In August, a total of 11 companies in the A-share IPO market advanced to the initial listing review stage, a decline from the 17 companies seen in July. Of these, eight came from the Beijing Stock Exchange (BSE), accounting for more than 70% of the total. Looking at the outcomes, only Aisidi Industrial Technology was deferred for further review, while the remaining 10 companies all successfully passed their hearings, bringing the overall approval rate to 90.91%.

Meanwhile, nine companies terminated their IPO processes in the A-share market during August. Among them was Tongli Technology, controlled by TCL founder Li Dongsheng, which terminated its registration nearly three years after its initial listing review was approved. According to its prospectus, the company generated over 80% of its overseas sales revenue during the reporting period, with sales to its largest customer accounting for more than 50% of total revenue.

In the Hong Kong stock market, 52 companies submitted listing applications to the Hong Kong Stock Exchange in August, halting the consecutive three-month decline in filing numbers seen from May to July. However, only two new stocks were listed in Hong Kong in August, significantly lower than the 17 listings in July, indicating a cooling of the previously red-hot new listing market. Unlike the persistently strong profit-making effect of A-share IPO subscriptions, the profit-making effect in Hong Kong's new stock subscription market has also notably cooled since July.

According to Wind data, 11 companies went through the initial listing review in August, with eight from the BSE, including companies such as Suxun New Materials and Tianguangshi. Two were from the ChiNext board, namely Youbang Materials and Yulong Optoelectronics, while one was from the STAR Market, namely Karuisi. The number of companies under review in August was down from July's 17.

Among the 11 companies reviewed, Aisidi primarily focuses on the research, development, production, and sales of aluminum alloy components in the automotive lightweighting sector. Its prospectus shows that from 2023 to 2025 (referred to as the "reporting period"), the company's revenue stood at 567 million yuan, 739 million yuan, and 828 million yuan, respectively. Its net profit attributable to parent companies after deducting non-recurring gains and losses was 38.2762 million yuan, 50.8553 million yuan, and 58.4441 million yuan, reflecting sustained growth. During the reporting period, Aisidi's credit impairment losses were -3.077 million yuan, -5.8747 million yuan, and 1.858 million yuan. The company stated that the significant reduction in credit impairment losses in 2025 was mainly due to a decrease in accounts receivable. As of the end of 2025, the company's accounts receivable stood at 223 million yuan, accounting for 25.91% of total assets.

Notably, during the reporting period, sales to Aisidi's largest customer, Great Wall Motor, accounted for 35.64%, 35.73%, and 41.29% of total revenue, respectively, indicating a deepening business relationship with this customer. It was also observed that in 2024 and 2025, the average purchase price of the company's main raw material, aluminum alloy ingots, rose by 4.66% and 2.63% year-on-year, respectively. Meanwhile, the average selling price of its core product, aluminum alloy components, fell by 9.04% and 0.29% year-on-year, respectively. The dual pressure of rising upstream raw material costs and falling downstream product prices has put strain on the company's gross margin. In the first half of 2026, Aisidi's revenue and net profit attributable to parent after deducting non-recurring gains and losses grew by 11.25% and 2.12% year-on-year, respectively, while its gross margin declined by 0.94 percentage points.

Additionally, in August, a total of 17 new stocks were listed on the A-share market, all closing higher on their first day of trading. Among them, 14 new stocks saw first-day gains exceeding 100%. Four companies, including Guoyi Company-U, Yushu Technology-W, Pinzhun Laser, and Ultra Pure Applied Materials, saw closing gains of more than 400%, with Ultra Pure Applied Materials recording the highest gain of 662.24% on its debut day.

In August, a total of nine IPO projects across the three major A-share exchanges terminated their review processes. Among them, six companies, including Xinnuo Technology and Suzhou Shuangqi, had planned to list on the BSE, Moke Advanced Materials intended to list on the ChiNext board, while Sunshine Group and Tongli Technology had targeted the Shanghai and Shenzhen main boards. The number of terminated projects declined from July's 14.

Among the terminated companies, Tongli Technology, which had targeted the Shenzhen main board, received its IPO acceptance on March 2, 2023, passed the listing committee meeting on July 28, 2023, and submitted its registration application to the China Securities Regulatory Commission (CSRC) on November 6, 2023. However, there was no progress in the registration stage thereafter, until the recent termination. The company is engaged in the research, development, production, and sales of acoustic and intelligent products, including speaker products, wearable devices, AIoT products, and precision components and accessories. Its actual controller is TCL founder Li Dongsheng. The prospectus reveals that from 2023 to 2025, the proportion of overseas sales revenue to main business revenue was 82.19%, 83.33%, and 82.98%, respectively. Sales to its largest customer, Harman, Samsung, and D&M on a combined basis, accounted for 54.40%, 54.10%, and 51.10% of revenue, respectively. During its listing committee review meeting in 2023, the company was already scrutinized for its significant dependence on its largest customer and the stability and sustainability of its cooperation with major clients.

Sunshine Group received its IPO acceptance from the Shanghai Stock Exchange's main board at the end of February 2023 and received its first round of review inquiries in June 2023. However, it never publicly disclosed its inquiry response documents until the termination of this IPO. The company primarily engages in the production and sales of coal chemical and fine chemical products. According to its prospectus data, from 2023 to 2025, the company's revenue was 18.194 billion yuan, 15.830 billion yuan, and 12.464 billion yuan, respectively, while its net profit attributable to parent after deducting non-recurring gains and losses was 681 million yuan, 372 million yuan, and 396 million yuan, showing unstable performance.

Furthermore, according to the exchanges' official websites, two companies, Jialan and Changcun Holdings, had their STAR Market IPO applications accepted by the A-share market in August. The prospectus shows that Changcun Holdings is a world-class memory IDM enterprise in China, developing NAND Flash products with high layer count, high storage density, and high I/O speed, which are widely used in servers, data centers, consumer electronics, and other fields. Over the three years and one quarter from 2023 to the first quarter of 2026, Changcun Holdings' revenue was 18.744 billion yuan, 45.203 billion yuan, 63.185 billion yuan, and 47.042 billion yuan, respectively. Its net profit attributable to parent after deducting non-recurring gains and losses was -19.560 billion yuan, 6.230 billion yuan, 13.309 billion yuan, and 33.172 billion yuan, respectively. The company plans to raise 33 billion yuan through this IPO.

Regarding domestic companies going public overseas, the CSRC's official website released the "Recordation Form for Overseas Issuance and Listing of Securities by Domestic Enterprises (Initial Public Offerings and Full Circulation) (as of August 28, 2026)," showing that a total of 198 companies were undergoing the filing process for overseas securities issuance as of that date, a decline from 208 companies as of July 31, 2026. Among these 198 companies, 146 planned to list on the Hong Kong Stock Exchange. Newly filed companies in August included industry players such as Linghe One Automobile and Tage Zhixing.

In August, eight companies received approval letters from the CSRC for their overseas listing filings, including Yinxing Bio, Tongcheng New Materials, Nazhen Technology, Lvgl Technology, Junxin Holdings, Transsion Holdings, Audiowell, and Meikamande. This number is lower than the 14 approvals seen in July. Among them, Audiowell, a BSE-listed company, is one of the first BSE companies to receive approval for a Hong Kong listing filing, potentially becoming a benchmark case for "BSE+H" dual listing and the first to benefit from this institutional advantage.

In the Hong Kong IPO market, according to Wind statistics, 52 companies filed listing applications with the Hong Kong Stock Exchange in August, up from 40 in July, halting the consecutive three-month decline in filings from May to July. The filing queue also included several A-share listed companies such as Hailiang Co., Chint Electric, Capchem, and Bester. The trend of dual or multi-market listings remains strong.

Based on preliminary statistics, in August, a total of seven A-share listed companies, including Moore Threads-U, Tongling Nonferrous Metals, Xingyun Co., Harmonic Drive, Futu Technology, Dapu Micro-UW, and Altrek Technology-U, made their first announcements of plans to pursue Hong Kong IPOs. This number represents a slight increase from the five companies in July. Meanwhile, Lakala and Three Squirrels terminated their Hong Kong listing plans in August.

After an extremely hot new stock market in the first seven months of this year, the Hong Kong IPO market cooled significantly in August. Wind data shows that only two companies, Junzheng Co. and Natong Technology, were listed in Hong Kong in August, raising a combined actual amount of over HK$3.7 billion. Both the number of listings and the fundraising scale were far lower than July's 17 new stocks and over HK$120 billion in actual fundraising. From January to July this year, Hong Kong saw a cumulative total of 102 new stock listings, raising over HK$338.6 billion in actual funds.

The profit-making effect of Hong Kong's new stock subscription market has also clearly cooled since July. In July, the first-day break-even rate for Hong Kong new stocks rose sharply to over 40%. In August, Junzheng Co. closed flat on its first day, while Natong Technology rose 64.11%. A recent report from Huatai Securities Research Institute suggests that this is mainly due to three reasons: first, the marginal tightening of capital supply has reduced the ability of incremental funds to absorb new stocks; second, the quality of projects has declined, with a lower proportion of high-quality projects; and third, the attention on new stocks has waned after the window for inclusion in the Stock Connect has passed.