毕马威：中国内地和香港IPO市场：2024年中期回顾报告（英文版）（16页）.pdf

1、 Mainland and Hong Kong IPO markets 2024 mid-year review18 June 20242Chinese Mainland and Hong Kong IPO markets 2024 KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limi

2、ted by guarantee.All rights reserved ContentsGlobal IPO landscapeA-share IPO marketHong Kong IPO market3Chinese Mainland and Hong Kong IPO markets 2024 KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Lim

3、ited,a private English company limited by guarantee.All rights reserved Global IPO landscape4Chinese Mainland and Hong Kong IPO markets 2024 KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a priv

4、ate English company limited by guarantee.All rights reserved 712331006652208235966505010015020025030035040045050020202021202220232024 H1H1 Funds raisedH2 Funds raisedH1no.of deals1,4932,5101,5201,3714481,155701647513Full year no.of dealsGlobal IPO market:2024 H1 highlightsUSD51.6BTotal Funds Raised2

5、0%compared to 2023 H1513Completed IPOs 20%compared to 2023 H16Deals with fund raised USD 1B1 compared to 2023 H1USD100.7MAverage Deal SizeSimilar as compared to 2023 H1Global IPO funds raised(2020 2024 H1)Key IPO markets witnessed improvements in IPO activities,while Asia-Pacific remained sluggish.(

6、USDB)(1)Analysis based on actual data as at 13 June 2024.(2)Sources:Bloomberg and KPMG analysis,included REIT deals and excluded special purpose acquisition company(“SPAC”or“blank check”)deals.Geopolitical conflictsHistorical election yearInterest rate environmentConsumer Markets and TMTsectors are

7、themajor sectors out of the Top 10 IPO by funds raised.5Chinese Mainland and Hong Kong IPO markets 2024 KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guaran

8、tee.All rights reserved 2024 H1 Global IPO Rankings2024 H1 YTD2023 H1 YTDFY20231stNew YorkStock ExchangeUSD 10.8BShanghai Stock ExchangeUSD 19.2BShanghai Stock ExchangeUSD 31.3B2ndNASDAQ Stock ExchangeUSD 6.8BShenzhen Stock ExchangeUSD 12.8BShenzhen Stock ExchangeUSD 22.0B3rdNational Stock Exchange

9、of IndiaUSD 3.9BNew York Stock ExchangeUSD 7.2BNASDAQ Stock ExchangeUSD 12.5B4thShanghai Stock ExchangeUSD 3.8BAbu Dhabi Securities ExchangeUSD 3.7BNew York Stock ExchangeUSD 9.8B5thShenzhen Stock ExchangeUSD 3.0BNASDAQ Stock ExchangeUSD 2.9BNational Stock Exchange of IndiaUSD 6.9B(1)Analysis based

10、on actual data as at 13 June 2024.(2)The exchange rate for USD/HKD is 7.75.(3)Sources:Bloomberg and KPMG analysis,included REIT deals and excluded special purpose acquisition company(“SPAC”or“blank check”)deals.2024 H1GlobalproceedsEMEIAAsia Pacific25%Americans35%among 40%6Chinese Mainland and Hong

11、Kong IPO markets 2024 KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved 2024 H2 Global IPO market outlook“Paul LauPartnerHead of C

12、apital Markets and Professional Practice KPMG ChinaGlobal IPO activities have been clouded by increased uncertainty,largely due to geopolitical conflicts and an unprecedented number of elections worldwide.Nonetheless,certain IPO markets are beginning to show signs of resurgence.This presents a windo

13、w of opportunity for companies to revive their IPO plans and for investors to reconsider the weight of IPOs in their investment portfolio.Total Funds Raised by Region 2024 H1 vs 2023 H1Americas 65%Asia-Pacific 70%EMEIA 65%7Chinese Mainland and Hong Kong IPO markets 2024 KPMG,a Hong Kong(SAR)partners

14、hip,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved A-share IPO market8Chinese Mainland and Hong Kong IPO markets 2024 KPMG,a Hong Kong(SAR)partnership,are membe

15、r firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved A-share IPO market:2024 H1 highlightsRMB56.5BTotal Funds Raised75%compared to 2023 H152 Completed IPOs70%compared to 2023

16、H1RMB1.1BAverage Deal Size15%compared to 2023 H1A-share IPO stock exchange distributionNote:All analysis is based on WIND data and included REIT deals as of 13 June 2024,adjusted to number of confirmed listings up to 30 June 2024,unless otherwise statedSource:Wind and KPMG analysisThe A-share IPO ma

17、rket was slow amid weaker market sentiment and regulation change.A-share IPO sector distributionby number of IPOA-share IPO sector distributionby funds raised8.364.821.487.741.82.08.713.18.324.4Beijing Stock ExchangeChiNextShenzhen Stock ExchangeSTAR MarketShanghai Stock Exchange2024 H12023 H1425217

18、412510156714Funds raised(RMB billion)Number of dealsIndustrials38%TMT31%Infrastructure/Real Estate16%OthersInfrastructure/Real Estate43%Industrials24%TMT27%Others9Chinese Mainland and Hong Kong IPO markets 2024 KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of inde

19、pendent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved Top 10 largest A-share IPOs2024 H1CompanyExchangeProceeds(RMB billion)Sector1China Resources Commercial Assets REIT*SZSE6.9Infrastructure/Real Estate2ICBC Credit Suisse

20、Hebei Expressway Group REIT*#SSE5.7Infrastructure/Real Estate3CICC Yinli Consumer Infrastructure REIT*SZSE3.3Infrastructure/Real Estate4Guotai Junan Chengtou Kuanting Affordable Rental Housing REIT*SSE3.1Infrastructure/Real Estate5Grandtop Yongxing Group Co.,LtdSSE2.4Industrials6Solax Power Network

21、Technology(Zhejiang)Co.,Ltd.SSE-STAR2.2Industrials7E Fund Shenzhen Expressway REIT*SSE2.0Infrastructure/Real Estate8Wuhan Dameng Database Company LimitedSSE-STAR1.7TMT9Xian Novastar Tech Co.,Ltd.SZSE-ChiNext1.6TMT10Shanghai Longcheer Technology Co.,Ltd.SSE1.6TMT2023 H1CompanyExchangeProceeds(RMB bil

22、lion)Sector1Semiconductor Manufacturing Electronics(Shaoxing)CorporationSSE-STAR11.1TMT2Nexchip Semiconductor CorporationSSE-STAR10.0TMT3China Fund Management SPIC New Energy REIT*SSE7.8Infrastructure/Real Estate4Shaanxi Energy Investment Co.,Ltd.SZSE7.2ENR5CSI Solar Co.,Ltd.SSE-STAR6.9ENR6Hunan Yun

23、eng New Energy Battery Material Co.,Ltd.SZSE-ChiNext4.5Industrials7Jiangsu Xukuang Energy Co.,Ltd.SSE4.3ENR8Shenzhen Intellifusion Technologies Co.,Ltd.SSE-STAR3.9TMT9Greenworks(Jiangsu)Co.,Ltd.SZSE-ChiNext3.7Industrials10Chongqing Genrix Biopharmaceutical Co.,Ltd.SSE-STAR3.5Healthcare/Life Sciences

24、54%of total IPO proceeds raised by top 10 IPOs in 2024 H1REIT took the leadin 2024 H1,contributing Note:All analysis is based on WIND data and included REIT deals as of 13 June 2024Source:Wind and KPMG analysis*Refers to real estate investment trusts listings(“REITs”)2024 H1 Top 10 largest IPOs by f

25、unds raised mainly came from the traditional market5 out of top 10 IPO#Expected to list as at 30 June 2024.Funds raised estimated is based on announced listing price.10Chinese Mainland and Hong Kong IPO markets 2024 KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of

26、 independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved A-share IPO Pipeline2873152862622231811521591291151027030535528825422018069133122148119932023Q12023Q22023Q32023Q42024Q12024Q2Traditional marketSTAR MarketChiNextBSE

27、813825962779664524Number of active A-share IPO applicantsTop 3 active A-share IPO applicant sectors Industrials41%Healthcare/Life Sciences10%Note:All analysis is based on WIND data and included REIT deals as of 13 June 2024.Active applicants included applications suspended due to the expiry of their

28、 financial information(中止審查).Historically these applications have been reactivated promptly with updated financial information submitted by the listing applicant.Source:Wind and KPMG analysisTMT26%11Chinese Mainland and Hong Kong IPO markets 2024 KPMG,a Hong Kong(SAR)partnership,are member firms of

29、the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved 2024 H2 A-share IPO market OutlookIn the first half of 2024,IPO activities in the A-share market slowed down amid the tightening regu

30、latory environment.Among the companies listed in this period,there was a noticeable increase in the representation of companies linked to the semiconductor and robotics industry,underscoring the steady support for the growth of these crucial industries.Looking ahead to the remainder of 2024,we expec

31、t the TMT and industrials sectors will continue to be the key drivers of the IPO market.“Louis LauPartnerCapital MarketsKPMG China12Chinese Mainland and Hong Kong IPO markets 2024 KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated

32、 with KPMG International Limited,a private English company limited by guarantee.All rights reserved Hong Kong IPO market13Chinese Mainland and Hong Kong IPO markets 2024 KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG

33、 International Limited,a private English company limited by guarantee.All rights reserved Hong Kong IPO market:2024 H1 highlightsHong Kong IPO market remained soft in 2024 H1,but is expected to improve in H2HKD11.6BTotal Funds Raised35%compared to 2023 H127 Completed IPOs15%compared to 2023 H1HKD428

34、MAverage Deal Size25%compared to 2023 H1961161095989105Q1Q2Q3Q4Q1Q2Number of active HK IPO applicantsNote:All figures are as of 13 June 2024,adjusted to number of confirmed listings up to 30 June 2024,included listing by introduction,and excluded SPAC deals and GEM transferSource:HKEx and KPMG analy

35、sisTop 3 active HK IPO applicant sectors Consumer MarketsTMT20%34%Healthcare/Life Sciences23%2023202418deals13deals26deals18deals13deals26dealsTMT37%Healthcare/Life Sciences15%Infrastructure/Real Estate15%HK IPO sector distributionNo.ofIPOOthersTMT40%OthersHealthcare/Life Sciences13%Consumer Markets

36、25%Fundsraised(As at 13 June 2024)(As at 13 June 2024)14Chinese Mainland and Hong Kong IPO markets 2024 KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guaran

37、tee.All rights reserved 2024 H2 HK IPO Market OutlookThere is newfound positivity in the Hong Kong IPO market as evidenced by the surge in IPO applicants.This upsurge has been supported by the CSRCs five measures and A-share applicants switching their IPO plans to Hong Kong.In light of this,we maint

38、ain a positive outlook for IPO activities to pick up in the second half of 2024.“Irene ChuPartnerHead of New Economy and Life SciencesKPMG China010203AI,new energy&cloud-based solutionNew measures from CSRCHealthy IPO pipeline15Chinese Mainland and Hong Kong IPO markets 2024 KPMG,a Hong Kong(SAR)par

39、tnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved Paul LauPartner,Head of Capital Markets and Professional Practice KPMG China+852 2826 Louis LauPartner,C

40、apital Markets GroupKPMG China+852 2143 Mike TangPartner,Capital Markets GroupKPMG China+852 2833 Irene ChuPartner,Head of New Economy and Life SciencesKPMG China+852 2978 Elton TamPartner,Capital Markets GroupKPMG China+852 2978 Contact usTerence ManPartner,Capital Markets GroupKPMG China+86(10)850

41、8 information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity.Although we endeavourto provide accurate and timely information,there can be no guarantee that such information is accurate as of the date it is received or t

42、hat it will continue to be accurate in the future.No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.2024 KPMG,a Hong Kong(SAR)partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.Document Classification:KPMG Public