China's IPO pipeline swells in first six months

⁠⁠⁠⁠⁠⁠⁠A total of 177 enterprises submitted initial public offering (IPO) applications on China's A-share market in the first half of 2025, surpassing the total number of IPO applications for the entire previous year, data disclosed by the three major stock exchanges in Shanghai, Shenzhen and Beijing reported. Specifically, the peak of IPO applications occurred in June, with 150 applications accepted during the month, representing around 85 percent of the total applications received in the first six months of the year. Some industry insiders noted that the surge in IPO applications in June 2025 was driven by both the review deadline and the introduction of favorable policies. It is understood that the financial data included in enterprise IPO application documents remains valid for six months following the latest reporting period. By submitting applications in June, companies can extend the validity period of their filings. Furthermore, the ongoing release of supportive regulatory policies has also encouraged enterprises to initiate or accelerate their IPO processes. On June 18 of this year, the China Securities Regulatory Commission (CSRC) released the policies for the reform of the Nasdaq-like STAR Market, proposing to resume the listing of unprofitable enterprises under the fifth set of listing standards for the STAR Market. "A growth tier is added to the STAR Market and the listing of unprofitable enterprises based on the fifth set of listing standards of the STAR Market is restarted. Against this backdrop, some hard-tech enterprises that meet the requirements of scientific and technological innovation and the development of new quality productive force have initiated their applications," explained Li Qiusuo, Chief Domestic Strategy Analyst of the Research Department of China International Capital Corporation (CICC). The IPO applications from companies in the fields of information technology, industrial and materials exceeded 120, accounting for about 70 percent of the total in the first half of the year. It is worth noting that the Beijing Stock Exchange recorded the highest number of IPO applications accepted during the first half of the year, totaling 115, which accounted for approximately 65 percent of the overall volume.

The U.S. dollar increased in late trading on Friday.

The dollar index, which measures the greenback against six major peers, went up 0.19 percent to 100.218 at 03:00 (1900 GMT).

In late New York trading, the euro lost to 1.1515 dollars from 1.1544 dollars in the previous session, and the British pound was down to 1.3192 dollars from 1.3227 dollars in the previous session.

The U.S. dollar bought 159.65 Japanese yen, higher than 159.34 Japanese yen of the previous session. The U.S. dollar was up to 0.8008 Swiss francs from 0.7984 Swiss francs, and it rose to 1.3944 Canadian dollars from 1.3921 Canadian dollars. The U.S. dollar added to 9.4828 Swedish kronor from 9.4234 Swedish kronor.