2017年Q4全球IPO趋势报告（英文版）_35页_2mb

Global IPO Trends: Q4 2017 Summary

Core Content

The year 2017 was marked by a significant increase in global IPO activity, with over 1,974 IPOs raising $338.4 billion, the highest since 2007. The momentum continued into 2018, with expectations of more IPOs and higher proceeds due to lower volatility, high valuations, and increased interest in cross-border listings, especially in the US, Hong Kong, and London.

Main Points

• Global Activity: 2017 saw a 49% increase in the number of IPOs and a 6% rise in proceeds compared to 2016.
• Regional Performance: Asia-Pacific dominated the IPO market with 58% of deal numbers and 39% of proceeds. The Americas saw a 68% increase in deal numbers and a 40% rise in proceeds.
• Cross-Border IPOs: Cross-border activity increased, with the US, Greater China, and Hong Kong being the top destinations. Greater China and Singapore led in outbound cross-border listings.
• Sector Activity: Technology and health care were the most active sectors in the US and the Americas, while industrials and technology led in terms of proceeds in Asia-Pacific.
• IPO Size Trends: Megadeals (over $1 billion) increased in number, contributing to higher average deal sizes. However, the number of megadeals in Asia-Pacific decreased compared to 2016.
• Market Volatility: Lower volatility and strong equity indices supported investor confidence, leading to higher IPO returns.
• Outlook for 2018: Positive expectations for 2018, with increased IPO activity anticipated across all regions, especially in the US, Hong Kong, and Japan, driven by economic growth and regulatory reforms.

Key Information

• Global IPO Activity: 1,624 IPOs raised $188.8 billion in 2017.
• Asia-Pacific Dominance: 935 IPOs raised $73.2 billion in 2017, with the Shenzhen Stock Exchange leading in deal numbers (217) and Shanghai (212) following closely.
• Americas Growth: 220 IPOs raised $51.6 billion in 2017, with the NYSE and NASDAQ as the top exchanges. Cross-border deals on the NYSE accounted for 24% of US IPO activity.
• US Market: 174 IPOs raised $39.5 billion in 2017, with 24% being cross-border. Technology and health care were the top sectors.
• Hong Kong: 24 cross-border IPOs in 2017, representing 21.2% of global cross-border IPOs. The HKEx and GEM saw increased activity, with GEM rising 75% in deal numbers.
• India and Australia: Both showed strong performance, with India's IPO market expected to continue its growth in 2018.
• Challenges: Uncertainty around China's National People's Congress and changes in Hong Kong listing rules impacted Q4 2017 activity. Regulatory approval processes in Mainland China slowed down the pace of listings.

Highlights by Region

Asia-Pacific

• Total IPOs: 935, up 44% from 2016.
• Total Proceeds: $73.2 billion, a 0.2% increase.
• Top Exchanges: Shenzhen (217), Shanghai (212), Hong Kong (149).
• Top Sectors: Industrials, technology, and financials.
• Top Deals: Shenzhen and Shanghai were the top markets, with the largest deals in financials and industrials.

Americas

• Total IPOs: 220, up 68% from 2016.
• Total Proceeds: $51.6 billion, up 122%.
• Top Exchanges: NYSE and NASDAQ.
• Top Sectors: Technology and health care.
• Top Deals: Petrobras Distribuidora SA, Loma Negra CIASA, Qudian Inc.

Europe

• Total IPOs: 1,093, up 50% from 2016.
• Total Proceeds: $134.5 billion, up 67%.
• Top Exchanges: EMEIA (Europe, Middle East, and India) and the UK.
• Top Sectors: Financials, technology, and industrials.

Cross-Border IPOs

• Global Cross-Border Deals: 24% of US IPOs and 25% of proceeds were from cross-border companies.
• Top Issuers: Mainland China (25), Singapore (20), Malaysia (8), US (8), Israel (7).
• Top Destinations: Hong Kong (24), NASDAQ (22), London (19), NYSE (19), Australia (14).

Outlook for 2018

• Positive Momentum: Expected increase in IPO activity and proceeds across all regions.
• Key Drivers: Economic growth, investor confidence, and regulatory reforms.
• Expected Growth: Mainland China, Hong Kong, and Japan are projected to lead, with an increase in technology and health care listings.
• Potential Risks: Geopolitical tensions and interest rate rises may affect IPO activity, though not significantly.

EY IPO Sentiment Radar

• Market Factors: Include volatility, equity indices, and investor sentiment.
• Recommendations: Companies should consider alternative funding options, prepare early for IPOs, and remain flexible in timing and pricing.

Performance Metrics

• IPO Pricing and Performance:
  • Main Markets: First-day average return +24.7%, share price development since IPO +65.4%.
  • Junior Markets: First-day average return +37.2%, share price development +168.5%.
• Equity Indices: All major indices in Asia-Pacific and the US hit record highs in 2017.
• Volatility Index: Declined in most regions, indicating reduced market risk.

Summary Table

Conclusion

2017 was a record year for global IPO activity, with Asia-Pacific leading in both deal numbers and proceeds. The Americas and EMEIA also showed strong growth, driven by robust markets and increased cross-border listings. The outlook for 2018 remains positive, with continued momentum expected across all regions, especially in the US, Hong Kong, and Japan, due to economic strength and investor confidence.