Summary of Key Points
From 2025 to June 2026, the average issuance cost for 183 newly listed companies on the A-share market was approximately 80.6 million yuan, with the lowest being just over 15 million yuan and the highest exceeding 400 million yuan. The average fee rate was 11.15%, but there were significant differences across different sectors: the STAR Market had the highest total cost (139 million yuan) yet the lowest fee rate (9.41%), while the Beijing Stock Exchange (BSE) had the lowest total cost (35.6 million yuan) but the highest fee rate (12.56%). Underwriting and sponsorship fees accounted for 70% of the total costs, making them the largest expense, and they are closely tied to the amount of funds raised; auditing and legal fees, on the other hand, depend on the complexity of the companies.
I. Total Listing Costs: Average 80 Million Yuan, with a 27-Fold Range
Companies wishing to go public must first prepare a substantial "entry fee." Of these 183 companies, the average cost was 80.6 million yuan, with the median being 71.93 million yuan, indicating that most companies spent between 70 and 80 million yuan. However, there were extreme differences: the cheapest company spent only 15.46 million yuan, while the most expensive one paid 424 million yuan—a difference of 27 times! This is similar to buying a house; some people spend 1 million yuan on a small apartment, while others spend 27 million yuan on a villa. Both are forms of property acquisition, but the scale is vastly different.
II. Composition of Costs: Underwriting and Sponsorship Fees Account for the Majority
Listing costs mainly consist of three parts: underwriting and sponsorship fees to brokers, auditing fees to accountants, and legal fees to lawyers. Among these, underwriting and sponsorship fees accounted for 70% of the total cost, with an average of 56.39 million yuan, making them the dominant expense.
- Underwriting and Sponsorship Fees: These are directly linked to the amount of funds raised by the company—the more money raised, the higher the commission paid to the broker (ranging from a minimum of 10 million yuan to nearly 400 million yuan). This is similar to real estate agents; the higher the sale price, the larger the commission.
- Auditing Fees: The average was 13.27 million yuan, depending on the company's asset size and business complexity. For example, a company with a nationwide chain of stores will have more accounts to audit than one that operates locally, resulting in higher fees (ranging from a minimum of 2.27 million yuan to a maximum of 75.77 million yuan).
- Legal Fees: The average was 6.72 million yuan, the lowest among the three categories, and it mainly depends on the number of legal matters involved during the listing process (ranging from a minimum of 1.13 million yuan to a maximum of 18.76 million yuan).
III. Cost Comparison by Sector
The listing costs vary significantly across different sectors:
- STAR Market: The average total cost was 139 million yuan, the highest of all sectors, due to the focus on high-tech companies with large fundraising amounts, leading to higher underwriting and auditing fees.
- Main Board: The average cost was around 100 million yuan, mainly for very large companies (such as banks and state-owned enterprises) with substantial fundraising amounts, though still lower than the STAR Market.
- Growth Enterprise Market (GEM): The average cost was 79.68 million yuan, targeting small and medium-sized growing companies, with costs falling in the middle range.
- BSE: The average cost was only 35.6 million yuan, less than one-third of the STAR Market's cost, due to the smaller scale of companies and lower fundraising amounts.
IV. Fee Rates: BSE Has the Highest Rate, STAR Market Has the Lowest
It's important to distinguish between "total costs" and "fee rates" (fee rate = total cost ÷ amount raised). Although the BSE had the lowest total cost, its fee rate was the highest (12.56%), while the STAR Market had the highest total cost but the lowest fee rate (9.41%). The reason is simple: intermediary services have fixed costs (such as lawyers preparing documents and accountants conducting audits). Since companies on the BSE raise less money, these fixed costs are spread over a smaller amount, resulting in a higher fee rate. Conversely, companies on the STAR Market raise more money, so the same fixed costs are spread over a larger amount, leading to a lower fee rate.
V. Cost Logic by Sector: Company Size Determines "Value for Money"
The cost structure of each sector is determined by the type of company:
- STAR Market: High-tech companies with large fundraising amounts can leverage their scale to reduce fee rates—although the total costs are high, the cost per unit of funds raised is lower, making it the most cost-effective.
- Main Board: Very large companies (such as PetroChina) have extremely high fundraising amounts and low fee rates (10.18%), but the highest auditing costs due to their large asset sizes and complex businesses.
- GEM: Small and medium-sized growing companies have moderate costs across all categories, representing a balanced approach.
- BSE: Small and micro enterprises have lower total costs but higher fee rates, meaning they face greater pressure in terms of listing expenses—similar to small businesses that spend less on marketing but a larger percentage of their revenue on it.
Conclusion
Listing costs are not fixed; they can range from 15 million yuan to 400 million yuan, depending on the company's size, sector choice, and amount of funds raised. If you want to save money, consider the BSE (lower total cost but higher fee rate) or aim for the STAR Market if you can raise a large amount (lower fee rate and higher overall cost, though with better value for money). For small and micro enterprises, the BSE offers lower total costs but higher fee rates, requiring a careful balance of pros and cons. For high-tech companies, the scale advantage of the STAR Market can help reduce the cost per unit of funds raised.