The new policy on brokerage fees for investment banks has been in effect for a month, resulting in a shift in the fee structure for IPO projects of securities firms.

In the past month, a total of 13 IPO projects have started the IPO process, of which 10 issuers adopted the underwriting method of asking for quotations, which determines the fund-raising scale and the corresponding underwriting and brokerage fees. The new regulations issued by the State Council on February 15, which require the underwriting fee to be charged according to the increase in the issuance scale, have been suspended. In the past month, a total of 13 IPO projects have started the IPO process, of which 10 issuers adopted the underwriting method of asking for quotations, which determines the fund-raising scale and the corresponding underwriting and brokerage fees. In the above 10 quoted IPO projects, the "total fund-raising amount × fixed rate + minimum fee" fee calculation model has become the mainstream choice of investment banks, with underwriting rates ranging from 5% to 15%, and a few quoted projects have adopted "one price". Some IPO prospectuses indicate that the fee basis mainly refers to the market average. The IPO underwriting and brokerage fees charged by investment banks in the past year have shown a trend of slight downward fluctuation, and have not been raised overall due to the decrease in the number of IPOs, with relatively high fees for a few projects. Whether the IPO fees of investment banks in 2025 will improve due to the warming of the market is worth continuous attention.