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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

Shanghai, China

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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