2022-02-21-投中研究院-投中统计_1月A股市场输出稳定_VC_PE机构渗透率超七成_25页_3mb

Summary of Chinese Enterprise IPO Market in January 2022

Global and Market Overview

In January 2022, China achieved 35 IPOs globally across A-share, H-share, and US markets, with a total fundraising of 1,107 billion yuan. The IPO count decreased by 33.96% year-on-year and 40.68% month-on-month, while fundraising increased by 152% year-on-year and 1% month-on-month due to large-scale deals.

Market Segmentation Analysis

• A-Share Market: 31 Chinese enterprises IPOed, raising 1,060 billion yuan, a 330% year-on-year increase. Key listings included Mobile (486.95 billion yuan) and other tech/manufacturing firms. The stock market saw strong performance, with Sci-Tech innovation board (STAR Market) leading in terms of VC/PE involvement.
• H-Share Market: 4 enterprises IPOed, raising 47 billion yuan, a significant year-on-year decline, driven by companies like Innovation Qicheng.
• US Market: 0 enterprises IPOed, reflecting ongoing regulatory challenges and reduced activity.

VC/PE Exit Analysis

VC/PE institutions participated in 71.43% of IPOs, totaling 25 companies. The account book value return decreased by 16.21% month-on-month, while the average return rate rose. Exits primarily occurred in IT/Information Technology and manufacturing sectors, with the highest returns in the Sci-Tech innovation board.

Industry and Regional Analysis

• Industries: Manufacturing, IT/Information Technology, and healthcare were dominant, together accounting for 49.47% of fundraising. Notable sectors included semiconductor and AI.
• Regions: Jiangsu led with 9 IPOs, while fundraising was concentrated in Hong Kong (486.95 billion yuan) and other provinces like Jiangxi and Guangdong.

Key Case Study: Mobile and Innovation Qicheng

• Mobile (A-Share) raised 486.95 billion yuan, becoming the largest IPO by scale, with high market valuation.
• Innovation Qicheng (H-Share) was the "AI+Manufacturing First Stock," highlighting innovations in AI solutions.

Policy Update

On January 28, the China Securities Regulatory Commission issued guidelines to improve IPO prospectus transparency, focusing on better information disclosure and stricter accountability measures.

Concluding Insights

The report highlights strong A-share performance amidst global volatility, increased VC/PE involvement, and policy enhancements aimed at improving market integrity.