2018年-普华永道中国_全球科技行业IPO回顾2017年第四季度及全年_64页_544kb

Global Technology IPO Market Summary (Full-Year 2017)

Core Content

The global technology IPO market rebounded in 2017 after a weak 2016, driven by a stable economy, strong capital markets, and reduced volatility. The year saw a total of 100 technology IPOs raising US$25.1 billion, with a 85% increase in volume and 168% increase in proceeds compared to 2016. The Internet Software & Services subsector remained the top performer, while China led in the number of listings, surpassing the US.

Main Points

• Global Recovery: The tech IPO market rebounded in 2017, with the second-highest number of listings and third-highest gross proceeds in the last ten years.
• Asia Dominance: Asia accounted for 65% of all tech IPOs in 2017, with US$11.4 billion in proceeds from 65 listings.
• China Outpaces the US: China had 51 tech IPOs, the highest number in the world, compared to 24 in the US. However, China's total proceeds were US$7 billion, which was lower than the US$8.1 billion raised by the US.
• US Market Performance: The US market saw a 351% increase in proceeds and 50% increase in listings compared to 2016, but still lagged behind China in terms of volume.
• Cross-Border Listings: Cross-border IPOs accounted for 12% of the total, with a decline in US listings from Chinese companies and an increase in Chinese companies listing in Hong Kong and other markets.
• UK Market: The UK had two tech IPOs in 2017, a positive sign after a year with no listings. However, Brexit uncertainty and market volatility affected the performance of IPOs.
• Subsector Trends: The Internet Software & Services subsector led with 27 IPOs and US$13.7 billion in proceeds, while the Electronics and Semiconductors subsectors also showed strong performance.
• Regulatory Changes: The US SEC made the IPO process easier, while the CSRC in China introduced stricter regulations to enhance transparency and company quality. The UK FCA also introduced new rules effective from July 1, 2018.
• 2018 Outlook: With a positive global economic outlook and strong capital markets, 2018 is expected to see continued momentum in tech IPOs.

Key Financial Highlights

• Total Proceeds: US$25.1 billion
• Total Listings: 100
• US Proceeds: US$8.1 billion (24 listings)
• China Proceeds: US$7 billion (51 listings)
• Asia (excluding China): US$2.7 billion (6 listings)
• Europe (excluding UK): US$4.3 billion (10 listings)
• UK Proceeds: US$1.1 billion (2 listings)
• Top IPOs:
  • Snap Inc.: US$3.9 billion
  • Netmarble Games Corporation: US$2.35 billion
  • Landis+Gyr Group AG: US$2.4 billion
  • China Literature Limited: US$1.12 billion
  • Qudian Inc.: US$900 million
  • Delivery Hero AG: US$989 million
  • Alfa Financial Software Holdings PLC: US$324 million
  • Cloudera Inc.: US$258.8 million
  • Okta Inc.: US$187 million
  • Roku Inc.: US$252.3 million

Key Information

• 2017 was a year of recovery, with the global tech IPO market showing signs of resilience and optimism.
• China's growth was notable, with a record number of tech IPOs, although it lacked mega-sized deals.
• The US market saw significant improvement but still trailed China in the number of listings.
• Asia remained the dominant region in terms of both listings and proceeds.
• Europe (excluding the UK) had a strong year, with Landis+Gyr Group AG being the largest IPO in the region.
• UK's tech IPOs were limited, with only two companies going public, and the market was affected by Brexit uncertainty.
• Regulatory changes in both the US and China aimed to improve market transparency and company quality.
• Cross-border activity declined, with more companies opting to list in their home countries.
• Subsector performance: Internet Software & Services led in both volume and proceeds, followed by Electronics and Semiconductors.

Conclusion

2017 marked a significant recovery for the global tech IPO market, with Asia continuing to dominate and China leading in the number of listings. Despite the lack of mega IPOs and mixed after-market performance, the market showed promise for 2018, supported by a stable global economy and improved capital market conditions. Regulatory reforms and increased domestic IPO activity in China are expected to further drive the market in the coming year.