Data sourced from Tonghuashun reveals that, as of September 24, a total of 115 listed companies within the A-share market have successfully concluded private placement initiatives this year (the statistical benchmark is the listing date of the privately placed shares). These efforts have collectively raised approximately 959.5 billion yuan, marking a staggering 711% surge from the 118.3 billion yuan amassed during the corresponding period in 2024. Industry experts opine that the private placement market has undergone notable transformations this year. Firstly, there has been a refinement in the project mix, with a noticeable uptick in high-end manufacturing and AI-centric projects. Secondly, the profitability of private placement projects has become increasingly apparent, with the majority of initiatives realizing floating profits. Thirdly, the policy landscape has seen enhancements, with regulatory policies undergoing continuous refinement to foster a conducive environment for the growth of the private placement market and to facilitate the capitalization of premium projects.