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KPMG Chinese Mainland & Hong Kong IPO Markets 2024 Outlook: 1,371 Global IPOs Raised $131 Billion Averaging $95 Million Per IPO, Largest Hong Kong IPO ZJLD Group $678 Million, Largest China A-share IPO Hua Hong Semiconductor $2.9 Billion, Top 3 Stock Exchanges are Shanghai Stock Exchange $31.3 Billion, Shenzhen Stock Exchange $22 Billion, NASDAQ $12.5 Billion

26th January 2024 | Hong Kong

KPMG has released the Chinese Mainland & Hong Kong IPO Markets 2023 Review & 2024 Outlook, providing key insights into the global IPO landscape, China A-share & Hong Kong IPO markets in 2023 & 2024.  In 2023, 1,371 global IPOs raised a total of  $131 billion averaging $95 million per IPO.  2023 Global IPO Top 6 Rankings – Shanghai Stock Exchange $31.3 billion, Shenzhen Stock Exchange $22 billion, NASDAQ Stock Exchange $12.5 billion, New York Stock Exchange $9.8 billion, National Stock Exchange of India $6.9 billion, Hong Kong Stock Exchange $6 billion.  Global IPO Proceeds on Stock Exchange by Region – United States 20%, China A-Share 40%, Other Stock Exchanges 40%.  Top 3 Factors affecting Global IPO in 2024 – Geopolitical uncertainty, High interest rates, Economic recovery.  2024 Hong Kong IPO Market Outlook – Increasing connectivity with the Middle East, AI & semiconductor & green tech, Spin-off listings.  2024 A-share IPO Market Outlook – Solid IPO pipeline of around 780, Effectiveness of economic & fiscal policies, Impact of China Securities Regulatory Commission (CSRC) policies.  Hong Kong IPO Market in 2023 – Total funds raised $5.92 billion (HKD 46.3 billion), Total 70 IPOs averaging $84 million (HKD 660 million) per deal. Largest Hong Kong IPO in 2023 – ZJLD Group $678 million (HKD 5.3 billion).  Top 10 Largest Hong Kong IPOs in 2023 – ZJLD Group, WuXi XDC Caymam, J&T Global Express, J&T Global Express, REPT BATTERO Energy, Horizon Construction Development, Sichuan Kelun-Biotech Biopharmaceutical, Sino-Synergy Hydrogen Energy Technology (Jiaxing), TUHU Car, Tian Tu Capital, Beijing Fourth Paradigm Technology.  Hong Kong IPO Market by Sector – Consumer Markets 25%, Healthcare / Life Sciences 20%, TMT 14%, Others 41%.  China IPO Market in 2023 – Total funds raised – $52.5 billion (CNY 373.9 billion), Total 318 IPOs averaging $16.5 billion (CNY 1.18 billion) per IPO.  Largest China A-share IPOs in 2023 Hua Hong Semiconductor $2.9 billion (CNY 21.2 billion).  Top 10 Largest China A-share IPOs in 2023 – Hua Hong Semiconductor, Semiconductor Manufacturing Electronics (Shaoxing) Corporation, Nexchip Semiconductor Corporation, China Fund Management SPIC New Energy REIT, Shaanxi Energy Investment, Baimtec Material, CSI Solar, Huaqin Technology, Hunan Yuneng New Energy Battery Material, Jiangsu Xukuang Energy.  China A-Share IPO Market by Sector – Industrials 41%, TMT 35%, Energy & Natural Resources 6%, Others 18%.  2023 Top 10 largest IPOs distribution by stock exchange – Traditional 29%, STAR Market 65%, ChiNext 6%.  See below for key findings & summary | View report here

“ 1,371 Global IPOs Raised $131 Billion Averaging $95 Million Per IPO, Largest Hong Kong IPO ZJLD Group $678 Million, Largest China A-share IPO Hua Hong Semiconductor $2.9 Billion, Top 3 Stock Exchanges are Shanghai Stock Exchange $31.3 Billion, Shenzhen Stock Exchange $22 Billion, NASDAQ $12.5 Billion “

 



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Paul Lau, Partner Head of Capital Markets & Professional Practice KPMG China: “In 2023, global IPO activities encountered notable challenges due to a combination of factors, including geopolitical uncertainties, high interest rates, and a slower-than-expected economic recovery. While the effects of these challenges might endure into 2024, there is reason to believe that the worst is over, presenting an opportunity for IPO markets to stabilise soon.  In 2024, IPO candidates looking to restart their IPO plans will need to be adaptable and resilient in the face of changing economic conditions to increase their chances of success.”

Louis Lau, Partner, Capital Markets KPMG China: “The Chinese Mainland’s post-Covid-19 economic recovery has fallen short of expectations. It is imperative for the Chinese government to support the positive development of its capital markets to effectively serve the real economy.  Looking ahead to 2024, A-share IPO activities are expected to remain steady as regulators continue to support areas related to technology, innovation and sustainability. These measures will foster long-term and sustained growth of the A- share capital market.”

Irene Chu, Partner, Head of New Economy and Life Sciences KPMG China: “2023 marked a slow year for the Hong Kong IPO markets, as both corporates and investors exhibited caution amidst global market uncertainties. Despite the prevailing subdued market sentiments, the fundamentals of Hong Kong’s capital market remain robust and resilient.  With investors shifting their attention towards technologies such as artificial intelligence, semiconductors and green technology, Hong Kong is well positioned to spark a recovery in its IPO activity by embracing these growing trends.”

 

 

KPMG Chinese Mainland & Hong Kong IPO Markets 2023 Review & 2024 Outlook

Shanghai, China

KPMG has released the Chinese Mainland & Hong Kong IPO Markets 2023 Review & 2024 Outlook, providing key insights into the global IPO landscape, China A-share & Hong Kong IPO markets in 2023 & 2024. 

Summary

  1. Global IPO funds raised in 2023 – $131 billion (1,371 IPOs, average $95 million per deal)
  2. IPOs raising more than $1 billion – 14 IPOs
  3. Top Stock Exchange for IPO funds raised in 2023 – Shanghai Stock Exchange (SSE) $31.3 billion
  4. 2023 Global IPO Top 6 Rankings – Shanghai Stock Exchange $31.3 billion, Shenzhen Stock Exchange $22 billion, NASDAQ Stock Exchange $12.5 billion, New York Stock Exchange $9.8 billion, National Stock Exchange of India $6.9 billion, Hong Kong Stock Exchange $6 billion
  5. Global IPO Proceeds on Stock Exchange by Region – United States 20%, China A-Share 40%, Other Stock Exchanges 40%
  6. Top 3 Factors affecting Global IPO in 2024 – Geopolitical uncertainty, High interest rates, Economic recovery 
  7. 2024 Hong Kong IPO Market Outlook – Increasing connectivity with the Middle East, AI & semiconductor & green tech, Spin-off listings 
  8. 2024 A-share IPO Market Outlook – Solid IPO pipeline of around 780, Effectiveness of economic & fiscal policies, Impact of China Securities Regulatory Commission (CSRC) policies

Hong Kong IPO Market in 2023

  1. Total funds raised – $5.92 billion (HKD 46.3 billion)
  2. Total no. of IPOs – 70 IPOs
  3. Average IPO Deal Size – $84 million (HKD 660 million)
  4. Largest Hong Kong IPO in 2023 – ZJLD Group $678 million (HKD 5.3 billion)
  5. Top 10 Largest Hong Kong IPOs in 2023 – ZJLD Group, WuXi XDC Caymam, J&T Global Express, J&T Global Express, REPT BATTERO Energy, Horizon Construction Development, Sichuan Kelun-Biotech Biopharmaceutical, Sino-Synergy Hydrogen Energy Technology (Jiaxing), TUHU Car, Tian Tu Capital, Beijing Fourth Paradigm Technology
  6. Top 10 Hong Kong IPOs Proceeds – 51% of total IPOs
  7. Hong Kong IPO Market by Sector – Consumer Markets 25%, Healthcare / Life Sciences 20%, TMT 14%, Others 41%
  8. Total Active Hong Kong IPO applicants 2023 Q4 – 59
  9. Top 3 Active Hong Kong IPO applicant sectors – TMT 28%, Healthcare / Life Sciences 27%, Consumer Markets 14%
  10. Key Regulatory Development in 2023 – New regulations for overseas listings of Chinese enterprises, Listing regime for specialist technology companies, GEM listing reform 

China IPO Market in 2023

  1. Total funds raised – $52.5 billion (CNY 373.9 billion)
  2. Total no. of IPOs – 318 IPOs
  3. Average IPO Deal Size – $16.5 billion (CNY 1.18 billion)
  4. Largest China A-share IPO in 2023 – Hua Hong Semiconductor $2.9 billion (CNY 21.2 billion)
  5. Top 10 Largest China A-share IPOs in 2023 – Hua Hong Semiconductor, Semiconductor Manufacturing Electronics (Shaoxing) Corporation, Nexchip Semiconductor Corporation, China Fund Management SPIC New Energy REIT, Shaanxi Energy Investment, Baimtec Material, CSI Solar, Huaqin Technology, Hunan Yuneng New Energy Battery Material, Jiangsu Xukuang Energy
  6. Top 10 IPOs Proceeds – 23% of total IPOs
  7. China A-Share IPO Market by Sector – Industrials 41%, TMT 35%, Energy & Natural Resources 6%, Others 18%
  8. 2023 Top 10 largest IPOs distribution by stock exchange – Traditional 29%, STAR Market 65%, ChiNext 6%
  9. Total Active A-share IPO applicants 2023 Q4 – 779
  10. Top 3 Active A-share IPO applicant sectors – Industrials 41%, TMT 27%, Healthcare / Life Sciences 10%
  11. Shanghai Stock Exchange (SSE) IPO Market – $9.4 billion (CNY 66.9 billion, 41 deals, average $229 million)
  12. Shenzhen Stock Exchange (SZE) IPO Market – $3.6 billion (CNY 25.8 billion, 23 deals, average $157 million)
  13. Beijing Stock Exchange IPO Market – $2.1 billion (CNY 15 billion, 77 deals, average $27 million)
  14. STAR Market IPO Market – $20 billion (CNY 143.9 billion, 67 deals, average $301 million)
  15. ChiNext IPO Market – $17 billion (CNY 122.3 billion, 110 deals, average $155 million)
  16. Key Regulatory Development in 2023 – Expansion of the registration- based system across all A-share IPO markets, China Securities Regulatory Commission (CSRC) unveiled measures to invigorate capital market 

 

KPMG Chinese Mainland & Hong Kong IPO Markets 2023 Review & 2024 Outlook

1) Chinese Mainland & Hong Kong IPO Markets 2024 Outlook:

Top 3 Factors affecting Global IPO in 2024:

  1. Geopolitical uncertainty 
  2. High interest rates 
  3. Economic recovery 

2024 Hong Kong IPO Market Outlook:

  1. Increasing connectivity with the Middle East 
  2. AI, semiconductor & green tech 
  3. Spin-off listings 

2024 A-share IPO Market Outlook:

  1. Solid IPO pipeline of around 780
  2. Effectiveness of economic and fiscal policies 
  3. Impact of China Securities Regulatory Commission (CSRC) policies

 

2) Global IPO Overview in 2023

2023 Global IPO Top 6 Rankings (Total IPO funds raised):

  1. Shanghai Stock Exchange (SSE) – $31.3 billion
  2. Shenzhen Stock Exchange (SZE) – $22 billion
  3. NASDAQ Stock Exchange – $12.5 billion
  4. New York Stock Exchange (NYSE) – $9.8 billion
  5. National Stock Exchange of India (NSE) – $6.9 billion
  6. Hong Kong Stock Exchange (HKEX) – $6 billion

2022 Global IPO Top 5 Rankings:

  1. Shanghai Stock Exchange (SSE) – $56.5 billion
  2. Shenzhen Stock Exchange (SZE) – $31.1 billion
  3. Hong Kong Stock Exchange (HKEX) – $12.8 billion
  4. Korea Stock Exchange (KRX) – $11.3 billion
  5. Frankfurt Stock Exchange (FRA) – $9.1 billion

Global IPO Proceeds on Stock Exchange by Region:

  • United States – 20%
  • China A-Share – 40%
  • Other Stock Exchanges – 40%

Global IPO funds raised in 2023:

  • Q1 – $24 billion
  • Q2 – $41 billion
  • Q3 – $39 billion
  • Q4 – $27 billion
  • Total – $131 billion

Global IPO funds raised in the last 5 years (2019 to 2023):

  • 2019 – $213 billion (1,191 IPOs, average $178 million per deal)
  • 2020 – $279 billion (1,493 IPOs, average $186 million per deal)
  • 2021 – $468 billion (2,510 IPOs, average $186 million per deal)
  • 2022 – $196 billion (1,520 IPOs, average $128 million per deal)
  • 2023  – $131 billion (1,371 IPOs, average $95 million per deal)

IPOs raising more than $1 billion – 14 IPOs

 

3) Hong Kong IPO Market in 2023

Hong Kong IPO Market in 2023:

  • Total funds raised – $5.92 billion (HKD 46.3 billion)
  • Total no. of IPOs – 70 IPOs
  • Average IPO Deal Size – $84 million (CNY 660 million)

Top 10 Largest Hong Kong IPOs in 2023:

  1. ZJLD Group – $678 million (HKD 5.3 billion)
  2. WuXi XDC Caymam – $524 million (HKD 4.1 billion)
  3. J&T Global Express – $498 million (HKD 3.9 billion)
  4. REPT BATTERO Energy – $268 million (HKD 2.1 billion)
  5. Horizon Construction Development – $204 million (HKD 1.6 billion)
  6. Sichuan Kelun-Biotech Biopharmaceutical – $204 million (HKD 1.6 billion)
  7. Sino-Synergy Hydrogen Energy Technology (Jiaxing) – $204 million (HKD 1.6 billion)
  8. TUHU Car – $166 million (HKD 1.3 billion)
  9. Tian Tu Capital – $140 million (HKD 1.1 billion)
  10. Beijing Fourth Paradigm Technology – $140 million (HKD 1.1 billion)

Top 10 Hong Kong IPOs Proceeds – 51% of total IPOs

 

Top 10 Largest Hong Kong IPOs by Sector in 2023:

  1. Consumer Markets
  2. Healthcare / Life Sciences 
  3. Transport & Logistics
  4. Industrials 
  5. Infrastructure / Real Estate 
  6. Healthcare / Life Sciences 
  7. Energy & Natural Resources
  8. TMT 
  9. Financial Services 
  10. TMT 

Hong Kong IPO Market by Sector:

  • Consumer Markets – 25%
  • Healthcare / Life Sciences – 20%
  • TMT – 14%
  • Others – 41%

Total Active Hong Kong IPO applicants:

  • 2023 Q1 – 96
  • 2023 Q2 – 116
  • 2023 Q3 – 109
  • 2023 Q4 – 59

Top 3 Active Hong Kong IPO applicant sectors:

  1. TMT – 28%
  2. Healthcare / Life Sciences – 27%
  3. Consumer Markets – 14%

Key Regulatory Development in 2023:

  • February 2023 – New regulations for overseas listings of Chinese enterprises
  • March 2023 – Consultation conclusion on listing regime for specialist technology companies 
  • December 2023 – Consultation conclusion on GEM listing reform 

 

4) China IPO Market in 2023

China A-Share IPO Market in 2023:

  • Total funds raised – $52.5 billion (CNY 373.9 billion)
  • Total no. of IPOs – 318 IPOs
  • Average IPO Deal Size – $16.5 billion (CNY 1.18 billion)

Top 10 Largest China A-share IPOs in 2023:

  1. Hua Hong Semiconductor – $2.9 billion (CNY 21.2 billion)
  2. Semiconductor Manufacturing Electronics (Shaoxing) Corporation – $1.5 billion (CNY 11.1 billion)
  3. Nexchip Semiconductor Corporation – $1.4 billion (CNY 10 billion)
  4. China Fund Management SPIC New Energy REIT – $1.1 billion (CNY 7.8 billion)
  5. Shaanxi Energy Investment – $1 billion (CNY 7.2 billion)
  6. Baimtec Material – $1 billion (CNY 7.1 billion)
    CSI Solar – $970 million (CNY 6.9 billion)
  7. Huaqin Technology – $830 million (CNY 5.9 billion) 
  8. Hunan Yuneng New Energy Battery Material – $630 million (CNY 4.5 billion) 
  9. Jiangsu Xukuang Energy – $600 million (CNY 4.3 billion)

Top 10 IPOs Proceeds – 23% of total IPOs

Top 10 Largest China A-share IPOs by Sector in 2023:

  1. TMT
  2. TMT
  3. TMT
  4. Infrastructure / Real Estate 
  5. Energy & Natural Resources
  6. Industrials
  7. Energy & Natural Resources
  8. TMT
  9. Industrials
  10. Energy & Natural Resources

China A-Share IPO Market by Sector:

  • Industrials – 41%
  • TMT – 35%
  • Energy & Natural Resources (ENR) – 6%
  • Others – 18%

2023 Top 10 largest IPOs distribution by stock exchange:

  1. Traditional – 29%
  2. STAR Market – 65%
  3. ChiNext – 6%

Total Active A-share IPO applicants:

  • 2023 Q1 – 813
  • 2023 Q2 – 962
  • 2023 Q3 – 825
  • 2023 Q4 – 779

Top 3 Active A-share IPO applicant sectors:

  1. Industrials – 41%
  2. TMT – 27%
  3. Healthcare / Life Sciences – 10%

Shanghai Stock Exchange (SSE) IPO Market:

  • 2023 – $9.4 billion (CNY 66.9 billion, 41 deals, average $229 million)
  • 2022 – $20 billion (CNY 145.1 billion, 40 deals, average $500 million)

Shenzhen Stock Exchange (SZE) IPO Market:

  • 2023 – $3.6 billion (CNY 25.8 billion, 23 deals, average $157 million)
  • 2022 – $5.5 billion (CNY 39.6 billion, 43 deals, average $129 million)

Beijing Stock Exchange IPO Market:

  • 2023 – $2.1 billion (CNY 15 billion, 77 deals, average $27 million)
  • 2022 – $2.3 billion (CNY 16.9 billion, 83 deals, average $26 million)

STAR Market IPO Market:

  • 2023 – $20 billion (CNY 143.9 billion, 67 deals, average $301 million)
  • 2022 – $35 billion (CNY 252.7 billion, 123 deals, average $288 million)

ChiNext IPO Market:

  • 2023 – $17 billion (CNY 122.3 billion, 110 deals, average $155 million)
  • 2022 – $25 billion (CNY 179.6 billion (148 deals, average $170 million)

Key Regulatory Development in 2023:

  • February 2023 – Expansion of the registration- based system across all A-share IPO markets 
  • September 2023 – China Securities Regulatory Commission (CSRC) unveiled measures to invigorate capital market 



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