Among the many sub-sectors of investment banking, IPO underwriting and sponsorship is undoubtedly the most lucrative business. However, the IPO underwriting fee rankings for the first half of 2026 reveal a striking paradox: the brokerage with the most deals is not necessarily the one charging the highest fees.

CITIC Securities claimed the top spot on the IPO sponsorship fee leaderboard, securing RMB 1.11 billion from underwriting 13 deals, with an average fee per deal of RMB 85.38 million. CITIC Securities followed in second place with RMB 797 million in fees. Meanwhile, Guotai Haitong Securities Co., Ltd., which led the market with 14 IPO deals, ranked only third with RMB 607 million in fees—an average of just RMB 43.33 million per deal, less than half of CITIC Securities' average. This "volume-price divergence" has become the most notable feature of this year's IPO underwriting market.

Guotai Haitong Securities Co., Ltd. recorded the highest number of IPO underwriting deals in the market with 14, yet its sponsorship fees of RMB 607 million placed it third, with an average fee per deal of only RMB 43.33 million—less than half of CITIC Securities'. This means that while Guotai Haitong Securities Co., Ltd. handled the most IPO projects, its average revenue per project lagged significantly behind the top two firms, underscoring the pronounced "volume-price divergence" trend.

In the IPO underwriting fee rankings, several mid-to-small sized brokerages delivered impressive revenue results despite handling relatively few deals. Guolian Minsheng Securities secured RMB 257 million in fees from just four IPO deals, ranking fourth with an average fee of approximately RMB 64.14 million per deal—a performance that exceeded market expectations. SDIC Securities ranked fifth with RMB 195 million from three deals, averaging RMB 64.97 million per deal. Zhongtai Securities took sixth place with RMB 176 million from three deals, averaging RMB 58.74 million per deal. Soochow Securities placed seventh with RMB 173 million from five deals, averaging RMB 34.68 million per deal. Sinolink Securities ranked eighth with RMB 155 million from five deals, averaging RMB 31.04 million per deal.

Notably, some brokerages that ranked high in overall underwriting totals recorded zero IPO underwriting deals in the first half of this year. Everbright Securities (771 total underwriting deals, ranked 9th), Orient Securities (765 deals, ranked 10th), and Caida Securities (226 deals, ranked 21st) all posted zero IPO underwriting mandates, with their underwriting business relying almost entirely on bond issuances. Below is the full IPO underwriting fee rankings for the mid-2026 period.