贝克·麦肯西-跨境IPO指数2018（英文）-2018.12-29页_6mb

Cross-Border IPO Index 2018 Summary

Core Content

The Cross-Border IPO Index 2018 highlights the dynamics of global IPO markets, noting that while domestic IPO activity slowed due to geopolitical uncertainty and market volatility, cross-border listings into the US and Hong Kong surged, driven by regulatory changes and strong investor demand, especially from Chinese companies.

Main Points and Key Insights

Global IPO Trends

• Total capital raised from IPOs increased by 5% to USD 219.4 billion, but the number of deals fell by 17% to 1,448.
• Domestic IPO activity declined significantly, with a 21% drop in volume to 1,231 IPOs and an 11% decline in value to USD 158.2 billion.
• Asia Pacific saw a 27% decline in IPO volume, but capital raised increased by 17% to USD 104.2 billion, mainly due to a 146% rise in cross-border listings.
• EMEA experienced a 23% decline in total IPO activity, with capital raised down by 23% to USD 43.6 billion.
• North America saw a 31% increase in IPO numbers to 383 and a 16% rise in capital raised to USD 62.6 billion.

Cross-Border Listings

• Cross-border IPOs reached a 4-year high, with USD 62.0 billion raised.
• Hong Kong led in capital raised with USD 36.6 billion, a 124% increase.
• Nasdaq was the most active exchange in terms of volume, with 190 IPOs raising USD 28.3 billion, a 69% increase.
• Chinese companies were the main drivers of cross-border activity, particularly in Hong Kong and Nasdaq, with USD 1.8 billion raised in Biotech listings alone.

Sector Highlights

• Financials remained the most active sector, with 290 IPOs raising USD 41.7 billion, although capital raised fell by 24%.
• Telecommunications saw a 2300% increase in capital raised to USD 33.9 billion, due to Softbank, China Tower, and Xiaomi listings.
• High Technology raised USD 32.6 billion, up 17%, with notable deals like iQIYI Inc. and Pinduoduo.
• Healthcare had a 32% increase in capital raised to USD 20.4 billion, with Siemens Healthineers and Hapvida as major contributors.
• Biotechnology was the second-highest in terms of capital raised, with USD 4.2 billion, and 50% of IPOs trading below their initial price after one month.

Stock Exchange Performance

• Top 3 exchanges by value:
  • Hong Kong (USD 36.6 billion)
  • NYSE (USD 32.7 billion)
  • Nasdaq (USD 28.3 billion)
• Top 3 exchanges by volume:
  • Nasdaq (190 IPOs)
  • Hong Kong (180 IPOs)
  • London (62 IPOs)

PE and VC-Backed IPOs

• PE/VC-backed IPOs fell in volume by 44%, but capital raised increased by 2% to USD 72 billion.
• VC-backed IPOs saw a 14% decline in capital raised, while PE-backed IPOs rose by 22%.
• Nasdaq was the top exchange for PE/VC-backed IPOs, raising USD 13.8 billion with 81 deals.
• China was the top domicile nation for PE/VC-backed IPOs, raising USD 30.5 billion, up from USD 24.8 billion in 2017.

Notable Deals

• Softbank raised USD 21.1 billion in its Tokyo IPO.
• Xiaomi raised USD 5.4 billion on the HKSE.
• China Tower raised USD 6.9 billion on the HKSE.
• Beigene Inc. raised USD 903 million in its HKSE secondary listing.
• WuXi AppTec became the first Chinese unicorn to list on the A-share market.
• Siemens Healthineers raised USD 5.2 billion on the Frankfurt Stock Exchange.

Geopolitical Impact

• Protectionism, Brexit, and election uncertainty contributed to a slowdown in domestic IPO activity.
• Despite these challenges, cross-border listings thrived, especially from Chinese companies seeking access to global capital markets.

Outlook

• 2019 is expected to see a rebound in domestic IPO activity as geopolitical uncertainty eases.
• Biotech and High Technology are seen as strong sectors for future growth, supported by regulatory changes and investor confidence.

Key Figures

• Total global capital raised: USD 219.4 billion
• Cross-border capital raised: USD 62.0 billion (up 68% from 2017)
• Top cross-border IPOs:
  • Softbank (USD 21.1 billion)
  • Xiaomi (USD 5.4 billion)
  • China Tower (USD 6.9 billion)
• Biotech capital raised: USD 4.2 billion
• Top Biotech exchanges:
  • Nasdaq (USD 2.1 billion)
  • Hong Kong (USD 1.4 billion)
  • Shanghai (USD 358 million)
  • NYSE (USD 138 million)

Conclusion

The 2018 Cross-Border IPO Index reflects a global market that, despite headwinds, saw a significant increase in cross-border listings, especially from Chinese companies to Hong Kong and the US, driven by regulatory reforms and investor appetite. While domestic IPOs faced a decline due to geopolitical uncertainty, the Biotech and High Technology sectors showed resilience, and Nasdaq and Hong Kong remained the top choices for cross-border listings.