2025全球IPO遇冷，亚太逆势增长下半年或迎转机

Core Insights - Global IPO activity is expected to decline significantly in 2025 due to factors such as increased tariffs from the US, heightened market volatility, and high interest rates raising financing costs [1][3] Group 1: IPO Market Overview - As of June 17, global IPO fundraising has decreased by approximately 9.3% year-on-year, totaling $44.3 billion, marking the lowest level in nine years [3] - The US IPO fundraising has dropped by 12% to $12.3 billion, while the European market has seen a dramatic decline of 64% to $5.8 billion [3] - In contrast, the Asia-Pacific region has shown strong performance, with total fundraising increasing by 28% to $16.8 billion [3] Group 2: Market Sentiment and Future Outlook - The introduction of reciprocal tariffs by US President Trump in April, later reduced to 10% for trade negotiations, has left global companies uneasy about demand prospects and investment plans [3] - Investment firm Athena Capital's founder, Isabelle Freidheim, notes that current market volatility makes it an unwise time for companies to go public, especially for tech firms that may face stock price declines post-IPO [3] - Despite the overall downturn, markets in China and Japan are performing well, highlighted by the listing of battery giant CATL on the Hong Kong Stock Exchange, which became the largest IPO globally this year [3] - Some analysts express cautious optimism for a recovery in the IPO market in the second half of the year, with signs of recovery in the US market, including a strong debut for fintech company Chime [3] - Notable companies like Klarna are expected to go public within the year, and if market volatility stabilizes, a "slow then surge" IPO wave may occur by the end of 2025, according to Michael Ashley Schulman, CIO of Running Point Capital Advisors [3]