KPMG Chinese Mainland & Hong Kong IPO Markets Mid-Year Review 2024: 513 Global IPOs with $100.7 Million Average Deal Size & Total $51.6 Billion Funds Raised, 27 Hong Kong IPOs with $54.8 Million Average Deal Size & Total $1.4 Billion Funds Raised, 52 China IPOs with $151 Million Average Deal Size & Total $7.7 Billion Funds Raised, Hong Kong IPO Funds Raised by Sector TMT 37%, Healthcare / Life Sciences 15%, Infrastructure / Real estate 15% & Others 33%, China IPO Funds Raised by Sector Infrastructure / Real Estate 43%, TMT 27%, Industrials 24% & Others 6%, Largest IPO in China China Resources Commercial Assets REIT Raising $949 million (CNY 6.9 billion) on Shenzhen Stock Exchange

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KPMG Chinese Mainland & Hong Kong IPO Markets Mid-Year Review 2024: 513 Global IPOs with $100.7 Million Average Deal Size & Total $51.6 Billion Funds Raised, 27 Hong Kong IPOs with $54.8 Million Average Deal Size & Total $1.4 Billion Funds Raised, 52 China IPOs with $151 Million Average Deal Size & Total $7.7 Billion Funds Raised, Hong Kong IPO Funds Raised by Sector TMT 37%, Healthcare / Life Sciences 15%, Infrastructure / Real estate 15% & Others 33%, China IPO Funds Raised by Sector Infrastructure / Real Estate 43%, TMT 27%, Industrials 24% & Others 6%, Largest IPO in China China Resources Commercial Assets REIT Raising $949 million (CNY 6.9 billion) on Shenzhen Stock Exchange

12th July 2024 | Hong Kong

KPMG has released the KPMG Chinese Mainland & Hong Kong IPO Markets Mid-Year Review 2024, providing insights & review of IPOs in China Mainland & Hong Kong.  In 2024 1st half, the total no. of global IPOs is 513 with global average deal size of $100.7 million and raising a total of $51.6 billion.  Global IPO deals > $1 billion – 6.  Key factors in 2024 – Geopolitical conflicts, Historical election year, Interest rate environment.  Hong Kong IPOs – 27.  Hong Kong average deal size – $54.8 million (HKD 428 million).  Hong Kong 2024 1H funds raised – $1.4 billion (HKD 11.6 billion).  Hong Kong IPO funds raised by Sector – TMT 40%, Consumer markets 25%, Healthcare / Life sciences 13%, Others 22%.  Hong Kong No. of IPO by Sector – TMT 37%, Healthcare / Life sciences 15%, Infrastructure / Real estate 15%, Others 33%.  Hong Kong Top 3 Active IPO applicants by Sector – TMT 34%, Healthcare / Life sciences 23%, Consumer markets 20%.  China IPOs – 52.  China average deal size – $151 million (CNY 1.1 billion).  China total funds raised – $7.7 billion (CNY 56.5 billion).  China IPO funds raised by Sector – Infrastructure / Real estate 43%, TMT 27%, Industrials 24%, Others 6%.  China No. of IPO by Sector – Industrials 38%, TMT 31%, Infrastructure / Real estate 16%, Others 15%.  IPO funds raised by Shanghai Stock Exchange – $3.3 billion (CNY 24.4 billion).  IPO funds raised by Shenzhen Stock Exchange – $1.8 billion (CNY 13.1 billion).  IPO funds raised by ChiNext (Shenzhen) – $1.1 billion (CNY 8.7 billion).  IPO funds raised by STAR Market (Shanghai Stock Exchange Science & Technology Innovation Board) – $1.1 billion (CNY 8.3 billion).  IPO funds raised by Beijing Stock Exchange – $275 million (CNY 2 billion).  Largest China A-Share IPOs in 2024 1H – China Resources Commercial Assets REIT $949 million (CNY 6.9 billion).  Top 3 Largest China A-Share IPOs in 2024 1H – China Resources Commercial Assets REIT $949 million (CNY 6.9 billion), ICBC Credit Suisse Hebei Expressway Group REIT $784 million (CNY 5.7 billion), CICC Yinli Consumer Infrastructure REIT $454 million (CNY 3.3 billion).  Top 10 Largest China A-Share IPOs by Sector – 5 from Infrastructure / Real Estate, 3 from TMT, 2 from Industrials.  Largest China A-Share IPOs by Stock Exchange – Shenzhen Stock Exchange (China Resources Commercial Assets REIT $949 million).  China Top 3 Active IPO applicants by Sector – Industrials 41%, TMT 26%, Healthcare / Life sciences 10%.  See below for key findings & summary | View report here

“ KPMG Chinese Mainland & Hong Kong IPO Markets Mid-Year Review 2024: 513 Global IPOs with $100.7 Million Average Deal Size & Total $51.6 Billion Funds Raised, 27 Hong Kong IPOs with $54.8 Million Average Deal Size & Total $1.4 Billion Funds Raised, 52 China IPOs with $151 Million Average Deal Size & Total $7.7 Billion Funds Raised, Hong Kong IPO Funds Raised by Sector TMT 37%, Healthcare / Life Sciences 15%, Infrastructure / Real estate 15% & Others 33%, China IPO Funds Raised by Sector Infrastructure / Real Estate 43%, TMT 27%, Industrials 24% & Others 6%, Largest IPO in China China Resources Commercial Assets REIT Raising $949 million (CNY 6.9 billion) on Shenzhen Stock Exchange “

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KPMG Chinese Mainland & Hong Kong IPO Markets Mid-Year Review 2024: 513 Global IPOs with $100.7 Million Average Deal Size & Total $51.6 Billion Funds Raised, 27 Hong Kong IPOs with $54.8 Million Average Deal Size & Total $1.4 Billion Funds Raised, 52 China IPOs with $151 Million Average Deal Size & Total $7.7 Billion Funds Raised, Hong Kong IPO Funds Raised by Sector TMT 37%, Healthcare / Life Sciences 15%, Infrastructure / Real estate 15% & Others 33%, China IPO Funds Raised by Sector Infrastructure / Real Estate 43%, TMT 27%, Industrials 24% & Others 6%, Largest IPO in China China Resources Commercial Assets REIT Raising $949 million (CNY 6.9 billion) on Shenzhen Stock Exchange

KPMG has released the KPMG Chinese Mainland & Hong Kong IPO Markets Mid-Year Review 2024, providing insights & review of IPOs in China Mainland & Hong Kong.  See below for key findings & summary | View report here

KPMG Chinese Mainland & Hong Kong IPO Markets Mid-Year Review 2024

Summary 2024 1H

1. No. of Global IPOs – 513
2. Global average IPO deal size – $100.7 million
3. Total 2024 1H IPO funds raised – $51.6 billion
4. Global IPO deals > $1 billion – 6
5. Key factors in 2024 – Geopolitical conflicts, Historical election year, Interest rate environment 
6. Hong Kong IPOs – 27
7. Hong Kong average deal size – $54.8 million (HKD 428 million)
8. Hong Kong 2024 1H funds raised – $1.4 billion (HKD 11.6 billion)
9. Hong Kong IPO funds raised by Sector – TMT 40%, Consumer markets 25%, Healthcare / Life sciences 13%, Others 22%
10. Hong Kong No. of IPO by Sector – TMT 37%, Healthcare / Life sciences 15%, Infrastructure / Real estate 15%, Others 33%
11. Hong Kong Top 3 Active IPO applicants by Sector – TMT 34%, Healthcare / Life sciences 23%, Consumer markets 20%
12. China IPOs – 52
13. China average deal size – $151 million (CNY 1.1 billion)
14. China total funds raised – $7.7 billion (CNY 56.5 billion)
15. China IPO funds raised by Sector – Infrastructure / Real estate 43%, TMT 27%, Industrials 24%, Others 6%
16. China No. of IPO by Sector – Industrials 38%, TMT 31%, Infrastructure / Real estate 16%, Others 15%
17. IPO funds raised by Shanghai Stock Exchange – $3.3 billion (CNY 24.4 billion)
18. IPO funds raised by Shenzhen Stock Exchange – $1.8 billion (CNY 13.1 billion)
19. IPO funds raised by ChiNext (Shenzhen) – $1.1 billion (CNY 8.7 billion)
20. IPO funds raised by STAR Market (Shanghai Stock Exchange Science & Technology Innovation Board) – $1.1 billion (CNY 8.3 billion)
21. IPO funds raised by Beijing Stock Exchange – $275 million (CNY 2 billion)
22. Largest China A-Share IPOs in 2024 1H – China Resources Commercial Assets REIT $949 million (CNY 6.9 billion)
23. Top 3 Largest China A-Share IPOs in 2024 1H – China Resources Commercial Assets REIT $949 million (CNY 6.9 billion), ICBC Credit Suisse Hebei Expressway Group REIT $784 million (CNY 5.7 billion), CICC Yinli Consumer Infrastructure REIT $454 million (CNY 3.3 billion)
24. Top 10 Largest China A-Share IPOs by Sector – 5 from Infrastructure / Real Estate, 3 from TMT, 2 from Industrials 
25. Largest China A-Share IPOs by Stock Exchange – Shenzhen Stock Exchange (China Resources Commercial Assets REIT $949 million)
26. China Top 3 Active IPO applicants by Sector – Industrials 41%, TMT 26%, Healthcare / Life sciences 10%

KPMG Chinese Mainland & Hong Kong IPO Markets Mid-Year Review 2024

1) Global IPO 

3 Key factors in 2024:

• Geopolitical conflicts 
• Historical election year 
• Interest rate environment 

Global IPO Review 2024 1H:

• No. of Global IPOs – 513
• Average deal size – $100.7 million
• Total 2024 1H funds raised – $51.6 billion
• IPO deals > $1 billion – 6

Global IPO funds raised:

• 2020 – $279 billion
• 2021 – $468 billion
• 2022 – $196 billion
• 2023 – $131 billion
• 2024 1H – $51.6 billion

No. of Global IPOs:

• 2020 – 1,493
• 2021 – 2,510
• 2022 – 1,520
• 2023 – 1,371
• 2024 1H – 513 (Hong Kong 27, China Mainland 52)

2) Hong Kong IPO

Hong Kong IPO Market – 2024 1H Review:

• Completed IPOs – 27
• Average deal size – $54.8 million (HKD 428 million)
• Total funds raised – $1.4 billion (HKD 11.6 billion)

IPO funds raised by Sector:

• TMT – 40%
• Consumer markets – 25%
• Healthcare / Life sciences – 13%
• Others – 22%

No. of IPO by Sector:

• TMT – 37%
• Healthcare / Life sciences – 15%
• Infrastructure / Real estate – 15%
• Others – 33%

Active IPO applicants:

• 2024 Q1 – 89
• 2024 Q2 – 105

Top 3 Active IPO applicants by Sector:

• TMT – 34%
• Healthcare / Life sciences – 23%
• Consumer markets – 20%
• Others – 23%

Hong Kong IPO Market Outlook – 2024 2H:

• Healthy IPO pipeline 
• AI, new energy & cloud-based solution 
• New measures from China Securities Regulatory Commission (CSRC)

3) China A-Share IPO

China A-shares ~ RMB (CNY) denominated shares of China Mainland-based companies on Shanghai Stock Exchange & Shenzhen Stock Exchange

China IPO Market – 2024 1H Review:

• Completed IPOs – 52
• Average deal size – $151 million (CNY 1.1 billion)
• Total funds raised – $7.7 billion (CNY 56.5 billion)

IPO funds raised by Sector:

1. Infrastructure / Real estate – 43%
2. TMT – 27%
3. Industrials – 24%
4. Others – 6%

No. of IPO by Sector:

• Industrials – 38%
• TMT – 31%
• Infrastructure / Real estate – 16%
• Others – 15%

IPO funds raised by Stock Exchanges:

• Shanghai Stock Exchange – $3.3 billion (CNY 24.4 billion)
• Shenzhen Stock Exchange – $1.8 billion (CNY 13.1 billion)
• ChiNext (Shenzhen) – $1.1 billion (CNY 8.7 billion)
• STAR Market (Shanghai Stock Exchange Science & Technology Innovation Board) – $1.1 billion (CNY 8.3 billion)
• Beijing Stock Exchange – $275 million (CNY 2 billion)

No. of IPO by Stock Exchanges:

• ChiNext (Shenzhen) – 15
• Shanghai Stock Exchange – 14
• Beijing Stock Exchange – 10
• STAR Market (Shanghai Stock Exchange Science & Technology Innovation Board) – 7
• Shenzhen Stock Exchange (SZSE) – 6

Top 10 Largest China A-Share IPOs in 2024 1st Half:

1. China Resources Commercial Assets REIT – $949 million (CNY 6.9 billion)
2. ICBC Credit Suisse Hebei Expressway Group REIT – $784 million (CNY 5.7 billion) 
3. CICC Yinli Consumer Infrastructure REIT – $454 million (CNY 3.3 billion)
4. Guotai Junan Chengtou Kuanting Affordable Rental Housing REIT – $426 million (CNY 3.1 billion)
5. Grandtop Yongxing Group Co.,Ltd – $330 million (CNY 2.4 billion)
6. Solax Power Network Technology (Zhejiang) Co., Ltd. – $302 million (CNY 2.2 billion)
7. E Fund Shenzhen Expressway REIT – $275 million (CNY 2 billion)
8. Wuhan Dameng Database Company Limited – $233 million (CNY 1.7 billion)
9. Xi’an Novastar Tech Co., Ltd. – $220 million (CNY 1.6 billion)
10. Shanghai Longcheer Technology Co., Ltd. – $220 million (CNY 1.6 billion)
11. 54% of of total IPO proceeds raised by top 10 IPOs in 2024 1H

Top 10 Largest China A-Share IPOs by Sector:

1. $949 million (CNY 6.9 billion) – Infrastructure / Real Estate 
2. $784 million (CNY 5.7 billion) – Infrastructure / Real Estate 
3. $454 million (CNY 3.3 billion) – Infrastructure / Real Estate 
4. $426 million (CNY 3.1 billion) – Infrastructure / Real Estate 
5. $330 million (CNY 2.4 billion) – Industrials
6. $302 million (CNY 2.2 billion) – Industrials
7. $275 million (CNY 2 billion) – Infrastructure / Real Estate 
8. $233 million (CNY 1.7 billion) – TMT
9. $220 million (CNY 1.6 billion) – TMT
10. $220 million (CNY 1.6 billion) – TMT

Top 10 Largest China A-Share IPOs by Stock Exchange:

1. $949 million (CNY 6.9 billion) – Shenzhen Stock Exchange
2. $784 million (CNY 5.7 billion) – Shanghai Stock Exchange
3. $454 million (CNY 3.3 billion) – Shenzhen Stock Exchange
4. $426 million (CNY 3.1 billion) – Shanghai Stock Exchange
5. $330 million (CNY 2.4 billion) – Shanghai Stock Exchange
6. $302 million (CNY 2.2 billion) – STAR Market (Shanghai)
7. $275 million (CNY 2 billion) – Shanghai Stock Exchange
8. $233 million (CNY 1.7 billion) – STAR Market (Shanghai)
9. $220 million (CNY 1.6 billion) – ChiNext (Shenzhen)
10. $220 million (CNY 1.6 billion) – Shanghai Stock Exchange

Active IPO applicants:

• 2024 Q1 – 664
• 2024 Q2 – 524

Top 3 Active IPO applicants by Sector:

• Industrials – 41%
• TMT – 26%
• Healthcare / Life sciences – 10%
• Others – 23%

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