[Ranking of IPO Intermediaries] CITIC leads the way in the trial sponsors, with club Rong Cheng ranking first and law firm Jintiancheng ranking first (as of July 31, 2026)

★ Disclaimer: This article only objectively states public information and does not constitute any investment advice.

1. Overview

The Prospective Industry Research Institute sorted out the IPO business rankings of sponsors, accounting firms, and law firms from two perspectives: "projects under review" and "projects listed from January to July".

The caliber of projects under review is based on the public review progress of the exchange (as of July 27, 2026, 441 companies in the entire market); the caliber of listed projects is based on 85 newly listed companies from January to July 2026.

Overall, the three major intermediaries all show a high degree of concentration, and the advantages of the head agencies are solid.

2. Ranking of sponsor institutions (items under review)-The pattern of top securities firms is stable

According to statistics from the Prospective Industry Research Institute, as of July 27, 2026, 441 projects under review were provided by multiple sponsor agencies. According to the number of projects under review, CITIC Securities ranked first with 53 companies, Cathay Pacific Haitong Securities ranked second with 50 companies, and CITIC Construction Investment Securities ranked third with 32 companies.

The recommendation projects under review are still dominated by "Chinese prefix" and top securities firms. CITIC, Cathay Pacific Haitong, and CITIC Construction Investment have a total of 115 companies under review, reflecting their deep accumulation in reserve projects. It is worth noting that there is a mismatch between the ranking under review and the ranking of listed companies-the ranking under review is good for project reserves, while the listing is good for issuance rhythm and efficiency. The two together depict the full-cycle competitiveness of securities investment banking business.

3. Ranking of accounting firms (projects under review)-Rong Cheng, Tianjian and Lixin are the "three top companies"

According to statistics from the Prospective Industry Research Institute, as of July 27, 2026, 28 accounting firms provided audit services for 441 projects under review, with a high degree of concentration. Rong Cheng ranked first with 94 firms, Tianjian 86 firms ranked second, and Lixin 82 firms ranked third; the total number of projects from the top five accounting firms accounted for 70.52% of all projects.

The "28 effect" in the club industry is obvious. Rongcheng, Tianjian and Lixin all have more than 80 projects under review, with a total of 262 projects accounting for 59.4% of the total market (CR3); the top five companies combined with Zhitong, Shinewing and the last five companies accounted for 70.52%. Relying on its professional accumulation and quality control system in registration projects, the Head Club continues to be favored by companies planning to be listed.

4. Ranking of law firms (projects under review)-Jintiancheng and Zhonglun "lead the way"

According to statistics from the Prospective Industry Research Institute, as of July 27, 2026, 48 law firms provided legal services for 441 projects under review. Shanghai Jintiancheng ranks first with 67 firms, Beijing Zhonglun ranks second with 54 firms, and Guohao ranks third with 53 firms. The total number of projects in the top five law firms accounts for 51.70% of all projects.

The law firm industry is also concentrated, with more than 50 projects under review in Jintiancheng, Zhonglun and Guohao, with a total of 174 companies accounting for 39.5% of the total market (CR3); combined with Deheng and Jindu, the top five companies accounting for 51.70%. Leading law firms have significant experience barriers in terms of legal opinions on prospectuses, intellectual property and compliance verification.

5. Rankings of listed projects from January to July-Misplacement of rankings under review and listing

According to statistics from the Prospective Industry Research Institute, from January to July 2026, 85 newly listed companies were provided by 27 sponsor agencies, 23 law firms, and 16 clubs (a total of 87 odd business cases, including 2 double sponsors).

The following is the ranking by the number of listed projects:

Accounting firms (listed from January to July): 23 Lixin, 20 Tianjian, 12 Rongcheng, 8 Zhonghui, and 6 ShinWing Zhonghe.

Projects under review reflect "reserve power", and listed projects reflect "redemption power". Cathay Pacific Haitong ranks first in the number of listed sponsors (13), echoing its intensive reserves in semiconductor and hard technology projects; Lixin and Tianjian lead in the listed clubs, complementing the echelon with Rong Cheng, who ranks first in the review.

6. Comparison of concentration (CR3)-Clubhouse has the highest concentration

According to statistics from the Prospective Industry Research Institute, whether accounting firms are under review or listed, the CR3 exceeds 59%, with the highest industry concentration; sponsor institutions and law firms have a CR3 range of 39%-40%, and competition is relatively sufficient. Head intermediaries rely on quality control and project experience to form barriers, but midstream institutions can still gain shares through differentiated industry positioning (such as specialization and innovation, regional clusters).

7. Conclusion

In July 2026, the IPO intermediary structure will continue to be characterized by "concentrated heads and clear echelons". At the trial end, CITIC, Rongcheng and Jintiancheng ranked first in sponsors, clubs and law firms; at the listed end, Cathay Pacific Haitong, Lixin and Jintiancheng performed outstandingly. With the deepening of the registration system reform and the improvement of review efficiency, intermediaries with experience in hard technology projects and rigorous quality control systems are expected to further expand their leading edge in the acceleration of IPO in the second half of the year.

★ Data sources and disclaimers ★

Disclaimer: The content of this article objectively states public information and does not constitute any investment advice.

Data sources: Beijing Stock Exchange/Shanghai Stock Exchange/Shenzhen Stock Exchange announcements, China Securities Regulatory Commission, prospectus and issuance announcement and other public channels.

Report produced by: Prospective Industry Research Institute.

★ About the Prospective Industry Research Institute ★

The Prospective Industry Research Institute was established in 1998 and is headquartered in Shenzhen and has professional research centers in Beijing, Hangzhou, Chengdu and other places. Prospective is the earliest technology-based think tank in China focusing on industrial big data and IPO consulting, and is also the current leader in the research field of domestic IPO market segments. Based on the data cited in the prospectus of companies and listed companies that have successfully participated in meetings over the years, the Prospective Industry Research Institute has been the leading market share consultant for IPO industry research and feasibility research of fundraising projects for many consecutive years.

Prospective mainly provides professional IPO consulting services, refinancing consulting services and M & A consulting services to companies planning to be listed and listed companies. Specific contents include: A-share IPO market segment research (in-depth support for the "Business and Technology" chapter of the prospectus), feasibility study of IPO fundraising projects, feasibility study of refinancing fundraising projects (additional issuance, convertible bonds), due diligence and feasibility study of M & A targets, Hong Kong stock IPO industry consultant, commercial due diligence, post-investment project management evaluation, etc.

As of 2026, the Prospective Industry Research Institute has successfully provided IPO consulting services to more than 1200 companies, and its professional data has been cited in more than 8000 listing documents. Serving customers comprehensively covers major industries such as new generation information technology, biomedicine, high-end equipment manufacturing, new materials, new energy, energy conservation and environmental protection, and TMT.

Prospective is a consulting company with big data heritage and industry depth. Business consulting: 400-639-9936, 150-1360-1266

If you quote the data of this article in the prospectus or the company's annual report, please contact the Prospective Industry Research Institute at 400-068-7188.

Forward-looking Economist

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