2017年Q4及全年全球科技行业IPO回顾（英文版）_64页

2017 Global Technology IPO Market Summary

Core Content

The global technology IPO market experienced a significant rebound in 2017 after a weak 2016, with 100 listings raising a total of US$25.1 billion, marking an 85% increase in volume and a 168% increase in proceeds year over year. Despite this growth, the market did not fully recover to the levels seen in 2014 and 2015, and the absence of major "Unicorn" IPOs and underperformance in the after-market were noted as areas of concern.

Main Points

• Asia Dominates Listings: The Asian market accounted for 65% of the total tech IPOs in 2017, with China leading in the number of listings (51) and the US following with 24.
• China vs. US: While China outperformed the US in terms of the number of listings, the US still raised more total proceeds (US$8.1 billion) due to the presence of larger IPOs. China's lack of mega IPOs limited its total proceeds to US$7 billion.
• Mega IPOs: Several large IPOs occurred in 2017, including Snap Inc., Netmarble Games Corporation, Landis+Gyr Group AG, and China Literature Limited, but none matched the record-breaking levels of 2014 and 2015.
• UK Market: The UK had two tech IPOs in 2017, a return to activity after no listings in 2016. However, due to Brexit uncertainties, the market remained subdued and lacked major IPOs.
• Subsectors: The Internet Software & Services subsector remained the largest in terms of proceeds (US$13.7 billion) and volume (27 IPOs). The Electronics and Semiconductors subsectors also showed strong performance, marking their best years in the last six years.
• Cross-Border Listings: Cross-border tech IPOs declined in 2017, with only 12% of all listings being cross-border. This trend was attributed to more companies opting for home markets, especially in China and South Korea.

Key Financial Highlights

• Total Proceeds: US$25.1 billion
• Total Listings: 100
• US Market: 24 listings, US$8.1 billion in proceeds
• China Market: 51 listings, US$7 billion in proceeds
• Asia (excluding China): 60 listings, US$11,408 million in proceeds
• Europe (excluding UK): US$4,328 million in proceeds
• UK Market: US$245 million in proceeds

Regional Trends

Asia

• China: 51 listings, 73% increase in proceeds from 2015 and 241% from 2016. Netmarble raised the highest proceeds in Q2 with US$2.35 billion.
• South Korea: 6 listings, with Netmarble and others contributing to the region's success.
• Japan: 4 listings, with some companies listing in the US and Hong Kong.
• Singapore: 1 listing, but had the second-highest proceeds in the region (US$884 million).

Europe

• Switzerland: Landis+Gyr Group AG raised US$2.4 billion, the largest in 11 years.
• Germany: Delivery Hero AG raised US$989 million.
• Finland: Rovio Entertainment Oyj raised US$500.7 million.
• UK: Two listings, with Alfa Financial Software and Sumo Digital Ltd.

United States

• Proceeds: US$8.1 billion from 24 listings.
• Major Listings: Cloudera Inc., Okta Inc., Roku Inc., and others.
• Market Conditions: The US market showed improvement in 2017 with stable indices and low volatility, but still lagged behind China in terms of volume.

Regulatory Environment

• US: The SEC made the IPO process easier, encouraging more listings.
• China: The CSRC introduced more stringent IPO review measures to ensure quality and transparency.
• UK: The FCA introduced new IPO rules effective from July 1, 2018.

Outlook for 2018

• The global economy showed positive momentum, and major markets demonstrated optimism.
• 2018 is expected to be a strong year for tech IPOs, with potential for increased activity, especially in the UK and Hong Kong, due to regulatory changes and improved market conditions.

Summary of Key Trends

• The Internet Software & Services subsector remained the top performer.
• China was the leader in listings, while the US was the leader in proceeds.
• Cross-border IPOs declined, with more companies listing in their home countries.
• Regulatory changes in the US and China aimed to improve market quality and transparency.
• 2018 is anticipated to build on the momentum of 2017, with increased activity and optimism.