2016年-数据局_普华永道：2015年全年及第四季度全球科技企业上市回顾报告_60页_650kb

Global Technology IPO Review Full-year and Q4 2015 Summary

Core Content

This report provides an overview of the global technology IPO market for 2015, highlighting key trends, performance metrics, and regional insights. It outlines the challenges faced by the market and the potential outlook for 2016.

Main Points

2015 Highlights

• Overall Performance: 2015 was the second best year for technology IPOs in the last five years in terms of both the number of listings (92) and total proceeds (US$27.1 billion).
• Market Volatility: The year saw a decline in IPO activity compared to 2014, mainly due to uncertainties in monetary policies (US and EU) and economic concerns in China.
• Proceeds Decline: Total proceeds fell by 47% compared to 2014, and the number of listings dropped by 22%.
• Big-ticket Offerings: Despite the decline, 2015 included several large IPOs (over US$1 billion), which contributed to the average proceeds of US$295 million.

Regional Trends

• Europe: Had its best year in a decade, with 20 tech IPOs and US$11 billion in proceeds. Three of the five big-ticket IPOs were from Europe, with the UK leading with two of the largest (Auto Trader Group Plc and Worldpay Group Plc).
• Asia (excluding China): Showed strong participation, with 14 tech IPOs.
• United States: Maintained a leading role in the tech IPO market, but saw a decline in proceeds and number of listings.
• China: Experienced a sharp decline in IPO activity, with 30 offerings but only US$4.1 billion in proceeds, mainly due to listing restrictions and macroeconomic issues.

Subsector Insights

• Internet Software & Services: Dominated the market, contributing 59% of total proceeds and 43% of the total number of IPOs. This subsector had 40 IPOs with US$15.9 billion in proceeds.
• Software: Had 16 IPOs and raised US$3.6 billion, contributing 13% of total proceeds.
• Computer Storage & Peripherals: Raised US$3.0 billion from 12 IPOs, contributing 11% of total proceeds.
• Semiconductors: Had 10 IPOs with US$1.2 billion in proceeds, with most listings in Asia.
• IT Consulting & Services and Electronics: Had 6 and 5 IPOs, respectively, with US$718 million and US$965 million in proceeds.

Stock Exchange Distribution

• London Stock Exchange (LSE): Raised the highest proceeds with US$8.0 billion, accounting for 29% of total proceeds and 11% of total IPOs.
• New York Stock Exchange (NYSE): Second in terms of proceeds (US$6.5 billion) and had 16 IPOs.
• Shenzhen Stock Exchange: Raised US$1.5 billion from 17 IPOs, while Shanghai raised US$437 million from 5 IPOs.
• Other Exchanges: Tokyo SE (US$1.3 billion), Frankfurt SE (US$2.1 billion), and Hong Kong SE (US$1.8 billion) also had notable participation.

Key Information

Cross-border Listings

• Trend: Cross-border listings decreased to 12% in 2015, down from 23% in 2012.
• Major Cross-border IPO: Altassian Corp Plc (Australia) listed on NASDAQ, the largest cross-border IPO of the year.

Market Volatility

• VIX Index: Showed significant fluctuations in the third and fourth quarters, reaching a high of 30 in September and ending the year at 18.
• Factors Affecting Volatility: Crude oil prices, high-yield bond market issues, geopolitical conflicts, and macroeconomic concerns in China.

Outlook for 2016

• Headwinds: The tech IPO market is expected to face challenges in 2016 due to market volatility and economic uncertainties.
• Potential for Recovery: There is a growing pipeline of tech companies in the UK and Europe, suggesting potential for continued activity once market conditions stabilize.

Conclusion

2015 was a resilient year for the global technology IPO market, with notable performance in Europe and a strong presence of Internet Software & Services companies. However, the year was marked by volatility and a decline in proceeds compared to 2014. The market is expected to stabilize in 2016, with a focus on correcting the valuation gap between private and public markets.