by 5.88% month-on-month. This month, the account return scale for VC/PE institution IPOs was 52.597 billion yuan, a year-on-year increase of 5.32 times, but a month-on-month decrease of 87.07%; the average account return rate was 5.40 times, a year-on-year increase of 3.29 times, and a month-on-month increase of 93.55%. This month, the account exit return for the advanced manufacturing industry was 39.073 billion yuan, of which Yushu Technology's exit return was 33.328 billion yuan, accounting for 63.36% of the total exit return this month, with an account return multiple of 26.38 times, which is the main reason for the significant increase in the account return multiple in August IPOs.
Part Two
Analysis of Chinese Company IPO Exits
The exit return of Yushu Technology accounts for 63%
Figure 6 VC/PE Institution IPO Exit Account Return from August 2025 to August 2026
Table 6 Exit Analysis of IPO Transactions in August 2026 by Industry
The highest account exit return is from the Sci-tech Innovation Board of Shanghai Stock Exchange
From the perspective of different trading sectors, the account exit return from the Sci-tech Innovation Board of Shanghai Stock Exchange is the highest, at 39.996 billion yuan; the account exit return from the Growth Enterprise Board of Shenzhen Stock Exchange is 4.842 billion yuan, ranking second. Among the 16 IPOs with VC/PE institutional participation, 6 listed on the Beijing Stock Exchange, 4 on the Sci-tech Innovation Board, 3 on the Growth Enterprise Board, and one each on the Shanghai, Shenzhen, and Hong Kong main boards. The account return multiple on the Sci-tech Innovation Board of Shanghai Stock Exchange is the highest, at 13.50 times. This month, the penetration rate of VC/PE institutions in IPOs is 80%, with institutional penetration increasing by 60% year-on-year and 45.88% month-on-month.
Table 7 Exit Analysis of IPO Trading Sectors in August 2026
Figure 7 VC/PE Institution IPO Penetration Rate from August 2025 to August 2026
Overview of IPO Exits by VC/PE Institution Background
Table 8 Overview of IPO Exits by VC/PE Institution Background in August 2026
Part Three
Analysis of Chinese Company IPOs by Industry and Region
The highest number of IPOs is in Electronic Information
In August 2026, the electronic information industry had the highest fundraising amount at 12.512 billion yuan, accounting for 48.46% of the total fundraising in the industry; the advanced manufacturing and automotive transportation industries raised 9.342 billion yuan and 2.240 billion yuan, ranking second and third, respectively. The number of listed companies in the electronic information industry is 6, the highest number of IPOs; the advanced manufacturing industry has 5 IPOs, ranking second in number. In the subdivision field, the semiconductor sector had 6 IPOs, the most.
Figure 8 Distribution of Number and Amount of Chinese Company IPOs by Industry in August 2026
Table 9 Statistics of Major Subdivision Fields of Chinese Company IPOs in August 2026
The electronic information industry has the largest year-on-year increase in fundraising amount
In terms of the number of IPOs, compared to August 2025, the number of IPOs in the electronic information industry increased by 5 in August 2026, representing the largest year-on-year increase; the number of IPOs in the automotive transportation industry increased by 4, representing the second-largest increase; this month, there were only 4 companies with the same industry classification as last year.
In terms of IPO fundraising amount, compared to August 2025, the fundraising amount in the electronic information industry increased by 10.643 billion yuan, representing the highest increase; the fundraising amount in the advanced manufacturing industry increased by 7.917 billion yuan, representing the second-highest increase.
Figure 9 Comparison of IPO Numbers by Industry between August 2025 and August 2026
Figure 10 Comparison of IPO Fundraising Amounts by Industry between August 2025 and August 2026
Zhejiang has the highest number of IPOs
In August 2026, the number of IPOs in Zhejiang reached 4, the highest; Jiangsu and Guangdong each had 3 companies listing, tied for the second highest number; the fundraising amount in Zhejiang was 7.357 billion yuan, ranking first; Guangdong and Jiangsu raised 5.951 billion yuan and 3.078 billion yuan respectively, ranking second and third.
Figure 11 Distribution of Number and Amount of Chinese Company IPOs by Region in August 2026
Table 10 Distribution of Number and Amount of Chinese Company IPOs by Region in August 2026
Zhejiang has the largest year-on-year increase in fundraising amount
In terms of the number of IPOs, compared to August 2025, Zhejiang, Guangxi, and Hunan all saw an increase of 2 IPOs, the largest increase; multiple regions saw an increase of 1 IPO; Hong Kong saw a decrease of 4 IPOs, the largest decrease; Jiangsu saw a decrease of 3 IPOs, the second largest decrease.
In terms of the fundraising amount, compared to August 2025, the fundraising amount in Zhejiang increased by 6.876 billion yuan year-on-year, the largest increase; the fundraising amount in Guangdong increased by 4.643 billion yuan year-on-year, the second largest increase.
Figure 12 Comparison of IPO Numbers by Region between August 2025 and August 2026
Figure 13 Comparison of IPO Fundraising Amounts by Region between August 2025 and August 2026
Part Four
Chinese Company IPOKey Cases
Top 10 Chinese Company IPO Fundraising Amounts and Market Values on the Same Day
Table 11 Top 10 Fundraising Amounts of Chinese Company IPOs in August 2026
Table 12 Top 10 Market Values of Chinese Company IPOs on the Day of IPO in August 2026
Key Case: Zhanchin Technology
Table 13 Basic Issuance Information of Zhanchin Technology IPO
Table 14 Financing History of Zhanchin Technology
Table 15 Exit Situation of Zhanchin Technology IPO
Part Five
Review of IPO Policies
On August 21, the Hong Kong Stock Exchange announced the implementation of a short-term exemption, under which, subject to certain conditions and safeguards, the validity period for eligible new listing applications will be extended from six months to twelve months starting from the date of submission of the listing application form. This exemption will apply for three years from the date of this announcement (from August 21, 2026, to August 20, 2029).
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