[Huaan Securities · Financial Engineering] Weekly Financial Engineering Report: Recent newly listed stocks' first-day gains have slightly declined

MaticHoleFiller · 2026-04-09T22:55:10+00:00

> Invest in stocks with Jin Qilin Analyst Reports—authoritative, professional, timely, comprehensive—helping you uncover potential thematic opportunities! Track recent IPO yieldsTrack the performance of offline IPO markets on the STAR Market, ChiNext, and the Main Board. Assume all stocks on the Main Board, STAR Market, and ChiNext are successfully issued, and are sold at the market average price on the first day of listing, ignoring lock-up restrictions. As of March 27, 2026, the IPO yield for Class A accounts with a scale of 200 million is 0.41%, and for Class B accounts with a scale of 200 million is 0.34%; for Class A accounts with a scale of 1 billion, the IPO yield is 0.27%, and for Class B accounts with a scale of 1 billion, the IPO yield is 0.23%. Continuously track the recent 20 newly listed stocks' price increases, among which the average first-day increase for STAR Market stocks is 242.26%, and the ChiNext stocks' first-day increase is...

MaticHoleFiller

2026-04-09 22:55:10

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Tracking recent IPO yield rates

Tracking the performance of offline IPOs in the STAR Market, ChiNext, and Main Board markets. Assuming all stocks in the Main, STAR, and ChiNext boards are fully subscribed and sold at the market average price on the first trading day, ignoring lock-up restrictions, as of 3/27/2026, Class A accounts with 200 million yuan scale have an IPO yield of 0.41%, and Class B accounts with 200 million yuan scale have a yield of 0.34%; Class A accounts with 1 billion yuan scale have a yield of 0.27%, and Class B accounts with 1 billion yuan scale have a yield of 0.23%. Rolling tracking of the performance of the last 20 newly listed stocks shows that the average first-day increase for STAR Market stocks is 242.26%, and for ChiNext stocks, 218.33%. Tracking the number of effective bid accounts for recent new stocks, the latest STAR Market stock has 5,251 Class A effective bid accounts and 2,328 Class B. The latest ChiNext stock has about 5,407 Class A effective bid accounts and 2,946 Class B. The latest Main Board stock in Shanghai has 5,083 Class A effective bid accounts and 3,195 Class B; in Shenzhen, 5,251 Class A and 3,268 Class B.

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Risk Warning

New stocks may break below the offering price, and IPO strategies may result in negative returns. Before listing, new stocks face many uncertainties, including potential suspension of issuance, which can impact IPO gains. Factors such as the number of new stocks listed, the number of applicants, and secondary market sentiment fluctuations may influence IPO returns. The historical success rate of fund companies does not guarantee future results. The opinions in this document are for reference only.

Tracking recent offline IPO yield rates

We monitor the recent performance of offline IPOs in the STAR Market, ChiNext, and Main Board. Assuming all stocks in these markets are fully subscribed and sold at the market average price on the first day, ignoring lock-up restrictions, as of 3/27/2026, Class A accounts with 200 million yuan have a yield of 0.41%, and Class B accounts with 200 million yuan have a yield of 0.34%; Class A accounts with 1 billion yuan have a yield of 0.27%, and Class B accounts with 1 billion yuan have a yield of 0.23%. As shown in Chart 1 and Chart 3, the cumulative IPO yield curves since 2025 are displayed in Chart 2 and Chart 4, with A-class stocks priced via multi-tier inquiry calculated based on the average winning rate.

The scale of newly listed stocks each month since 2024 is shown in Chart 5. In March 2026, three stocks listed in the Shanghai and Shenzhen markets raised a total of 200M yuan.

Tracking the number of effective bid accounts for recent new stocks, the latest STAR Market stock has 5,251 Class A effective bid accounts and 2,328 Class B. The latest ChiNext stock has about 5,407 Class A effective bid accounts and 2,946 Class B. The latest Main Board stock in Shanghai has 5,083 Class A effective bid accounts and 3,195 Class B; in Shenzhen, 5,251 Class A and 3,268 Class B.

Recent IPO results

Taijin New Energy ( 688813.SH ) listed on the STAR Market, with strategic placement, offline inquiry, and online pricing. Issue price is 26.28 yuan, P/E ratio 22.94, industry P/E 43.33, total issuance of 40 million shares, with 0 shares transferred by original shareholders, estimated fundraising of 1,080.707 million yuan, actual total funds raised 1,051.20 million yuan. Of the issuance, 8 million shares are strategic placement, 12.8 million shares are online issuance, and 19.2 million shares are offline issuance. Online winning rate is 0.02%, oversubscription multiple is 4,169.42; offline preliminary inquiry oversubscription multiple is 4,428.41; offline subscription allocation ratio is 0.02%; effective offline subscription multiple is 4,722.63. Shenglong Co., Ltd. ( 001257.SZ ) listed on the Main Board, with strategic placement, offline inquiry, and online pricing. Issue price is 7.82 yuan, P/E ratio 19.11, industry P/E 39.85, total issuance of 215 million shares, 0 shares transferred by original shareholders, estimated fundraising of 1,642.701 million yuan, actual funds raised 1,681.30 million yuan. Of the issuance, 64.5 million shares are strategic placement, 105.3505 million shares online, and 45.1495 million shares offline. Online winning rate is 0.04%, oversubscription multiple is 2,658.52; offline preliminary inquiry oversubscription multiple is 3,420.34; offline subscription allocation ratio is 0.01%; effective offline subscription multiple is 9,298.34. Huigu New Materials ( 301683.SZ ) listed on the ChiNext, with strategic placement, offline inquiry, and online pricing. Issue price is 78.38 yuan, P/E ratio 34.91, industry P/E 35.59, total issuance of 15.79 million shares, 0 shares transferred by original shareholders, estimated fundraising of 1,011.623 million yuan, actual total funds raised 1,236.76 million yuan. Of the issuance, 703k shares are strategic placement, 7.039 million shares online, and 8.0371 million shares offline. Online winning rate is 0.02%, oversubscription multiple is 6,630.97; offline preliminary inquiry oversubscription multiple is 3,908.96; offline subscription allocation ratio is 0.02%; effective offline subscription multiple is 5,251.73.

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Recent IPO market performance

4.1 New stocks listed in the past two months

In the past two months (from 1/26/2026 to 3/27/2026), most newly listed stocks had first-day price changes between 50% and 600%. The top three in first-day gains are Dianke Lantian, Hengyun Chang, and Beixin Shengming-U, with increases of 585.75%, 276.44%, and 185.65%, respectively. Most new stocks raised between 5 and 0 yuan, with the top three raising 29.19, 22.68, and 0 yuan, respectively.

4.2 IPO yield estimates over the past two months

Theoretical IPO yield calculations

5.1 IPOs by different account sizes per stock

We estimated offline Class A IPO yields for different fund scales. Assuming an average offline Class A winning rate, all stocks are participated in, all ChiNext and STAR Market quotes are fully subscribed, half of the funds are allocated to Shanghai and half to Shenzhen, stocks are sold at the first-day average price, and 90% fund utilization, we tested IPO yields for different account sizes. Chart 20 shows IPO yields for account sizes of 150 million, 200 million, 300 million, 500 million, and 1 billion yuan, using the average Class A offline winning rate, assuming full subscription of all stocks in STAR and ChiNext, based on IPOs listed from 1/26/2026 to 3/27/2026.

5.2 Monthly IPO yields for different Class A account sizes

Following the method in 5.1, assuming all stock quotes are fully subscribed, and with 90% fund utilization, summing the monthly offline IPO gains since 2025, we estimate ideal monthly IPO yields and rates. Using the IPO sell date as the reference, the yield for 2 billion yuan IPOs in 2026 to date is 0.41%, and since 2025, 2 billion yuan IPOs have yielded 4.21%.

5.3 Monthly IPO yields for different Class B account sizes

Following the method in 5.1, assuming full subscription of all stock quotes, with 90% fund utilization, summing the monthly offline IPO gains since 2025, we estimate ideal monthly IPO yields and rates. Using the IPO sell date as the reference, the yield for Class B 0 yuan IPOs in 2026 to date is 0.34%, and since 2025, 2 billion yuan IPOs have yielded 3.22%.

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Risk Warning

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Important Notice

This report is excerpted from Huatai Securities’ published “【Huatai Securities·Financial Engineering】Weekly Report on Financial Engineering: Recent Listing Stocks’ First-Day Gains Have Slightly Declined,” issued on April 1, 2026. For detailed analysis, please refer to the full report. If any ambiguity arises from the excerpt, the full report as of its release date shall prevail.

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Report Analysts

Analysts: Yan Jiawei License Number: S0010520070001

Analysts: Qian Jingxian License Number: S0010522090002

Analysts: Luo Yushan License Number: S0010522110001

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