2024中国内地和香港IPO市场报告-安永

Global IPO Market Overview - Global IPO activity declined by 15% in H1 2024, with 532 companies raising $51.7 billion, a 17% decrease in proceeds compared to the same period last year [3] - The US and India performed relatively better, with the New York Stock Exchange leading in proceeds at$ 10.8 billion, followed by Nasdaq at $7.1 billion [5] - Only one Chinese company made it to the global top 10 IPOs in H1 2024 [8] China A-Share IPO Market - A-share IPO activity contracted significantly, with only 44 companies raising RMB 32.9 billion, representing a 75% and 84% YoY decline in number and proceeds respectively [14] - The average IPO size dropped to RMB 748 million, down 38% YoY, with no IPOs exceeding RMB 5 billion [16] - STAR Market IPOs hit a record low, with only 7 listings, while ChiNext and Shanghai Main Board led in IPO count and proceeds respectively [17] - Specialized and sophisticated SMEs accounted for 48% of A-share IPOs, up from previous years [21] - The top 10 A-share IPOs raised RMB 16.6 billion, dominated by technology companies [25] - Industrial, technology, and materials sectors accounted for 89% of IPO count and 88% of proceeds [26] - Yangtze River Delta and Pearl River Delta regions dominated A-share IPOs, contributing 70% of total listings [28] Hong Kong IPO Market - Hong Kong saw 28 IPOs raising HK$ 12.1 billion in H1 2024, down 3% and 32% YoY in count and proceeds respectively [34] - Average IPO size reached a historical low of HK $431 million, with only one IPO exceeding HK$ 2 billion [36] - Mainland Chinese companies dominated, accounting for 89% of IPO count and 95% of proceeds [39] - IPO first-day performance improved, with only 25% of IPOs breaking issue price, the lowest in five years [40] - The top 10 Hong Kong IPOs raised HK $8.73 billion, down 33% YoY, with technology companies leading [46] - Technology sector dominated Hong Kong IPOs, raising HK$ 4.975 billion, followed by retail and consumer goods at HK $2.847 billion [49] US IPO Market for Chinese Companies - 24 Chinese companies listed in the US in H1 2024, raising$ 2.235 billion, up 26% and 274% YoY in count and proceeds respectively [51] - Two large IPOs significantly boosted the total proceeds [51] - 25 Chinese companies are currently in the US IPO filing process, with 53 having completed filings but not yet listed [53] Market Outlook - A-share IPO market is expected to gradually recover but remain tight, with a focus on high-quality technology companies [56] - Hong Kong IPO market shows signs of recovery, with favorable factors accumulating and a potential turning point [58] - More mainland industry leaders are expected to list in Hong Kong, with traditional and high-growth companies in the pipeline [58]