July saw a supply peak in China’s IPO market: 21 firms received registration approvals — the highest monthly tally year-to-date — with the Beijing Stock Exchange accounting for over half. The Sci‑Tech Innovation Board (STAR Market) approved four firms. On the issuance front, 20 IPOs began prospectus/bookbuilding in July, lifting aggregate fundraising to a year-to-date record; Changxin Technology raised 57.92 bln yuan, the largest A‑share IPO since the registration-based system was adopted.