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

Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets? Caproasia - Learn more

Caproasia Access | Events | Summits | Register Events | The Financial Centre
The 2026 Investment Day | 2026 Family Office Summits | Family Office Circle

This site is for accredited investors, professional investors, investment managers and financial professionals only. You should have assets around $3 million to $300 million or managing $20 million to $30 billion.

---

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 “

- Article continues below -

Quick Links, Ads & Announcements
Caproasia Access | Events | Summits | Register Events | The Financial Centre
The 2026 Investment Day | 2026 Family Office Summits | Family Office Circle

Intelligence at your fingertips
Get Started ($29 per year) : Click here
Caproasia Subscription ($680 yearly | $70 monthly): Click here

The 2026 Investment Day
Hong Kong | Singapore
March / July / Sept / Oct / Nov
Private Equity, Hedge Funds, Boutique Funds, Private Markets & more. Join 20+ CIOs & Senior investment team, with > 60% single family offices with $300 million AUM. Taking place in Hong Kong and in Singapore. Every March, April, July, Sept, Oct & Nov.
Visit | Register here

The 2026 Family Office Summit
9th / 16th April & 15th Oct Hong Kong Ritz Carlton | 23rd / 30th April & 5th Nov Singapore Amara Sanctuary Resort
Join 60 single family offices & family office professionals in Hong Kong & Singapore
Links: 2026 Family Office Summit | Register here

2026 Investment / Alternatives Summit
March / Oct / Nov in Hong Kong & Singapore
Join leading asset managers, hedge funds, boutique funds, private equity, venture capital & real estate firms in Hong Kong, Singapore & Asia-Pacific at the Investment / Alternatives Summit. Join as delegate, speaker, presenter, partner & sponsor.
Visit | Register here

2026 Private Wealth Summit
April / Oct / Nov in Hong Kong & Singapore
Join CEOs, CIOs, Head of Private Banking, Head of Family Offices & Product Heads at The Private Wealth Summit.  Join as delegate, speaker, presenter, partner & sponsor.
Visit | Register here

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:

1. 2023 Global IPO 1st Half Funds Raised – $62 billion from 617 deals ($100 million average)
2. 2022 Global IPO 1st Half Funds Raised  – $100 billion from 701 deals ($142 million)
3. Global IPO Funds Raised in Last 4 Years – 2022 $196 billion, 2021 $468 billion, 2020 $279 billion, 2019 $213 billion
4. 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
5. 2023 Global Landscape – Post-pandemic recovery, Financial market instability, Geopolitical uncertainties, Interest rate hikes, Inflationary pressures
6. 2023 2H Global IPO Outlook – Economic recovery, Easing inflationary pressures, Ongoing geopolitical uncertainties, Financial market uncertainties

Hong Kong Summary:

1. Hong Kong IPO 2023 1H IPO – HKD 17.8 billion from 31 deals ($2.2 billion, $70 million average)
2. Hong Kong 2023 1H IPO by Sector – Consumer markets 42%, Healthcare / Life sciences 16%, Infrastructure / Real Estate 12%, Others 30%
3. Hong Kong 2023 1H  Top 10 IPOs – HKD 13.1 billion ($1.8 billion, 75% of total funds raised)
4. 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
5. 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. 
6. 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:

1. Shanghai Stock Exchange & Shenzhen Stock Exchange A-Share 2023 1H IPO Market – RMB 224 billion from 177 deals ($30.8 billion, $170 million average)
2. Beijing Stock Exchange 2023 1H IPO Market – RMB 8.3 billion from 42 deals ($1.1 billion, $26 million average)
3. 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.
4. China Mainland 2023 1H IPO by Sector – Industrials 48%, Technology, Media & Telecom sector (TMT) 22%, Energy & Natural Resources (ENR) 9%, Others 21%
5. 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
6. 2023 Q2 A-share IPO Active Applicants – Total of 962 applicants
7. 2023 Q2 A-share IPO Active Applicants by Stock Exchange – Traditional market 315, ChiNext 159, STAR Market 355, Beijing Stock Exchange 133
8. 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%
9. 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:

1. Shanghai Stock Exchange (SSE) – $19.2 billion
2. Shenzhen Stock Exchange -(SZSE)  $12.8 billion
3. New York Stock Exchange (NYSE) – $7.1 billion
4. Abu Dhabi Securities Exchange (ADX) – $3.7 billion
5. 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

1. Consumer markets – 42%
2. Healthcare / Life sciences – 16%
3. Infrastructure / Real Estate – 12%
4. Others – 30%

2023 1H Hong Kong Top 10 Largest IPO:

1. ZJLD Group Inc – HKD 5.3 billion ($730 million)
2. Horizon Construction Development – HKD 1.7 billion ($234 million)
3. Beijing SinoHytec – HKD 1.1 billion ($151 million)
4. JF Wealth Holdings – HKD 1 billion ($137 million)
5. Beauty Farm Medical & Health Industry – HKD 900 million ($123 million)
6. Laekna – HKD 800 million ($110 million)
7. DPC Dash – HKD 600 million ($82 million)
8. MedSci Healthcare Holdings – HKD 600 million ($82 million)
9. Edianyun – HKD 600 million ($82 million)
10. 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:

1. Industrials – 48%
2. Technology, Media & Telecom sector (TMT) – 22%
3. Energy & Natural Resources (ENR) – 9%
4. Others – 21%

2022 1H China Mainland IPO by Sector:

1. Technology, Media & Telecom sector (TMT) – 42%
2. Industrials – 30%
3. Energy & Natural Resources (ENR) – 12%
4. Others – 16%
5. Shanghai Stock Exchange – SSE
6. Shenzhen Stock Exchange – SZSE

2023 1H Top 10 Largest China A-Shares IPO:

1. Semiconductor Manufacturing Electronics (Shaoxing) Corporation – SSE-STAR RMB 11.1 billion ($1.53 billion)
2. Nexchip Semiconductor Corporation – SSE-STAR RMB 10 billion ($1.38 billion)
3. China Fund Management SPIC New Energy REIT – SSE RMB 7.8 billion ($1.07 billion)
4. Shaanxi Energy Investment – SZSE RMB 7.2 billion ($992 million)
5. CSI Solar – SSE-STAR RMB 6.9 billion ($950 million)
6. Hunan Yuneng New Energy Battery Material – SZSE-ChiNext RMB 4.5 billion ($620 million)
7. Shenzhen Intellifusion Technologies – SSE RMB 4.3 billion ($592 million)
8. Jiangsu Xukuang Energy – SSE-STAR RMB 3.9 billion ($537 million)
9. Greenworks (Jiangsu) – SZSE-ChiNext RMB 3.7 billion ($510 million)
10. 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:

1. Industrial – 41%
2. TMT – 28%
3. Healthcare / Life sciences – 11%
4. Consumer markets – 8%
5. Energy & Natural Resources (ENR) – 5%
6. Others – 7%

2023 2H A-share Outlook:

• IPO pipelines remains healthy with around 1,000 active applicants
• Supportive government policies 

Managing $20 million to $3 billion. Investing $3 million to $300 million.
For Investment Managers, Hedge Funds, Boutique Funds, Private Equity, Venture Capital, Professional Investors, Family Offices, Private Bankers & Advisors, sign up today. Subscribe to Caproasia and receive the latest news, data, insights & reports, events & programs daily at 2 pm.

Join Events & Find Services
Join Investments, Private Wealth, Family Office events in Hong Kong, Singapore, Asia-wide. Find hard-to-find $3 million to $300 million financial & investment services at The Financial Centre | TFC. Find financial, investment, private wealth, family office, real estate, luxury investments, citizenship, law firms & more.  List hard-to-find financial & private wealth services.

Have a product launch? Promote a product or service? List your service at The Financial Centre | TFC. Join interviews & editorial and be featured on Caproasia.com or join Investments, Private Wealth, Family Office events. Contact us at [email protected] or [email protected]

Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets?

Quick Links

Caproasia Access | Events | Summits | Register Events | The Financial Centre
The 2026 Investment Day | 2026 Family Office Summits | Family Office Circle

Web links may be disabled on mobile for security.
Please click on desktop.

---

New to Caproasia
Learn More | Sign Up | Subscribe | Register Events

Caproasia Users

• Manage $20 million to $30 billion of assets
• Invest $3 million to $300 million
• Advise institutions, billionaires, UHNWs & HNWs

Caproasia Platforms | 11,000 Investors & Advisors

• Caproasia.com
• Caproasia Access
• Caproasia Events
• The Financial Centre | Find Services
• Membership
• Family Office Circle
• Professional Investor Circle
• Investor Relations Network

Monthly Roundtable & Networking

• Professional Investor
• Family Office
• HNW Partnership

Family Office Programs

• Family Office Circle
• Family Office Networking
• Family Office Roundtable
• The Family Office Summit

The 2026 Investment Day

• March - Hong Kong
• March - Singapore
• April - Hong Kong
• April - Singapore
• July - Hong Kong
• July - Singapore
• Sept- Hong Kong
• Sept - Singapore
• Oct- Hong Kong
• Nov - Singapore
• Visit: The Investment Day | Register: Click here

Caproasia Summits

• The Institutional Investor Summit
• The Investment / Alternatives Summit
• The Private Wealth Summit
• The Family Office Summit
• The CEO & Entrepreneur Summit
• The Capital Markets Summit
• The ESG / Sustainable Investment Summit

Contact Us

For Enquiries, Membership
[email protected], [email protected]

For Listing, Subscription
[email protected], [email protected]

For Press Release, send to:
[email protected]

For Events & Webinars
[email protected]

For Media Kit, Advertising, Sponsorships, Partnerships
[email protected]

For Research, Data, Surveys, Reports
[email protected]

For General Enquiries
[email protected]

---

Caproasia | Driving the future of Asia
a financial information technology co.
since 2014

---