- Province tops nation in fundraising as A-share market bounces back
- Private-sector pipeline and manufacturing base help sustain IPO momentum
Zhejiang led China in IPO fundraising and the number of newly listed companies during the first five months of the year, extending its dominance in a recovering A-share market.
The province, excluding the separately reported city of Ningbo, recorded 11 A-share listings that raised a combined 7.54 billion yuan ($1.11 billion) between January and May, the highest total nationwide.
Two Ningbo-based companies went public during the period. Automotive parts specialist Longyuan Co., Ltd. raised about 420 million yuan in its March 31 listing on the Beijing Stock Exchange, while refrigeration equipment maker Hicon Technology (惠康科技) raised about 1.98 billion yuan through its May 22 Shenzhen Stock Exchange debut.
Including those two deals, Zhejiang’s province-wide total reached 13 listings and 9.94 billion yuan in fundraising during the first five months of the year.
The performance came as China’s IPO market showed signs of a rebound. A total of 62 companies went public on mainland exchanges during the period, raising 58.16 billion yuan, up 44.2% and 107.9%, respectively, from a year earlier.
Jiangsu followed Zhejiang with 12 listings that raised 6.83 billion yuan. Shenzhen ranked third with 5.24 billion yuan raised from four IPOs, followed by Anhui with 4.82 billion yuan and Henan with 4.59 billion yuan, each also recording four listings.
Deep manufacturing base
Market observers attributed Zhejiang’s lead to its deep manufacturing base, active private sector and a steady pipeline of companies seeking public listings.
The province has also developed a relatively mature support system that helps businesses progress from early-stage development to IPO preparation.
The figures suggest Zhejiang remains one of China’s most active regions for equity financing as regulators continue to normalize IPO approvals after a period of tighter scrutiny.
Notably, neither Beijing nor Shanghai ranked among the top five regions by IPO fundraising.
Market participants said many of the highest-quality local companies in those cities have already listed.
Meanwhile, some newer technology firms increasingly favor lower-cost cities in the Yangtze River Delta with stronger industrial ecosystems and supply-chain support.
