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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
- No. of Global IPOs – 513
- Global average IPO deal size – $100.7 million
- Total 2024 1H IPO funds raised – $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%
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:
- Infrastructure / Real estate – 43%
- TMT – 27%
- Industrials – 24%
- 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:
- 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)
- Guotai Junan Chengtou Kuanting Affordable Rental Housing REIT – $426 million (CNY 3.1 billion)
- Grandtop Yongxing Group Co.,Ltd – $330 million (CNY 2.4 billion)
- Solax Power Network Technology (Zhejiang) Co., Ltd. – $302 million (CNY 2.2 billion)
- E Fund Shenzhen Expressway REIT – $275 million (CNY 2 billion)
- Wuhan Dameng Database Company Limited – $233 million (CNY 1.7 billion)
- Xi’an Novastar Tech Co., Ltd. – $220 million (CNY 1.6 billion)
- Shanghai Longcheer Technology Co., Ltd. – $220 million (CNY 1.6 billion)
- 54% of of total IPO proceeds raised by top 10 IPOs in 2024 1H
Top 10 Largest China A-Share IPOs by Sector:
- $949 million (CNY 6.9 billion) – Infrastructure / Real Estate
- $784 million (CNY 5.7 billion) – Infrastructure / Real Estate
- $454 million (CNY 3.3 billion) – Infrastructure / Real Estate
- $426 million (CNY 3.1 billion) – Infrastructure / Real Estate
- $330 million (CNY 2.4 billion) – Industrials
- $302 million (CNY 2.2 billion) – Industrials
- $275 million (CNY 2 billion) – Infrastructure / Real Estate
- $233 million (CNY 1.7 billion) – TMT
- $220 million (CNY 1.6 billion) – TMT
- $220 million (CNY 1.6 billion) – TMT
Top 10 Largest China A-Share IPOs by Stock Exchange:
- $949 million (CNY 6.9 billion) – Shenzhen Stock Exchange
- $784 million (CNY 5.7 billion) – Shanghai Stock Exchange
- $454 million (CNY 3.3 billion) – Shenzhen Stock Exchange
- $426 million (CNY 3.1 billion) – Shanghai Stock Exchange
- $330 million (CNY 2.4 billion) – Shanghai Stock Exchange
- $302 million (CNY 2.2 billion) – STAR Market (Shanghai)
- $275 million (CNY 2 billion) – Shanghai Stock Exchange
- $233 million (CNY 1.7 billion) – STAR Market (Shanghai)
- $220 million (CNY 1.6 billion) – ChiNext (Shenzhen)
- $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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