2018年-投中研究院_ChinaVentureIPOMarketReport_33页_762kb

ChinaVenture IPO Market Report Q3 2008 Summary

Core Content

This report provides an analysis of the China IPO market in Q3 2008, focusing on both domestic and overseas VC/PE-backed IPOs. It highlights the significant decline in IPO activities, the sectors and regions most affected, and the performance of investment firms in terms of ROI.

Main Points

• Overall Market Activity:
  There were 30 total IPO listings in Q3 2008, a decrease of 46.4% quarter-on-quarter and 60.5% year-on-year. The total amount raised was US$3.019 billion, down 58.8% quarter-on-quarter and 86.5% year-on-year.

• VC/PE-Backed IPOs:

  • Overseas: 4 VC/PE-backed IPOs, raising US$379.74 million, with an average ROI of 0.77 times.
  • Domestic: 3 VC/PE-backed IPOs, raising US$141.69 million, with an average ROI of 4.85 times.
  • Highest ROI: ABC Capital Management's portfolio company, Westone Information, generated 13.27 times returns, the highest in Q3 2008.

Domestic Market Analysis

IPO Listings and Amount Raised

• Total domestic IPOs: 18 (down 48.6% quarter-on-quarter and 56.1% year-on-year)
• Total amount raised: US$1.988 billion (down 59.4% quarter-on-quarter and 86.7% year-on-year)
• Shenzhen SME Board: 17 IPOs, raising US$1.032 billion (down 50.7% quarter-on-quarter)
• Shanghai Stock Exchange: 1 IPO, raising US$956.28 million

Industrial Sector Analysis

• Top Sector: Manufacturing (7 IPOs, 78.3% of total amount raised)
• Other Sectors: Furniture & Construction Materials (2 IPOs), IT Services (1), Media & Entertainment (1), Optoelectronic Science & Technology (1), Chemicals (1), Chain Operation (1), Retail (1), Energy & Mining (1), Agriculture, Livestock & Forestry (1), Medical & Healthcare (1)
• Average ROI by Sector:
  • Manufacturing: 0.27 times
  • Furniture & Construction Materials: 1.02 times
  • Other sectors: ROI continued to decrease

Geographical Distribution

• Top Region by Listings: Sichuan (highest number of IPOs)
• Top Region by Amount Raised: Beijing (accounted for 50% of total amount raised)
• Total Regions: 11 regions

Overseas Market Analysis

IPO Listings and Amount Raised

• Total overseas IPOs: 12 (down 42.9% quarter-on-quarter and 65.7% year-on-year)
• Total amount raised: US$1.031 billion (down 57.6% quarter-on-quarter and 86.0% year-on-year)
• Top Markets: Hong Kong Main Board (4 IPOs), Singapore Exchange (3), New York Stock Exchange (2), NASDAQ (1)

Industrial Sector Analysis

• Top Sectors: Manufacturing (5 IPOs, 78% of total amount raised), Media & Entertainment (2), Food & Beverage (2)
• Notable Companies:
  • CCTV Golden Bridge International Media and China Mass Media International Advertising (media & entertainment sector)
  • China Zirconium (listed in Toronto Stock Exchange)

Geographical Distribution

• Top Regions by Listings: Beijing, Shandong, and Fujian (accounted for 67% of total IPOs)
• Top Regions by Amount Raised: Beijing and Shandong (accounted for 93% of total amount raised)

Key Information

• Average ROI:
  • Domestic: 4.85 times (up 23.8% quarter-on-quarter)
  • Overseas: 0.77 times (down 45.8% quarter-on-quarter and 91.7% year-on-year)
• Market Conditions:
  • Domestic IPOs were affected by macroeconomic regulations and the economic slowdown.
  • Overseas IPOs were impacted by the global financial crisis, leading to a drop in market confidence and liquidity.
• Investor Behavior:
  • Investors became more cautious, leading to lower valuations for pre-IPO companies.
  • Investment firms postponed IPO plans due to uncertainty.

Conclusion

Q3 2008 saw a sharp decline in China's IPO market activity, both in terms of number of listings and amount raised, influenced by domestic macroeconomic controls and the global financial crisis. Domestic VC/PE-backed IPOs had a better ROI compared to overseas counterparts, with the Manufacturing sector being the most active in both markets. The geographical and industrial distribution of IPOs reflected the concentration of activity in certain regions and sectors, with Beijing and Shenzhen playing significant roles in domestic listings, and Hong Kong and Singapore in overseas.