2018-2006年中国企业上市报告半年报_121页_3mb

Zero2IPO-China: Summary of Semi-Annual Report

Core Content

This report provides a comprehensive analysis of the performance of China-based enterprises' IPOs on eight overseas markets and the domestic A-share and SME Board markets in the first half of 2006. It includes statistics on IPO numbers, amounts raised, industry and geographical distribution, ownership structure, and first-day returns. Additionally, it offers insights into the global economic environment and market outlook for the second half of 2006.

Main Points

Overall Performance of Eight Overseas Markets

• In H1 2006, the eight overseas markets (NASDAQ, NYSE, HKMB, HKGEM, SGX, SESDAQ, AIM, TSE) attracted a total of 323 IPOs with US$45.87B raised.
• The A-share market outperformed, raising US$46.26B with 327 IPOs.
• HKMB was the most active in terms of amount raised, with US$13.47B (29.4% of total).
• AIM had the highest number of IPOs, with 130 deals (40.3% of total).
• NASDAQ and NYSE were the second and third most active in terms of IPO numbers, with 68 and 29 respectively.
• HKGEM and SESDAQ were the least active, with only 4 and 10 IPOs, raising US$75.08M and US$40.56M respectively.
• June was the most active month in terms of amount raised, with US$14.60B raised.

China-based Enterprises' Performance on Overseas Markets

• 40 China-based enterprises listed on the eight overseas markets, raising US$13.81B, which is 29.9% of the total.
• Q1 2006 saw 21 China-based IPOs raising US$1.36B.
• Q2 2006 saw 19 China-based IPOs raising US$12.45B, which accounts for 90.2% of the total.
• The Bank of China (BOC) raised US$11.12B on HKMB, the largest IPO by a Chinese company in the period.
• HKMB attracted 14 China-based IPOs, raising US$12.82B, which is 92.8% of the total raised by China-based companies on overseas markets.

Industry Distribution

• Services and Traditional Industry were the leading sectors in terms of number of IPOs and amount raised respectively.
• Services had 117 IPOs raising US$21.93B (47.8% of total).
• Traditional Industry had 123 IPOs raising US$15.39B (33.6% of total).
• IT and Healthcare combined for 81 IPOs raising US$8.28B (25.1% of total).
• Other High-tech had the least activity, with 2 IPOs raising US$254M.
• First-day returns were highest for Other High-tech (84.5%), followed by IT (44.7%).

First-day Return Analysis

• TSE and HKMB (excluding June) had the highest first-day returns.
• June saw depressed returns on NYSE, HKMB, SGX, SESDAQ, and TSE.
• SGX had some negative returns.
• NASDAQ had a steady return, while AIM had a strong performance with 27.1% in January.

Domestic IPOs in H1

• 4 China-based A-share IPOs raised US$395M.
• 3 China-based SME Board IPOs raised US$161M.
• Traditional Industry dominated the domestic IPOs, with 3 out of 4 companies coming from this sector.

Key Information

• Total IPOs in H1 2006: 327 (40 overseas, 323 domestic)
• Total amount raised: US$46.26B
• Top markets by IPO numbers:
  • AIM: 130 IPOs
  • NASDAQ: 68 IPOs
  • NYSE: 29 IPOs
• Top markets by amount raised:
  • HKMB: US$13.47B
  • NYSE: US$12.64B
  • NASDAQ: US$7.98B
• Top sectors by IPO numbers:
  • Services: 117 IPOs
  • Traditional Industry: 123 IPOs
• Top sectors by amount raised:
  • Services: US$21.93B
  • Traditional Industry: US$15.39B
• First-day return:
  • Highest: Other High-tech (84.5%)
  • Lowest: SESDAQ (−9.5%)
• Bank of China (BOC) raised US$11.12B on HKMB, the largest IPO by a Chinese company.
• A-share market outperformed in H1, with US$46.26B raised.
• SME Board and Shanghai Stock Exchange saw 4 IPOs, raising US$395M and US$161M respectively.
• Traditional industry accounted for 3 out of 4 domestic IPOs.
• VC/PE-backed IPOs: 12 companies raised US$11.72B, with 7 in Q2 accounting for 98.7% of the total.
• COSHIP Electronics was a VC-backed company listed on the A-share market, raising US$43.46M.

Conclusion

The first half of 2006 saw a mixed performance across overseas markets, with HKMB and AIM being the most active. China-based enterprises were heavily represented in the IPO activity, with BOC being the standout. The domestic A-share market outperformed the overseas markets, showing a strong and active trend. Traditional industries dominated both the overseas and domestic IPOs, while Services and Other High-tech sectors showed strong returns. The report highlights the potential for continued growth in the Chinese stock market and the importance of overseas listings for Chinese companies.