According to the release date statistics, the average online winning rate for GEM IPOs issued since 2026 is 0.0169%. This value is lower than the average online winning rate for the previous 4 years. To a certain extent, it means that GEM IPOs issued this year are more difficult to win than in the previous 4 years. In the four years from 2022 to 2025, the average GEM IPO online winning rates for each year were 0.0208%, 0.0271%, 0.0238%, and 0.0187%, respectively. In addition to the increasing difficulty of winning GEM IPOs, the overall S&T IPO rate has also shown a downward trend in recent years. According to the data, since the launch of the Science and Technology Innovation Board in 2019, its average online IPO rate has fluctuated: 0.0505% in 2019, and dropped to 0.0385% and 0.0317% in 2020 and 2021, respectively. In 2022, with the break-up of many new shares on the Science and Technology Innovation Board, the average online winning rate for new shares on the Science and Technology Innovation Board rebounded to 0.0409%, and further rebounded to 0.0525% in 2023. Over the next two years, the winning rate of new shares on the Science and Technology Innovation Board declined continuously. In 2024 and 2025, they were 0.0428% and 0.0364%, respectively. Analysts believe that changes in the IPO rate have a certain relationship with factors such as the performance of the IPO market and the level of IPO returns, and that the market itself has a certain self-regulation mechanism.

According to the release date statistics, the average online winning rate for GEM IPOs issued since 2026 is 0.0169%. This value is lower than the average online winning rate for the previous 4 years. To a certain extent, it means that GEM IPOs issued this year are more difficult to win than in the previous 4 years. In the four years from 2022 to 2025, the average GEM IPO online winning rates for each year were 0.0208%, 0.0271%, 0.0238%, and 0.0187%, respectively. In addition to the increasing difficulty of winning GEM IPOs, the overall S&T IPO rate has also shown a downward trend in recent years. According to the data, since the launch of the Science and Technology Innovation Board in 2019, its average online IPO rate has fluctuated: 0.0505% in 2019, and dropped to 0.0385% and 0.0317% in 2020 and 2021, respectively. In 2022, with the break-up of many new shares on the Science and Technology Innovation Board, the average online winning rate for new shares on the Science and Technology Innovation Board rebounded to 0.0409%, and further rebounded to 0.0525% in 2023. Over the next two years, the winning rate of new shares on the Science and Technology Innovation Board declined continuously. In 2024 and 2025, they were 0.0428% and 0.0364%, respectively. Analysts believe that changes in the IPO rate have a certain relationship with factors such as the performance of the IPO market and the level of IPO returns, and that the market itself has a certain self-regulation mechanism.