KPMG China & Hong Kong IPO Markets 2023 Mid-Year Review: $62 Billion IPO Funds Raised from 617 Deals Averaging $100 Million, Top 5 Exchanges are Shanghai $19.2 Billion, Shenzhen $12.8 Billion, NYSE $7.1 billion, Abu Dhabi $3.7 billion & NASDAQ $2.9 billion
1st September 2023 | Hong Kong
KPMG has released the KPMG China & Hong Kong IPO Markets 2023 Mid-Year Review, providing key insights into IPO activities globally, Hong Kong & China Mainland (IPO ~ Initial Public Offering). In 2023 1st half, global IPO raised $62 billion from 617 deals ($100 million average per deal), and the top 5 stock exchanges for IPO are Shanghai Stock Exchange (SSE) $19.2 billion, Shenzhen Stock Exchange (SZSE) $12.8 billion, New York Stock Exchange (NYSE) $7.1 billion, Abu Dhabi Securities Exchange (ADX) $3.7 billion, and NASDAQ $2.9 billion. The 2023 Global Landscape – Post-pandemic recovery, Financial market instability, Geopolitical uncertainties, Interest rate hikes, Inflationary pressures. The 2023 2H Global IPO Outlook – Economic recovery, Easing inflationary pressures, Ongoing geopolitical uncertainties, Financial market uncertainties. For Hong Kong IPO Market – $2.2 billion from 31 deals (HKD 17.8 billion, $70 million average). Hong Kong 2023 1H IPO by Sector – Consumer markets 42%, Healthcare / Life sciences 16%, Infrastructure / Real Estate 12%, Others 30%. Hong Kong 2023 1H Top 10 IPOs – HKD 13.1 billion ($1.8 billion, 75% of total funds raised). Hong Kong 2023 1H Top 10 Largest IPO – ZJLD Group Inc $730 million, Horizon Construction Development $234 million, Beijing SinoHytec $151 million, JF Wealth Holdings $137 million, Beauty Farm Medical & Health Industry $123 million, Laekna $110 million, DPC Dash $82 million, MedSci Healthcare Holdings $82 million, Edianyun $82 million, YH Entertainment Group $82 million. For China, Shanghai Stock Exchange & Shenzhen Stock Exchange A-Share 2023 1H IPO Market – $30.8 billion from 177 deals (RMB 224 billion, $170 million average) and Beijing Stock Exchange 2023 1H IPO Market – $1.1 billion from 42 deals (RMB 8.3 billion, $26 million average). China Mainland 2023 1H IPO by Sector – Industrials 48%, Technology, Media & Telecom sector (TMT) 22%, Energy & Natural Resources (ENR) 9%, Others 21%. China 2023 1H Top 10 Largest A-Shares IPO – Semiconductor Manufacturing Electronics (Shaoxing) – SSE-STAR $1.53 billion, Nexchip Semiconductor Corporation SSE-STAR $1.38 billion, China Fund Management SPIC New Energy REIT $1.07 billion, Shaanxi Energy Investment $992 million, CSI Solar – SSE-STAR $950 million, Hunan Yuneng New Energy Battery Material – SZSE-ChiNext RMB 4.5 billion $620 million, Shenzhen Intellifusion Technologies – SSE $592 million, Jiangsu Xukuang Energy – SSE-STAR $537 million, Greenworks (Jiangsu) – SZSE-ChiNext $510 million, Chongqing Genrix Biopharmaceutical – SSE-STAR $482 million. See below for key findings & summary | View report here
“ $62 Billion IPO Funds Raised from 617 Deals Averaging $100 Million, Top 5 Exchanges are Shanghai $19.2 Billion, Shenzhen $12.8 Billion, NYSE $7.1 billion, Abu Dhabi $3.7 billion & NASDAQ $2.9 billion “
KPMG China & Hong Kong IPO Markets 2023 Mid-Year Review
KPMG has released the KPMG China & Hong Kong IPO Markets 2023 Mid-Year Review, providing key insights into IPO activities globally, Hong Kong & China Mainland (IPO ~ Initial Public Offering).
Summary:
- 2023 Global IPO 1st Half Funds Raised – $62 billion from 617 deals ($100 million average)
- 2022 Global IPO 1st Half Funds Raised – $100 billion from 701 deals ($142 million)
- Global IPO Funds Raised in Last 4 Years – 2022 $196 billion, 2021 $468 billion, 2020 $279 billion, 2019 $213 billion
- Top 5 Stock Exchanges Funds Raised (2023 1H) – Shanghai Stock Exchange (SSE) $19.2 billion, Shenzhen Stock Exchange (SZSE) $12.8 billion, New York Stock Exchange (NYSE) $7.1 billion, Abu Dhabi Securities Exchange (ADX) $3.7 billion, NASDAQ $2.9 billion
- 2023 Global Landscape – Post-pandemic recovery, Financial market instability, Geopolitical uncertainties, Interest rate hikes, Inflationary pressures
- 2023 2H Global IPO Outlook – Economic recovery, Easing inflationary pressures, Ongoing geopolitical uncertainties, Financial market uncertainties
Hong Kong Summary:
- Hong Kong IPO 2023 1H IPO – HKD 17.8 billion from 31 deals ($2.2 billion, $70 million average)
- Hong Kong 2023 1H IPO by Sector – Consumer markets 42%, Healthcare / Life sciences 16%, Infrastructure / Real Estate 12%, Others 30%
- Hong Kong 2023 1H Top 10 IPOs – HKD 13.1 billion ($1.8 billion, 75% of total funds raised)
- Hong Kong 2023 1H Top 10 Largest IPO – ZJLD Group Inc $730 million, Horizon Construction Development $234 million, Beijing SinoHytec $151 million, JF Wealth Holdings $137 million, Beauty Farm Medical & Health Industry $123 million, Laekna $110 million, DPC Dash $82 million, MedSci Healthcare Holdings $82 million, Edianyun $82 million, YH Entertainment Group $82 million
- Hong Kong HKD-RMB Dual Counter Model – a new Dual Counter Model enhancing liquidity of dual counter securities and minimising price discrepancies between the two counters.
- 2023 2H Hong Kong IPO Outlook – Stable IPO with over 110 active applicants, Expect more specialist technology companies to IPO in 2023 2H
China Summary:
- Shanghai Stock Exchange & Shenzhen Stock Exchange A-Share 2023 1H IPO Market – RMB 224 billion from 177 deals ($30.8 billion, $170 million average)
- Beijing Stock Exchange 2023 1H IPO Market – RMB 8.3 billion from 42 deals ($1.1 billion, $26 million average)
- China A-shares – Shares of Mainland China-based companies that trade on Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE). A-shares are in RMB, B-shares in foreign currencies.
- China Mainland 2023 1H IPO by Sector – Industrials 48%, Technology, Media & Telecom sector (TMT) 22%, Energy & Natural Resources (ENR) 9%, Others 21%
- China 2023 1H Top 10 Largest A-Shares IPO – Semiconductor Manufacturing Electronics (Shaoxing) – SSE-STAR $1.53 billion, Nexchip Semiconductor Corporation SSE-STAR $1.38 billion, China Fund Management SPIC New Energy REIT $1.07 billion, Shaanxi Energy Investment $992 million, CSI Solar – SSE-STAR $950 million, Hunan Yuneng New Energy Battery Material – SZSE-ChiNext RMB 4.5 billion $620 million, Shenzhen Intellifusion Technologies – SSE $592 million, Jiangsu Xukuang Energy – SSE-STAR $537 million, Greenworks (Jiangsu) – SZSE-ChiNext $510 million, Chongqing Genrix Biopharmaceutical – SSE-STAR $482 million
- 2023 Q2 A-share IPO Active Applicants – Total of 962 applicants
- 2023 Q2 A-share IPO Active Applicants by Stock Exchange – Traditional market 315, ChiNext 159, STAR Market 355, Beijing Stock Exchange 133
- 2023 1H A-share Applications by Sector (962 companies) – Industrial 41%, TMT 28%, Healthcare / Life sciences 11%, Consumer markets 8%, Energy & Natural Resources (ENR) 5%, Others 7%
- 2023 2H A-share Outlook – IPO pipelines remains healthy with around 1,000 active applicants, Supportive government policies
KPMG China & Hong Kong IPO Markets 2023 Mid-Year Review
1) 2023 Global IPO
Global IPO (2023 1H) – Funds Raised:
- 2023 – $62 billion from 617 deals ($100 million average)
- 2022 – $100 billion from 701 deals ($142 million)
- 2021 – $233 billion from 1,155 deals ($201 million)
- 2020 – $71 billion from 449 deals ($158 million)
- 2019 – $74 billion from 509 deals ($145 million)
Global IPO (Full year) – Funds Raised:
- 2022 – $196 billion from 1,520 deals ($128 million average)
- 2021 – $468 billion from 2,510 deals ($186 million)
- 2020 – $279 billion from 1,493 deals ($186 million)
- 2019 – $213 billion from 1,191 deals ($178 million)
Global Top 5 Stock Exchanges (2023 1H) – Funds Raised:
- Shanghai Stock Exchange (SSE) – $19.2 billion
- Shenzhen Stock Exchange -(SZSE) $12.8 billion
- New York Stock Exchange (NYSE) – $7.1 billion
- Abu Dhabi Securities Exchange (ADX) – $3.7 billion
- NASDAQ Stock Exchange – $2.9 billion
2023 Global Landscape:
- Post-pandemic recovery
- Financial market instability
- Geopolitical uncertainties
- Interest rate hikes
- Inflationary pressures
2023 2H Global IPO Outlook:
- Economic recovery
- Easing inflationary pressures
- Ongoing geopolitical uncertainties
- Financial market uncertainties
2) Hong Kong IPO
2023 1H Hong Kong IPO Market Review:
- HKD 17.8 billion from 31 deals ($2.2 billion, $70 million average)
- Introduction of the HKD-RMB Dual Counter Model, a new Dual Counter Model enhancing liquidity of dual counter securities and minimising price discrepancies between the two counters.
2023 1H Hong Kong IPO by Sector
- Consumer markets – 42%
- Healthcare / Life sciences – 16%
- Infrastructure / Real Estate – 12%
- Others – 30%
2023 1H Hong Kong Top 10 Largest IPO:
- ZJLD Group Inc – HKD 5.3 billion ($730 million)
- Horizon Construction Development – HKD 1.7 billion ($234 million)
- Beijing SinoHytec – HKD 1.1 billion ($151 million)
- JF Wealth Holdings – HKD 1 billion ($137 million)
- Beauty Farm Medical & Health Industry – HKD 900 million ($123 million)
- Laekna – HKD 800 million ($110 million)
- DPC Dash – HKD 600 million ($82 million)
- MedSci Healthcare Holdings – HKD 600 million ($82 million)
- Edianyun – HKD 600 million ($82 million)
- YH Entertainment Group – HKD 500 million ($82 million)
2023 1H Top 10 IPOs: HKD 13.1 billion ($1.8 billion, 75% of total funds raised)
2023 2H Hong Kong IPO Outlook:
- Stable IPO with over 110 active applicants
- Expect more specialist technology companies to IPO in 2023 2H
3) China Mainland IPO
2023 1H China Mainland IPO Market:
- Shanghai Stock Exchange & Shenzhen Stock Exchange A-Share – RMB 224 billion from 177 deals ($30.8 billion, $170 million average)
- Beijing Stock Exchange – RMB 8.3 billion from 42 deals ($1.1 billion, $26 million average)
2023 1H China Mainland IPO by Exchange:
- Shanghai Stock Exchange Traditional – RMB 41.8 billion from 25 deals ($5.7 billion, $228 million average)
- Shenzhen Stock Exchange Traditional – RMB 21.4 billion from 17 deals ($2.9 billion, $170 million average)
- Shanghai Stock Exchange STAR – RMB 87.7 billion from 41 deals ($12 billion, $292 million average)
- Shenzhen Stock Exchange ChiNext – RMB 64.8 billion from 52 deals ($8.9 billion, $211 million average)
China A-shares are shares of Mainland China-based companies that trade on Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE). A-shares are in RMB, B-shares in foreign currencies.
2023 1H China Mainland IPO by Sector:
- Industrials – 48%
- Technology, Media & Telecom sector (TMT) – 22%
- Energy & Natural Resources (ENR) – 9%
- Others – 21%
2022 1H China Mainland IPO by Sector:
- Technology, Media & Telecom sector (TMT) – 42%
- Industrials – 30%
- Energy & Natural Resources (ENR) – 12%
- Others – 16%
- Shanghai Stock Exchange – SSE
- Shenzhen Stock Exchange – SZSE
2023 1H Top 10 Largest China A-Shares IPO:
- Semiconductor Manufacturing Electronics (Shaoxing) Corporation – SSE-STAR RMB 11.1 billion ($1.53 billion)
- Nexchip Semiconductor Corporation – SSE-STAR RMB 10 billion ($1.38 billion)
- China Fund Management SPIC New Energy REIT – SSE RMB 7.8 billion ($1.07 billion)
- Shaanxi Energy Investment – SZSE RMB 7.2 billion ($992 million)
- CSI Solar – SSE-STAR RMB 6.9 billion ($950 million)
- Hunan Yuneng New Energy Battery Material – SZSE-ChiNext RMB 4.5 billion ($620 million)
- Shenzhen Intellifusion Technologies – SSE RMB 4.3 billion ($592 million)
- Jiangsu Xukuang Energy – SSE-STAR RMB 3.9 billion ($537 million)
- Greenworks (Jiangsu) – SZSE-ChiNext RMB 3.7 billion ($510 million)
- Chongqing Genrix Biopharmaceutical – SSE-STAR RMB 3.5 billion ($482 million)
2023 Q2 A-share IPO Active Applicants:
- Traditional market – 315
- ChiNext – 159
- STAR Market -355
- Beijing Stock Exchange – 133
- Total – 962 applicants
2023 1H A-share Applications by Sector – 962 companies:
- Industrial – 41%
- TMT – 28%
- Healthcare / Life sciences – 11%
- Consumer markets – 8%
- Energy & Natural Resources (ENR) – 5%
- Others – 7%
2023 2H A-share Outlook:
- IPO pipelines remains healthy with around 1,000 active applicants
- Supportive government policies
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