2018年-普华永道全球_Global_Technology_IPO_Review_Full-year_and_Q4_2017_64页_544kb

Global Technology IPO Market Summary: Full-Year 2017

Core Content

The global technology IPO market showed a strong recovery in 2017 after a weak performance in 2016, raising a total of US$25.1 billion through 100 listings. The market was characterized by increased volume and proceeds, with the Internet Software & Services subsector leading in both categories.

Main Points

1. Global Market Recovery

• The global tech IPO market rebounded in 2017, with a year-over-year increase of 85% in volume and 168% in proceeds.
• The Asian market dominated the year, contributing 65% of all listings and US$11.4 billion in proceeds.
• The US market saw 24 listings raising US$8.1 billion, which was significantly less than the US$10.6 billion raised by the Asian market.
• The UK market had a modest recovery with 2 listings, but lacked large IPOs due to Brexit uncertainty.

2. Regional Highlights

• China led in the number of listings with 51 IPOs, up 168% year-on-year. However, it failed to match the US proceeds due to the absence of a major "Unicorn" IPO.
• United States had a 351% increase in proceeds compared to 2016, driven by strong bull markets and low volatility.
• Europe (excluding the UK) saw its best year with US$4.3 billion in proceeds, thanks to the Landis+Gyr Group AG IPO, which raised US$2.4 billion.

3. Subsector Performance

• Internet Software & Services was the top-performing subsector with 27 IPOs and US$13.7 billion in proceeds.
• Electronics and Semiconductors emerged as new stars, with their best years in the last six years.
• The Software subsector also performed well, with notable IPOs such as Alteryx Inc, Cloudera Inc, and SailPoint Technologies Holdings Inc.

4. Cross-Border Activity

• Cross-border IPOs accounted for 12% of total listings, a decline from previous years.
• China-based companies saw a decrease in cross-border listings, as more opted for domestic IPOs, supported by Chinese regulatory reforms.
• US-based companies listed in Hong Kong, Australia, and London saw modest activity, though not as significant as in previous years.

5. IPO Distribution by Exchange

• New York Stock Exchange (NYSE) was the top exchange by proceeds, raising US$8.8 billion.
• Shenzhen Stock Exchange led in the number of listings with 26 IPOs, while Korea Stock Exchange (KOSE) and The Stock Exchange of Hong Kong Ltd. (SEHK) also saw notable activity.
• Hong Kong had its best year in terms of proceeds, raising US$2.1 billion.

6. Regulatory Changes

• The US SEC made the IPO process easier, encouraging more listings.
• The China Securities Regulatory Commission (CSRC) introduced stricter IPO review processes to improve transparency and company quality.
• The UK Financial Conduct Authority (FCA) introduced new IPO rules effective from July 1, 2018.

7. Outlook for 2018

• With a stable global economy and strong market sentiment, 2018 is expected to be a positive year for tech IPOs.
• Hong Kong is anticipated to see a rise in tech IPOs due to regulatory reforms and the introduction of dual-class share structures.

Key Financials

• Total proceeds: US$25.1 billion
• Total listings: 100
• Asia's share: 65% of total listings and US$11.4 billion in proceeds
• US share: 24 listings, US$8.1 billion in proceeds
• China's share: 51 listings, US$7 billion in proceeds
• Europe (excluding UK): US$4.3 billion in proceeds
• UK: 2 listings, US$1.2 billion in proceeds
• Top IPOs:
  • Snap Inc (US$3.9 billion)
  • Netmarble Games Corporation (US$2.35 billion)
  • Landis+Gyr Group AG (US$2.4 billion)
  • China Literature Limited (US$1.1 billion)
  • Qudian Inc (US$900 million)
  • Sea Limited (US$884 million)
  • Razer Inc (US$608 million)
  • MongoDB Inc (US$192 million)

Conclusion

The 2017 global tech IPO market showed resilience and growth, driven by strong performance in Asia and the US. While the US market led in proceeds, China's dominance in listings highlighted its growing role in the tech sector. Despite the lack of major "Unicorn" IPOs and mixed after-market performance, the market is expected to continue its upward trend in 2018 with improved regulatory frameworks and economic optimism.