The King of IPOs in 2025: HSG China Takes the Crown, Shenzhen Capital Group Ranks Second, and CICC Capital Comes Third

In 2025, it was a year for the equity industry to regain its momentum.

After a long period of downturn, after the Lunar New Year, the sudden popularity of DeepSeek not only shook the entire venture capital industry but also allowed the entire venture capital ecosystem to regain its technological confidence.

Investors often mention that confidence is more important than gold. This landmark event has added more highlights and impetus to the previously quiet investment track.

At the end of the year, leading players in the GPU track such as Moore Threads, Muxi Co., Ltd., and Biren Technology successively achieved IPOs. The successive surges in stock prices made investors who had worked hard for a year even more excited. Subsequently, the listings of Zhipu and MiniMax set a model for the global large - model listings. Investors who had worked hard for several years finally saw the light at the end of the tunnel...

In 2025, 116 new companies were listed on the A - share market. The market value changes of high - tech enterprises represented by the manufacturing, scientific research, and technology service industries were particularly prominent. The total market value increased by 33.3% and 32.1% respectively compared with the beginning of the year, and the proportion in the A - share market value increased by 4.2 and 0.1 percentage points respectively.

Investors always appear in the commemorative photo albums of these project listings.

According to incomplete statistics from Rongzhong, among the investment institutions behind the IPO enterprises in 2025, Sequoia Capital China won the first place with 17 IPOs, Shenzhen Capital Group Co., Ltd. ranked second with 16 listed projects, and CICC Capital ranked third with 15 projects.

In addition, IDG Capital, Yuanhe Holdings, CPE Source Summit, GAC Capital, Yida Capital, Wuxi Venture Capital, and Hillhouse Capital ranked among the top ten in terms of the number of IPOs.

Compared with last year's IPO report card, the number of IPOs of investment institutions has significantly increased this year. Last year, the average number of IPOs among the top ten was 8.4, while this year this figure has risen to 14.1.

This not only shows that investment institutions have generally achieved good results this year but also proves that compared with 2024, the A - share and Hong Kong stock markets have more open IPO policies.

2025 IPO Report Card: Sequoia, Shenzhen Capital Group, and CICC Capital Ranked in the Top Three

This year, a total of 44 institutions have more than 5 IPO projects, and 9 institutions have more than ten IPO projects. Among them, Sequoia Capital China, Shenzhen Capital Group Co., Ltd., and CICC Capital ranked first, second, and third with 17, 16, and 15 IPOs respectively. The difference in the number of projects among the top three institutions is only 1, indicating the fierce competition in this year's IPO race.

In addition, IDG Capital, Yuanhe Holdings, CPE Source Summit, GAC Capital, Yida Capital, Wuxi Venture Capital, and Hillhouse Capital all ranked among the top ten.

Compared with 2024, the overall number of IPOs obtained by institutions has increased this year. The average number of IPOs obtained by the top ten this year far exceeds that of last year.

Looking further back, in 2023, Shenzhen Capital Group Co., Ltd., which won the first place, obtained as many as 23 IPOs. Haitong Kaiyuan ranked second with 15 IPOs, and Sequoia Capital China and Hillhouse Venture Capital tied for third with 14 IPOs each.

Overall, the number of IPOs in 2025 has approached that of 2023, but there is still a certain gap.

This also shows the situation of the secondary market to a certain extent - in a longer time cycle, the number of IPOs has dropped significantly, but there is a slight increase compared with 2024.

Image source: EY's "Review and Outlook of the Chinese Mainland and Hong Kong IPO Markets"

The report on the market value performance of A - share listed companies in 2025 released by the China Association of Listed Companies shows that as of the end of 2025, there were a total of 5,469 A - share listed companies with a total market value of 123 trillion yuan, including 116 new listed companies in 2025. There were a total of 5,353 existing companies listed before January 1, 2025, and the total market value of existing listed companies in 2025 increased by 22.5% year - on - year.

In addition, private science and technology innovation listed companies were active in 2025. The overall market value of private listed companies increased by 37.0%, and the proportion in the A - share market value increased from 33.6% at the beginning of the year to 37.5%. The proportion of state - owned listed companies in the A - share market value is close to 50%.

According to the EY report, in terms of the IPO industry structure of the A - share market in 2025, the industrial, technology, and materials industries ranked among the top three in terms of the number of IPOs, accounting for 86% of the total number of IPOs for the whole year. At the same time, in terms of fundraising amount, the industrial, technology, and energy industries ranked among the top three, accounting for 78% of the total annual fundraising amount.

Investors' years of hard work in the technology track have now entered the harvest period.

Giant IPOs: From "Computing Power Carnival" to "Mythical - Level" Returns

The number of IPOs can directly indicate a stable output of an institution. However, for investment institutions, a more intuitive dimension is exit - you can't just look at which companies invested by an institution are listed, but also at the exit.

The data dimension is the most intuitive.

So, in 2025, which institutions won more giant IPOs?

Previously, Rongzhong reported in the article "Year - End Review | In 2025, Which Investment Institutions Are Behind the Top Ten IPOs?" that among the top ten IPO projects on the A - share market (based on the issue price) in 2025, ten enterprises such as Moore Threads, Muxi Co., Ltd., Tianyouwei, and Youyou Green Energy ranked among the top with high issue prices.

Rongzhong's research found that there are more than a hundred investment institutions behind these projects.

Among this long list of investment institutions, Lenovo Capital and Incubation Group achieved a hat - trick by investing in Moore Threads, Muxi Co., Ltd., and On - Ray Microelectronics respectively.

In addition, 16 investment institutions including Sequoia Capital China, Qianhai FOF, Shenzhen Capital Group Co., Ltd., CCB International, Zhongguancun Science City, Wanshi Venture Capital, Haida Investment, Hubble Investment, Fengnian Capital, Cornerstone Capital, Zhuoyuan Venture Capital, Xiaomi, CITIC Securities Investment, Turing Asset Management, Zhongwei Yihe, and TEDA Venture Capital each won two projects.

The reappearance of Sequoia and Shenzhen Capital Group on the list means that they not only achieved good results in the number of investments but also in the quality of investments.

In December 2025, the Science and Technology Innovation Board witnessed two "computing power carnivals" that will go down in history due to the intensive listings of two domestic GPU giants. On December 5, Moore Threads landed on the Science and Technology Innovation Board with an annual highest issue price of 114.28 yuan, far exceeding the average level of 24.27 yuan for the whole - year A - share IPOs.

Instantly after the opening, its stock price soared by 468.78%. The market value during the session once exceeded 100 billion yuan. Even though the increase narrowed at the end of the session, it still maintained an astonishing increase of 425.46%. Investors from a number of star institutions such as Matrix Partners China, Sequoia Capital China, and Haisong Capital could hardly hide their excitement - from the early - stage companionship of the enterprise, continuous investment during the technology - tackling period, to the final listing bell - ringing, they witnessed the entire process of this domestic GPU enterprise from laboratory technology to market - oriented implementation.

Just 12 days later, the listing of Muxi Co., Ltd. reignited the market enthusiasm.

Muxi Co., Ltd., which landed on the Science and Technology Innovation Board with an issue price of 104.66 yuan, saw its opening price soar directly to 700 yuan, setting a record for the highest increase on the first day of new stocks in the past three months with a sky - high increase of 568.83%. The maximum profit for a single winning lottery could reach 250,000 yuan, allowing long - term supporters such as Sequoia Capital China, Matrix Partners China, and IDG Capital to reap rich rewards.

There are also some exciting projects, such as Insta360. On the day of its listing, Insta360's opening price was 182 yuan, a 285% increase from the issue price. Investment institutions behind it, such as IDG Capital and Fengrui Capital, all won this important Science and Technology Innovation Board IPO.

The primary market in 2025 was bustling. In the soaring IPO listings, many institutions won high book returns. In addition to the investors behind popular projects like Muxi and Moore, there are also some individual cases worthy of attention.

For example, the state - owned assets of Gongshu District, Hangzhou. Through Yize Kangrui Pharmaceutical's investment in PaiGe Biopharmaceutical, as the sole cornerstone investor, the enterprise's stock price increased by 545% after listing, with a return of more than 5 times.

In addition, Hundun Investment/Ge Weidong bet on multiple rounds of financing of Muxi Co., Ltd., and the book return after the IPO was 12 - 14 times, becoming a benchmark for hard - technology investment.

So, in the past year, were there any "victories with fewer resources", that is, which institutions achieved a DPI far exceeding that of their peers through a few super projects?

The most talked - about is Peixian Qianyaoxing's angel - round investment in Moore Threads.

When Moore Threads was established for 3 months, Peixian Qianyaoxing invested 1.9 million yuan at a pre - investment valuation of 10 million yuan. On the first day of its listing in December 2025, the stock price soared by 425%, and the closing - price corresponding market value exceeded 280 billion yuan.

With an initial investment of 1.9 million yuan, it obtained a stock - holding market value of 11.898 billion yuan after 5 years, with a return rate of up to 6,262 times. This is equivalent to investing the price of a mobile phone in 2020 and being able to buy a whole high - speed train now.

Since then, Peixian Qianyaoxing has become famous overnight. Behind it stands Zhou Qi, a partner of Shanda Capital.

Zhou Qi is an individual investor in an associated enterprise of Colorful Technology, a long - term partner of NVIDIA. Zhang Jianzhong, the founder of Moore Threads, once served as the global vice - president and general manager of Greater China of NVIDIA. The personal connection led to this early and precise investment.

Such cases of sky - high returns with fewer resources are rare in the past few years, adding a stimulant to the venture capital market in 2025.

Jiangsu Becomes the "IPO City", Fujian Wins the Largest Fundraising Scale, and Guangdong Gets the Three IPOs with the Highest Issue Prices

From the perspective of the geographical distribution of IPOs, 2025 showed distinct echelon characteristics: Jiangsu focused on "quantity control", Fujian on "scale dominance", and Guangdong on "value maximization".

In terms of the number of IPOs, in 2025 (data as of November 26, 2025), Jiangsu ranked first with a total of 24. Guangdong followed closely with 18, Zhejiang ranked third with 14, Shanghai ranked fourth with 6, and Shandong and Anhui tied for fifth with 5 each.

Notably, the total number of IPOs in Jiangsu, Guangdong, Zhejiang, Shanghai, Shandong, and Anhui accounted for nearly 74% of the total number of IPOs this year.

"Chain Effect": The manufacturing clusters in Suzhou and Wuxi, along with a reserve of 57,000 high - tech enterprises, form a ladder of "monthly listings"

According to official data from Jiangsu, as of December 31 this year, 29 new A - share listed companies were added in Jiangsu in 2025, ranking first in the country and accounting for a quarter of the total number of new listed companies in the country (116).

Looking at the new listed companies in Jiangsu in 2025, on January 10, SaiFen Technology landed on the Science and Technology Innovation Board, kicking off the listing wave of Jiangsu enterprises in 2025. Generally, there were listings every month, and there were many hard - technology enterprises. On average, 2 or 3 companies were listed each month. In December alone, 5 Jiangsu enterprises were listed. In terms of regions, Suzhou had 12, Wuxi had 5, and Changzhou had 3, ranking among the top three. In terms of industries, it was mainly manufacturing, and 27 of them were strategic emerging industries.

Listing is a systematic project. To cultivate more listed enterprises, Jiangsu has built a full - life - cycle service system of science and technology finance that is compatible with scientific and technological innovation development, cultivated and expanded "patient capital", further strengthened the linkage of "equity, loans, bonds, insurance, and guarantees", and helped more high - quality enterprises achieve leap - forward development with the help of the capital market.

In addition to hard work, Jiangsu's inherent advantages are also important.

Jiangsu has a solid industrial foundation, providing sufficient reserves for the capital market. Currently, there are more than 57,000 high - tech enterprises in Jiangsu, and a total of 22,000 provincial - level specialized and sophisticated small and medium - sized enterprises have been cultivated. In 2025, 807 new national - level specialized and sophisticated "little giants" enterprises were added, with the total number exceeding 3,000, ranking first in the country.

Jiangsu's success lies in its financial service system. Among the 29 new Jiangsu enterprises in 2025, 27 belong to strategic emerging industries. This layout that highly conforms to the national industrial orientation gives it a natural advantage in policy access.

"Giant Effect": Super IPOs such as Huadian New Energy take the lead, combined with the refinancing of CATL and Zijin Mining, making it the number one in terms of capital - attracting ability in the country

Fujian ranked first in terms of IPO financing amount.

According to official statistics from Fujian, in 2025, the direct financing scale of Fujian's capital market for the whole province reached a new high of 500 billion yuan for the first time, setting a record for the same period in history. Among them, 4 new A - share listed companies were added, and the initial public offering (IPO) financing was 22.446 billion yuan, ranking first in the country.

The reason for its first - place ranking in listing financing amount is related to super IPO projects. The project with the largest fundraising scale was Huadian New Energy, which raised 18.17 billion yuan in its initial public offering, becoming the largest A - share IPO project of the year. CATL and Zijin Gold International raised HK$41.396 billion and HK$28.7 billion respectively