清科-IPO季报：2023年上半年中企IPO数量同比增长，政策激发市场活力-10页_1mb

Overview of 2023 H1 Chinese Enterprise IPO Market

Overall Performance

In the first half of 2023, the Chinese enterprise IPO market experienced significant growth in the number of listings, with 218 companies going public, a year-on-year increase of 13.5%. However, the total fundraising amount decreased to approximately RMB 223.895 billion, down 29.1% year-on-year due to factors like higher fundraising in previous periods and global market conditions.

Market Distribution

• A-Share Market: Fully into the registered system era, with 173 IPOs in 2023 H1, up 24% YoY. Fundraising was around RMB 2,069 billion, declining due to large 2022 deals, but still high relative to recent years. Key segments include科创板 (RMB 853 billion),创业板 (RMB 648 billion), and北交所 (RMB 77 billion) with strong growth in the latter.
• Overseas Market: Activity recovered sharply, with 45 listings up 95.7% YoY, raising RMB 169.92 billion. Hong Kong saw a 450% jump with 29 listings and RMB 142.58 billion in funding, while the US market saw 16 Chinese companies listing on NASDAQ, restoring to 2020 levels, with total funding around RMB 27.34 billion. Overall overseas fundraising is low due to global liquidity issues.

Regional Distribution

• Leading Regions: Jiangsu and Zhejiang led in IPO quantity and scale, with many "specialized and refined" enterprises.
• Growing Regions: Anhui and Jiangxi showed strong growth, with IPO numbers increasing dramatically by 1200% and 1000% YoY, indicating improving regional capabilities. Key cities like Shanghai, Beijing, and Hangzhou had high listing density, with Hefei and Jiaxing excelling in fundraising.

Industry Distribution

• Key Sectors: The majority of IPOs concentrated on high-end manufacturing, semiconductors, biotechnology, and IT, accounting for 60% of listings and 71.8% of fundraising. The automotive industry saw increased activity, with 14 companies listing, driven by the shift to electric and intelligent automotive parts.

Typical Financing Cases

• Noted examples include晶合集成 (RMB 99.6 billion) and禾赛 (RMB 12.9 billion) in overseas markets, highlighting successful fundraising in strategic sectors.

IPO Review and Policy Dynamics

• IPO Review: No major details, but A-share listings increased, with varied distribution across boards.
• Policy Updates: New policies include Hong Kong's "double-currency counter" mechanism to boost liquidity and raise RMB's international role; guidance on issuing Global Depositary Receipts (GDRs) overseas; and cooperation between Beijing Stock Exchange and Hong Kong Exchange to allow "North + H" dual listings, facilitating cross-board access.

The market benefited from supportive policies, with IPO volume driven by regional specialization and industrial trends, though fundraising pressures from global economic factors persisted.