中国内地与香港IPO市场：2023年回顾及2024年展望报告-毕马威_19页_4mb

KPMG China | Hong Kong IPO Market Review and Outlook 2023-2024

Global IPO Market Overview

1. 2023 Global Performance

   • Global IPO fundraising: $131 billion (down ~35% from 2022)

   • Total listings: 1,371 (down ~10%)

   • 10 billion USD deals: 14 (down ~45%)

   • Average deal size: $956 billion (down ~25%)

   • Key Drivers: Geopolitical uncertainty, high interest rates, and slower-than-expected economic recovery led to reduced IPO activity.

2. Regional Leaders:

   • Shanghai Stock Exchange and Shenzhen Stock Exchange ranked 1st and 2nd globally.

A-Share IPO Market (China)

2023 Summary

• Fundraising: RMB 373.9 billion (~40% YoY decrease)
• Listings: 318 deals (~30% YoY decrease)
• Top Sectors: Technology, Media, and Telecom (41%), followed by Industrial and Energy sectors.

Key Developments

• Full Registration-based System implemented in Feb 2023.
• Top IPO Projects: Semiconductors and advanced computing led funding.

2024 Outlook

• Support for technology, R&D, and sustainability sectors expected to drive market recovery.
• ~780,000 IPO applications pending.

Hong Kong IPO Market

2023 Summary

• Fundraising: HKD 46.3 billion (~55% YoY decrease)
• Listings: 70 deals (~20% YoY decrease)
• Top Sectors: Consumer Goods (25%), Healthcare & Life Sciences (20%).

Policy Changes

• Consultation on specialized tech listings, updates for domestic companies listing abroad.

2024 Outlook

• Focus on AI, semiconductors, and green tech to revive market.
• Stronger integration with Middle Eastern markets.

Key Trends

1. Global Uncertainty: Geopolitical risks and high interest rates remain major inhibitors.
2. Sector-Specific Opportunities: China-focused segments may recover faster due to government support.

All data based on Wind and KPMG analysis as of Dec 31, 2023.