2025-03-17 14:34Group 1 - The report highlights a significant decline in IPO activity in China, with 2024 witnessing only 217 new IPOs, a 44% decrease year-on-year, and a total fundraising amount of 139.9 billion yuan, down 64% compared to the previous year, marking the lowest point in nearly a decade [4][7][13] - The decline in IPOs is attributed primarily to policy changes, particularly the introduction of stricter regulations following the "National Nine Articles" in April 2024, which increased the scrutiny of IPO applications and included measures against certain practices like pre-listing dividends [5][6] - The average fundraising amount for new IPOs in 2024 was 645 million yuan, slightly higher than in 2017, but overall, it represents the second-lowest average in the past decade [7][10] Group 2 - In 2024, the proportion of companies choosing to list abroad increased, with 54% of IPOs occurring on foreign exchanges, marking a significant shift from previous years [10][16] - The report notes that the Hong Kong Stock Exchange remains the preferred choice for Chinese companies, while the number of companies listing on U.S. exchanges reached a decade-high of 24% in 2024 [10][16] - The report indicates that the average time from company establishment to IPO has increased, with only 4.65% of companies taking less than three years to go public, highlighting the lengthy process involved in achieving an IPO [43][46] Group 3 - The manufacturing sector dominated the IPO landscape in 2024, with 62 companies in advanced manufacturing and 34 in traditional manufacturing successfully listing, accounting for a significant portion of new IPOs [32][33] - The report emphasizes the differences in industry preferences between A-shares and foreign listings, with traditional manufacturing heavily favoring A-shares, while sectors like artificial intelligence showed a preference for Hong Kong listings [32][33] - The report also notes that over half of the new IPO companies in 2024 had received venture capital funding prior to going public, indicating a strong reliance on external capital for growth [29][30] Group 4 - The report identifies a trend of increasing participation from cornerstone investors in IPOs, with an average of 46% of the fundraising amount in 2024 coming from cornerstone investments, particularly in the Hong Kong market [19][22] - The types of cornerstone investors have diversified, including traditional financial institutions, state-owned enterprises, and even individual angel investors, reflecting a broader interest in supporting new listings [21][22] - The report highlights that the largest IPOs in 2024 were predominantly from companies listing in Hong Kong, with Midea Group raising 30.668 billion HKD, marking the largest IPO of the year [52][55]