Private equity firms' "IPO subscriptions" exceed 700 million yuan within the year, with private equity funds in the hundreds of billions becoming the main force

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Since the beginning of this year, private equity firms have shown a significant increase in participation in offline allotments of A-share new stocks. Data from Private Equity Ranking Network shows that as of March 8, private equity firms participated in the offline allotment of 9 new stocks this year, with a total of 34.14 million shares allocated and a total amount of 753 million yuan.

Li Chunyu, FOF fund manager at Shenzhen Rongzhi Private Equity Securities Investment Fund Management Co., Ltd., stated that private equity firms actively participate in offline new stock allotments mainly for three reasons: First, offline “IPO subscriptions” have relatively controllable risks and quicker returns, effectively smoothing product net value during market fluctuations; second, the supply of new stocks in hard technology fields like AI is increasing in 2026, further enhancing their appeal; third, private equity firms can significantly improve overall allocation probability and scale through strategies like “multi-product tranche allocation.”

Private equity firms with assets of over 10 billion yuan have become the main force in “IPO subscriptions.” Data from Private Equity Ranking Network shows that among 162 private equity firms participating in this year’s offline new stock allotments, 77 firms allocated less than 1 million yuan, 65 firms allocated between 1 million and 10 million yuan (excluding), and 20 firms allocated 10 million yuan or more. Notably, 56 private equity firms with assets of over 10 billion yuan participated in the offline allotment of new stocks this year, with a total allocation of 656 million yuan, accounting for 87.12% of the total private equity “IPO subscription” allocations. All 20 private equity firms with allocations of 10 million yuan or more are billion-yuan private equity firms.

Liu Youhua, Research Director at Qianhai Private Equity Ranking Network, said: “Billion-yuan private equity firms have advantages in capital and scale, reputation, and compliance. Current regulations encourage participation of medium- and long-term funds in the capital market, and offline allotment resources continue to favor professional institutions. It is expected that the ‘Matthew Effect’ among leading private equity firms will further strengthen.”

Specifically, Jiukun Investment, a billion-yuan private equity firm, is the most active in “IPO subscriptions,” participating in the offline allotments of 8 new stocks including Beixin Shengming, Gude Electric Materials, Hengyun Chang, Linping Development, Shimeng Shares, Yishiwei, Zhenshi Shares, and Zhixin Shares, with a total of 1.7906 million shares allocated and a total of 58.05 million yuan. Century Frontier, another billion-yuan private equity, participated in the same 8 stocks, with a total of 3.3135 million shares and 57.93 million yuan allocated. Ningbo Huanfang Quantitative also participated in 8 new stocks including Beixin Shengming and Gude Electric Materials, with a total of 1.8486 million shares and 56.97 million yuan allocated.

Liu Youhua believes that active participation by billion-yuan private equity firms in “IPO subscriptions” can have multiple positive impacts on stock pricing and market ecology. First, it improves market pricing rationality. Professional institutions’ deep research-based concentrated bidding can effectively curb irrational speculation and bring prices closer to intrinsic value. Second, it stabilizes the initial performance of new stocks. As long-term stable investors, private equity firms help smooth out price fluctuations on the first day of listing and protect the interests of small and medium investors. Third, it guides rational market investment. The participation of top private equity firms helps establish value investing as a model, reduces short-term speculation, and promotes a more mature, healthy, and sustainable market development.