Make over 120,000 yuan from one subscription allotment! The profit-boosting effect of participating in A-share IPOs is at its peak, and Unitree Technology is officially making a push for an IPO.

Although the A-share market has been highly volatile recently, the returns from IPO subscriptions (applying for new shares) are still impressive.

In the first quarter of 2026, all 30 A-share new stocks that were listed opened higher on their first trading day, with an average first-day gain of as high as 163%! Among them, Hengyun Chang became the “king of meat stocks,” earning a profit of 127,000 yuan from a single lot subscription, while DianKe Lantian led the entire field with a first-day gain of 596%.

However, behind this IPO subscription feast, ordinary investors still have very limited sense of gain. On the one hand, there are fewer new stocks on the Shanghai and Shenzhen markets, while there are huge numbers of people applying for IPO subscriptions, making it difficult to actually get shares. In the first three months of this year, the average subscription win rate for A-share online issuance was as low as 0.03%. On the other hand, the North Exchange, which has the most abundant IPO supply, has a relatively high capital threshold for subscriptions, so retail investors with limited funds will most likely only be able to “run along.”

In his article titled《Earn 310,000 yuan per one-lot subscription! After Muyi Shares and Moore Threads, A-shares welcome another major IPO！》, Brother Fa mentioned methods to improve the subscription win rate for A-share IPOs. If you’re interested, you can take a look at that article—he won’t repeat it here.

At present, under the A-share registration-based system, there are still more than 300 companies under review (a detailed IPO queue list for each sector is attached at the end of the article). In particular, the robotics company Unitree Technology, which made a stunning appearance at the Spring Festival Gala, also officially submitted its prospectus to the Sci-Tech Innovation Board in March this year. In addition, there are several highly anticipated large IPOs, such as Changxin Technology, CR Holdings, Blue Arrow Aerospace, and HikRobot.

Judging from first-day listing price gains, in January to March 2026, DianKe Lantian surged more than 596% on its first trading day, ranking No. 1 on the gain leaderboard.

DianKe Lantian mainly engages in the R&D, production, sales, and services of power-energy products and systems. Its product application areas cover broadly from the deep sea to deep space. The company has already provided high-quality and reliable power supply products for Shenzhou spacecraft, the Tiangong space station, BeiDou navigation satellites, and others, and it is in a popular commercial aerospace sector.

Based on the difference between the transaction average price on the first trading day and the issue price, in the first three months of this year, among A-share IPO subscriptions, the highest profit per lot came from Hengyun Chang. With a single lot subscription, you can earn more than 120,000 yuan by selling the new shares on their first trading day.

Hengyun Chang is a leading domestic supplier of core components for semiconductor equipment. It mainly carries out R&D, production, sales, and technical services for plasma RF power supply systems, plasma excitation devices, plasma DC power supplies, and various accessories. It has scarcity, and is also supported by the concept of domestic semiconductor substitution, so it is highly favored by the market.

From the perspective of the listing sectors, among the 30 companies that went public on the A-share market in January to March 2026, 16 are listed on the North Exchange, showing that North Exchange listed new stocks have already taken up about half of the market. However, North Exchange new stocks are not that easy to get. If you don’t have much capital, even if you participate in IPO subscriptions, it will most likely just be a “practice run.”

Brother Fa has also said previously that IPO subscriptions on the North Exchange do not require holding stock market value, but your account must have enough cash. To apply for how many shares, you need to freeze that amount of funds. In the first three months of this year, for North Exchange IPO subscriptions, the funds required to subscribe for 100 shares were between 2.51 million yuan and 7.61 million yuan.

At present, there are around 300 IPO companies under review in the A-share market, and more than 180 of them plan to be listed on the North Exchange, which suggests that future North Exchange new stocks will still be the most plentiful. Friends with more capital can continue to keep watch.

The North Exchange mainly focuses on innovative small and medium-sized enterprises, and its overall fund-raising scale is also lower. In the first three months of this year, the average first offering fund-raising amount for North Exchange listed new shares was only 300 million yuan, which is clearly lower than other sectors of the A-share market.

Regarding listing and issuance expenses, in the first three months of this year, the average first-offering issuance expenses for the Shanghai and Shenzhen main boards, the Sci-Tech Innovation Board, and the ChiNext were all around 100 million yuan, while the North Exchange was about 0.37 billion yuan.

Based on companies that have already formally submitted their prospectuses, Choice data shows that, as of March 31, 2026, after excluding companies whose IPOs were terminated, those that did not pass review, and those that were not approved for registration, there were 337 companies under review under the A-share registration-based system. Of these, 22 are on the Shanghai main board and 22 are on the Shenzhen main board, with 48 on the Sci-Tech Innovation Board and 47 on the ChiNext, and the North Exchange has as many as 198.

Below is the detailed IPO queue list for each sector of the A-share market:

Personal opinions, for reference only