KPMG Chinese Mainland & Hong Kong IPO Markets Review & 2025 Outlook: 1,159 Global IPOs with $102.7 Million Average Deal Size & Total $119.1 Billion Funds Raised, 63 Hong Kong IPOs with $167 Million Average Deal Size & Total $10.6 Billion Funds Raised, 125 China IPOs with $131 Million Average Deal Size & Total $16.3 Billion Funds Raised, Hong Kong IPO Funds Raised by Sector Consumer Markets 60%, TMT 19%, Transport & Logistics 9%, Others 12%, Largest IPO in Hong Kong is Midea Group Raising $4.5 billion (HKD 35.7 billion), China IPO Funds Raised by Sector Infrastructure / Real Estate 47%, Industrials 24%, TMT 23%, Others 6%, Largest IPO in China is China Resources Commercial Assets REIT Raising $945 million (CNY 6.9 billion) on Shenzhen Stock Exchange
2nd January 2025 | Hong Kong
KPMG has released the KPMG Chinese Mainland & Hong Kong IPO Markets Review & 2025 Outlook providing key insights, review & outlook of IPOs in China Mainland & Hong Kong. No. of Global IPOs in 2024 – 1,159. Global average IPO deal size – $102.7 million. Total 2024 IPO funds raised – $119.1 billion. Global IPO deals > $1 billion – 16. Key factors in 2024 – Geopolitical conflicts, Election conclusions, Interest rate cuts. Hong Kong IPOs – 63. Hong Kong average deal size – $167 million (HKD 1.3 billion). Hong Kong 2024 funds raised – $10.6 billion (HKD 82.9 billion). Hong Kong IPO funds raised by Sector – Consumer markets 60%, TMT 19%, Transport & logistics 9%, Others 12%. Hong Kong Top 3 Active IPO applicants by Sector – Healthcare / Life sciences 27%, TMT 23%, Consumer markets 19%. Largest Hong Kong IPO in 2024 – Midea Group – $4.5 billion (HKD 35.7 billion). Top 3 Largest Hong Kong IPOs in 2024 – Midea Group – $4.5 billion (HKD 35.7 billion), Horizon Robotics – $784 million (HKD 6.1 billion), S.F. Holding – $745 million (HKD 5.8 billion). Largest Hong Kong by Sector in 2024 – $4.5 billion (HKD 35.7 billion) Consumer Markets. China IPOs – 125. China average deal size – $131 million (CNY 960 million). China total funds raised – $16.3 billion (CNY 119.1 billion). China IPO funds raised by Sector – Infrastructure / Real estate 47%, Industrials 24%, TMT 23%, Others 6%. China No. of IPO by Sector – Industrials 39%, TMT 27%, Infrastructure / Real estate 22%, Others 12%. IPO funds raised by Shanghai Stock Exchange – $6.4 billion (CNY 47 billion). IPO funds raised by Shenzhen Stock Exchange – $4 billion (CNY 29.8 billion). IPO funds raised by ChiNext (Shenzhen) – $3 billion (CNY 22 billion). IPO funds raised by STAR Market (Shanghai Stock Exchange Science & Technology Innovation Board) – $2 billion (CNY 15.2 billion). IPO funds raised by Beijing Stock Exchange – $698 million (CNY 5.1 billion). Largest China A-Share IPO in 2024 – China Resources Commercial Assets REIT $945 million (CNY 6.9 billion). Top 3 Largest China A-Share IPOs in 2024 1H – China Resources Commercial Assets REIT $945 million (CNY 6.9 billion), ICBC Credit Suisse Hebei Expressway Group REIT $781 million (CNY 5.7 billion), China Merchants Fund China Merchants Highway Expressway REIT – $479 million (CNY 3.5 billion). Top 10 Most China A-Share IPOs by Sector – 8 from Infrastructure / Real Estate, 2 from Industrials. Largest China A-Share IPOs by Stock Exchange – Shenzhen Stock Exchange (China Resources Commercial Assets REIT – $945 million). China Top 3 Active IPO applicants by Sector – Industrials 43%, TMT 19%, Infrastructure / Real Estate 11%, Others 27%. See below for key findings & summary | View report here
“ KPMG Chinese Mainland & Hong Kong IPO Markets Review & 2025 Outlook: 1,159 Global IPOs with $102.7 Million Average Deal Size & Total $119.1 Billion Funds Raised, 63 Hong Kong IPOs with $167 Million Average Deal Size & Total $10.6 Billion Funds Raised, 125 China IPOs with $131 Million Average Deal Size & Total $16.3 Billion Funds Raised, Hong Kong IPO Funds Raised by Sector Consumer Markets 60%, TMT 19%, Transport & Logistics 9%, Others 12%, Largest IPO in Hong Kong is Midea Group Raising $4.5 billion (HKD 35.7 billion), China IPO Funds Raised by Sector Infrastructure / Real Estate 47%, Industrials 24%, TMT 23%, Others 6%, Largest IPO in China is China Resources Commercial Assets REIT Raising $945 million (CNY 6.9 billion) on Shenzhen Stock Exchange “
Paul Lau, Partner, Head of Capital Markets and Professional Practice, KPMG China: “The global IPO market, excluding Asia Pacific, has gained momentum in 2024, which is a very good sign. We remain cautiously optimistic about a positive outlook for 2025. However, uncertainty around trade policies and geopolitics, particularly due to the new US administration, does cast a shadow over this optimism. It’s important for all stakeholders to collaborate and ensure a stable environment that supports growth and prosperity in the global capital market landscape.”
Irene Chu, Partner, Head of New Economy & Life Sciences, Hong Kong, KPMG China: “A-share IPO activity is expected to remain stable as Chinese Mainland shifts its focus to strengthening the quality of listed companies, aiming to improve the overall capital market. Chinese enterprises looking to go public may shift their attention to Hong Kong, which continues to offer strong connectivity to the A-share market through the Stock Connect programme and provide valuable access to global investors through its position as an international financial centre.”
Louis Lau, Partner, Head of Hong Kong Capital Markets Group, KPMG China: “With positive momentum and increasing investor confidence in the Hong Kong IPO market, the city is becoming an increasingly attractive option for IPO applicants. CSRC’s measures to encourage leading Chinese enterprises to list in Hong Kong and Chinese Mainland’s plan to adopt a more relaxed monetary policy in the coming year will continue to bolster the city’s IPO pipeline, while the inclusion of additional Middle Eastern stock exchanges as Recognised Stock Exchanges is expected to drive secondary listings from the region. Consequently, we anticipate a steady stream of sizeable IPOs in 2025.”
KPMG Chinese Mainland & Hong Kong IPO Markets Review & 2025 Outlook: 1,159 Global IPOs with $102.7 Million Average Deal Size & Total $119.1 Billion Funds Raised, 63 Hong Kong IPOs with $167 Million Average Deal Size & Total $10.6 Billion Funds Raised, 125 China IPOs with $131 Million Average Deal Size & Total $16.3 Billion Funds Raised, Hong Kong IPO Funds Raised by Sector Consumer Markets 60%, TMT 19%, Transport & Logistics 9%, Others 12%, Largest IPO in Hong Kong is Midea Group Raising $4.5 billion (HKD 35.7 billion), China IPO Funds Raised by Sector Infrastructure / Real Estate 47%, Industrials 24%, TMT 23%, Others 6%, Largest IPO in China is China Resources Commercial Assets REIT Raising $945 million (CNY 6.9 billion) on Shenzhen Stock Exchange
KPMG has released the KPMG Chinese Mainland & Hong Kong IPO Markets Review & 2025 Outlook providing key insights, review & outlook of IPOs in China Mainland & Hong Kong. See below for key findings & summary | View report here
KPMG Chinese Mainland & Hong Kong IPO Markets Review & 2025 Outlook
Summary
- No. of Global IPOs in 2024 – 1,159
- Global average IPO deal size – $102.7 million
- Total 2024 IPO funds raised – $119.1 billion
- Global IPO deals > $1 billion – 16
- Key factors in 2024 – Geopolitical conflicts, Election conclusions, Interest rate cuts
- Hong Kong IPOs – 63
- Hong Kong average deal size – $167 million (HKD 1.3 billion)
- Hong Kong 2024 funds raised – $10.6 billion (HKD 82.9 billion)
- Hong Kong IPO funds raised by Sector – Consumer markets 60%, TMT 19%, Transport & logistics 9%, Others 12%
- Hong Kong Top 3 Active IPO applicants by Sector – Healthcare / Life sciences 27%, TMT 23%, Consumer markets 19%
- Largest Hong Kong IPO in 2024 – Midea Group – $4.5 billion (HKD 35.7 billion)
- Top 3 Largest Hong Kong IPOs in 2024 – Midea Group – $4.5 billion (HKD 35.7 billion), Horizon Robotics – $784 million (HKD 6.1 billion), S.F. Holding – $745 million (HKD 5.8 billion)
- Largest Hong Kong by Sector in 2024 – $4.5 billion (HKD 35.7 billion) Consumer Markets
- China IPOs – 125
- China average deal size – $131 million (CNY 960 million)
- China total funds raised – $16.3 billion (CNY 119.1 billion)
- China IPO funds raised by Sector – Infrastructure / Real estate 47%, Industrials 24%, TMT 23%, Others 6%
- China No. of IPO by Sector – Industrials 39%, TMT 27%, Infrastructure / Real estate 22%, Others 12%
- IPO funds raised by Shanghai Stock Exchange – $6.4 billion (CNY 47 billion)
- IPO funds raised by Shenzhen Stock Exchange – $4 billion (CNY 29.8 billion)
- IPO funds raised by ChiNext (Shenzhen) – $3 billion (CNY 22 billion)
- IPO funds raised by STAR Market (Shanghai Stock Exchange Science & Technology Innovation Board) – $2 billion (CNY 15.2 billion)
- IPO funds raised by Beijing Stock Exchange – $698 million (CNY 5.1 billion)
- Largest China A-Share IPO in 2024 – China Resources Commercial Assets REIT $945 million (CNY 6.9 billion)
- Top 3 Largest China A-Share IPOs in 2024 1H – China Resources Commercial Assets REIT $945 million (CNY 6.9 billion), ICBC Credit Suisse Hebei Expressway Group REIT $781 million (CNY 5.7 billion), China Merchants Fund China Merchants Highway Expressway REIT – $479 million (CNY 3.5 billion)
- Top 10 Most China A-Share IPOs by Sector – 8 from Infrastructure / Real Estate, 2 from Industrials
- Largest China A-Share IPOs by Stock Exchange – Shenzhen Stock Exchange (China Resources Commercial Assets REIT – $945 million)
- China Top 3 Active IPO applicants by Sector – Industrials 43%, TMT 19%, Infrastructure / Real Estate 11%, Others 27%
KPMG Chinese Mainland & Hong Kong IPO Markets Review & 2025 Outlook
1) Global IPO
3 Key factors in 2024:
- Geopolitical conflicts
- Election conclusions
- Interest rate cuts
Global IPO Review 2024:
- No. of Global IPOs – 1,159
- Average deal size – $102.7 million
- Total 2024 funds raised – $119.1 billion
- IPO deals > $1 billion – 16
Global IPO funds raised:
- 2020 – $279 billion
- 2021 – $468 billion
- 2022 – $196 billion
- 2023 – $131 billion
- 2024 – $119 billion
No. of Global IPOs:
- 2020 – 1,493
- 2021 – 2,510
- 2022 – 1,520
- 2023 – 1,371
- 2024 – 1,159
2024 Global IPO Rankings:
- National Stock Exchange of India – $17.3 billion
- NASDAQ – $16.5 billion
- New York Stock Exchange – $15.9 billion
- Hong Kong Stock Exchange – $10.4 billion
- Shanghai Stock Exchange – $8.8 billion
2023 Global IPO Rankings:
- Shanghai Stock Exchange – $31.3 billion
- Shenzhen Stock Exchange – $22 billion
- NASDAQ – $12.5 billion
- New York Stock Exchange – $9.8 billion
- National Stock Exchange of India – $6.9 billion
2024 Global IPO Proceeds by Region*
- Americas – 30%
- APAC – 35%
- EMEIA – 35%
Data as of 8th December 2024
2) Hong Kong IPO
Hong Kong IPO Market – 2024 Review:
- Completed IPOs – 63
- Average deal size – $167 million (HKD 1.3 billion)
- Total funds raised – $10.6 billion (HKD 82.9 billion)
IPO funds raised by Sector:
- Consumer markets – 60%
- TMT – 19%
- Transport & logistics – 9%
- Others – 12%
Active IPO applicants:
- 2024 Q1 – 87
- 2024 Q2 – 112
- 2024 Q3 – 95
- 2024 Q4 – 94
Top 3 Active IPO applicants by Sector:
- Healthcare / Life sciences – 27%
- TMT – 23%
- Consumer markets – 19%
- Others – 31%
Top 10 Largest Hong Kong IPOs in 2024:
- Midea Group – $4.5 billion (HKD 35.7 billion)
- Horizon Robotics – $784 million (HKD 6.1 billion)
- S.F. Holding – $745 million (HKD 5.8 billion)
- China Resources Beverage – $745 million (HKD 5.8 billion)
- Sichuan Baicha Baidao Industrial – $334 million (HKD 2.6 billion)
- Mao Geping Cosmetics – $295 million (HKD 2.3 billion)
- Cirrus Aircraft – $192 million (HKD 1.5 billion)
- T.S. Lines – $141 million (HKD 1.1 billion)
- Robosense Technology Co – $141 million (HKD 1.1 billion)
- Chenqi Technology – $141 million (HKD 1.1 billion)
Top 10 Largest Hong Kong IPOs by Sector:
- $4.5 billion (HKD 35.7 billion) – Consumer Markets
- $784 million (HKD 6.1 billion) – Healthcare / Life Sciences
- $745 million (HKD 5.8 billion) – Transport & Logistics
- $745 million (HKD 5.8 billion) – Industrials
- $334 million (HKD 2.6 billion) – Infrastructure / Real Estate
- $295 million (HKD 2.3 billion) – Healthcare / Life Sciences
- $192 million (HKD 1.5 billion) – ENR
- $141 million (HKD 1.1 billion) – TMT
- $141 million (HKD 1.1 billion) – Financial Services
- $141 million (HKD 1.1 billion) – TMT
Hong Kong IPO Market Outlook – 2025:
- Measures from China Securities Regulatory Commission (CSRC)
- Listings from the Middle East
- TMT, Life Sciences & Specialist Technology listings
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 Review
- Completed IPOs – 125
- Average deal size – $131 million (CNY 960 million)
- Total funds raised – $16.3 billion (CNY 119.1 billion)
IPO funds raised by Sector:
- Infrastructure / Real estate – 47%
- Industrials – 24%
- TMT – 23%
- Others – 6%
No. of IPO by Sector:
- Industrials – 39%
- TMT – 27%
- Infrastructure / Real estate – 22%
- Others – 12%
IPO funds raised by Stock Exchanges:
- Shanghai Stock Exchange – $6.4 billion (CNY 47 billion)
- Shenzhen Stock Exchange – $4 billion (CNY 29.8 billion)
- ChiNext (Shenzhen) – $3 billion (CNY 22 billion)
- STAR Market (Shanghai Stock Exchange Science & Technology Innovation Board) – $2 billion (CNY 15.2 billion)
- Beijing Stock Exchange – $698 million (CNY 5.1 billion)
No. of IPO by Stock Exchanges:
- ChiNext (Shenzhen) – 37
- Shanghai Stock Exchange – 34
- Beijing Stock Exchange – 23
- Shenzhen Stock Exchange (SZSE) – 16
- STAR Market (Shanghai Stock Exchange Science & Technology Innovation Board) – 15
Top 10 Largest China A-Share IPOs in 2024:
- China Resources Commercial Assets REIT – $945 million (CNY 6.9 billion)
- ICBC Credit Suisse Hebei Expressway Group REIT – $781 million (CNY 5.7 billion)
- China Merchants Fund China Merchants Highway Expressway REIT – $479 million (CNY 3.5 billion)
- China Joy City Shopping Center REIT – $452 million (CNY 3.3 billion)
- CICC Yinli Consumer Infrastructure REIT – $452 million (CNY 3.3 billion)
- Guotai Junan Chengtou Kuanting Affordable Rental Housing REIT – $424 million (CNY 3.1 billion)
- China Nanjing Traffic Highway REIT – $370 million (CNY 2.7 billion)
- Grandtop Yongxing Group Co.,Ltd – $328 million (CNY 2.4 billion)
- HuaAn Bailian Consumer REIT – $315 million (CNY 2.3 billion)
- Solax Power Network Technology (Zhejiang) Co., Ltd. – $301 million (CNY 2.2 billion)
Top 10 Largest China A-Share IPOs by Sector:
- $945 million (CNY 6.9 billion) – Infrastructure / Real Estate
- $781 million (CNY 5.7 billion) – Infrastructure / Real Estate
- $479 million (CNY 3.5 billion) – Infrastructure / Real Estate
- $452 million (CNY 3.3 billion) – Infrastructure / Real Estate
- $452 million (CNY 3.3 billion) – Infrastructure / Real Estate
- $424 million (CNY 3.1 billion)– Infrastructure / Real Estate
- $370 million (CNY 2.7 billion) – Infrastructure / Real Estate
- $328 million (CNY 2.4 billion)– Industrials
- $315 million (CNY 2.3 billion) – Infrastructure / Real Estate
- $301 million (CNY 2.2 billion) – Industrials
Top 10 Largest China A-Share IPOs by Stock Exchange:
- $945 million (CNY 6.9 billion) – Shenzhen Stock Exchange
- $781 million (CNY 5.7 billion) – Shanghai Stock Exchange
- $479 million (CNY 3.5 billion) – Shenzhen Stock Exchange
- $452 million (CNY 3.3 billion) – Shenzhen Stock Exchange
- $452 million (CNY 3.3 billion) – Shenzhen Stock Exchange
- $424 million (CNY 3.1 billion) – Shanghai Stock Exchange
- $370 million (CNY 2.7 billion) – Shanghai Stock Exchange
- $328 million (CNY 2.4 billion) – Shanghai Stock Exchange
- $315 million (CNY 2.3 billion) – Shanghai Stock Exchange
- $301 million (CNY 2.2 billion) – STAR Market (Shanghai)
Active China A-Share IPO applicants:
- 2024 Q1 – 664
- 2024 Q2 – 472
- 2024 Q3 – 352
- 2024 Q4 – 293
Top 3 Active IPO applicants by Sector:
- Industrials – 43%
- TMT – 19%
- Infrastructure / Real Estate – 11%
- Others – 27%
KPMG China
KPMG China has offices located in 31 cities with over 14,000 partners and staff, in Beijing, Changchun, Changsha, Chengdu, Chongqing, Dalian, Dongguan, Foshan, Fuzhou, Guangzhou, Haikou, Hangzhou, Hefei, Jinan, Nanjing, Nantong, Ningbo, Qingdao, Shanghai, Shenyang, Shenzhen, Suzhou, Taiyuan, Tianjin, Wuhan, Wuxi, Xiamen, Xi’an, Zhengzhou, Hong Kong SAR and Macau SAR. Working collaboratively across all these offices, KPMG China can deploy experienced professionals efficiently, wherever our client is located.
KPMG is a global organization of independent professional services firms providing Audit, Tax and Advisory services. KPMG is the brand under which the member firms of KPMG International Limited (“KPMG International”) operate and provide professional services. “KPMG” is used to refer to individual member firms within the KPMG organization or to one or more member firms collectively. KPMG firms operate in 143 countries and territories with more than 273,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. Each KPMG member firm is responsible for its own obligations and liabilities.
KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients. In 1992, KPMG became the first international accounting network to be granted a joint venture licence in the Chinese Mainland. KPMG was also the first among the Big Four in the Chinese Mainland to convert from a joint venture to a special general partnership, as of 1 August 2012. Additionally, the Hong Kong firm can trace its origins to 1945. This early commitment to this market, together with an unwavering focus on quality, has been the foundation for accumulated industry experience, and is reflected in KPMG’s appointment for multidisciplinary services (including audit, tax and advisory) by some of China’s most prestigious companies.
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