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1、 Mainland and Hong Kong IPO markets 2023 review and 2024 outlook9 January 20242Chinese Mainland and Hong Kong IPO markets 2024 KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English co

2、mpany limited by guarantee.All rights reserved ContentsGlobal IPO landscapeA-share IPO marketHong Kong IPO market3Chinese Mainland and Hong Kong IPO markets 2024 KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG Interna

3、tional Limited,a private English company limited by guarantee.All rights reserved 3Chinese Mainland and Hong Kong IPO markets 2024 KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private Englis

4、h company limited by guarantee.All rights reserved Global IPO landscape4Chinese Mainland and Hong Kong IPO markets 2024 KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company l

5、imited by guarantee.All rights reserved Global IPO market:2023 highlightsUSD131.1BTotal Funds RaisedDecrease of 35%compared to 20221,371Completed IPOs Decrease of 10%compared to 202214Deals with fund raised USD 1BDecrease of 45%compared to 2022USD95.6MAverage Deal SizeDecrease of 25%compared to 2022

6、202020222023213279468196131201920212023 Global IPO funds raised(by quarter)(USDB)244139271st Qtr2nd Qtr3rd Qtr4th QtrGlobal IPO funds raised(2019-2023)Market uncertainties and a weak macroeconomy slowed global IPO activities in 2023(USDB)(1)Analysis based on actual data as at 31 December 2023.(2)Sou

7、rces:Bloomberg and KPMG analysis,included REIT deals and excluded special purpose acquisition company(“SPAC”or“blank check”)deals.No.of deals1,1911,4932,5101,5201,371Geopolitical uncertaintyHigh interest ratesEconomic recovery5Chinese Mainland and Hong Kong IPO markets 2024 KPMG,a Hong Kong(SAR)part

8、nership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved 2023 Global IPO RankingsFY2023FY20221stShanghai Stock ExchangeUSD 31.3BShanghai Stock ExchangeUSD 56.5B2n

9、dShenzhen Stock ExchangeUSD 22.0BShenzhen Stock ExchangeUSD 31.1B3rdNASDAQ Stock ExchangeUSD 12.5BHong Kong Stock ExchangeUSD 12.8B4thNew York Stock ExchangeUSD 9.8BKorea Stock ExchangeUSD 11.3B5thNational Stock Exchange of IndiaUSD 6.9BFrankfurtStock ExchangeUSD 9.1B(1)Analysis based on actual data

10、 as at 31 December 2023.(2)The exchange rate for USD/HKD is 7.75.(3)Sources:Bloomberg and KPMG analysis,included REIT deals and excluded special purpose acquisition company(“SPAC”or“blank check”)deals.U.S.stock exchanges:20%A-share stock exchanges:40%Other stock exchangesHong Kong Stock Exchange ran

11、ksGlobalproceeds6th among global stock exchanges in 2023raising USD6.0B6Chinese Mainland and Hong Kong IPO markets 2024 KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company l

12、imited by guarantee.All rights reserved 2024 Global IPO market outlookIn 2023,global IPO activities encountered notable challenges due to a combination of factors,including geopolitical uncertainties,high interest rates,and a slower-than-expected economic recovery.While the effects of these challeng

13、es might endure into 2024,there is reason to believe that the worst is over,presenting an opportunity for IPO markets to stabilise soon.In 2024,IPO candidates looking to restart their IPO plans will need to be adaptable and resilient in the face of changing economic conditions to increase their chan

14、ces of success.“Paul LauPartnerHead of Capital Markets and Professional Practice KPMG ChinaGeopolitical uncertaintiesHigh interest ratesEconomic recoveryGlobal landscapeFactors affecting global IPO market7Chinese Mainland and Hong Kong IPO markets 2024 KPMG,a Hong Kong(SAR)partnership,are member fir

15、ms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved 7Chinese Mainland and Hong Kong IPO markets 2024 KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisat

16、ion of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved A-share IPO market7Chinese Mainland and Hong Kong IPO markets 2024 KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of indepe

17、ndent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved 8Chinese Mainland and Hong Kong IPO markets 2024 KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated w

18、ith KPMG International Limited,a private English company limited by guarantee.All rights reserved A-share IPO market:2023 highlightsRMB373.9BTotal Funds RaisedDecrease of 40%compared to 2022318 Completed IPOsDecrease of 30%compared to 2022 Beijing Stock ExchangeRMB1.18BAverage Deal SizeDecrease of 2

19、0%compared to 2022Shanghai Stock ExchangeSTAR MarketChiNextShenzhen Stock Exchange7814611436Q1Q2Q3Q4A-share IPO funds raised by quarter(RMBB)A-share IPO stock exchange distributionSlowdown in listings starting from the 3rdquarterSources:All analysis is based on WIND data and included REIT deals as o

20、f 31 December 2023.2023:RMB 143.9B67 deals2022:RMB 252.7B123 deals2023:RMB 122.3B110 deals2022:RMB 179.6B148 deals2023:RMB 25.8B23 deals2022:RMB 39.6B43 deals2023:RMB 15.0B77 deals2022:RMB 16.9B83 deals2023:RMB 66.9B41 deals2022:RMB 145.1B40 deals71deals106deals91deals50dealsThe A-share IPO market n

21、oticeably slowed down in 2023,yet it continued to top the ranking in global exchangesA-share IPO sector distribution by funds raisedIndustrials41%TMT35%ENR 6%Others9Chinese Mainland and Hong Kong IPO markets 2024 KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of in

22、dependent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved Regulatory Developments for A-share Capital MarketFebruary2023Expansion of the registration-based system across all A-share IPO marketsSeptember2023China Securities Re

23、gulatory Commission(CSRC)unveiled measures to invigorate capital market10Chinese Mainland and Hong Kong IPO markets 2024 KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company

24、limited by guarantee.All rights reserved Top 10 largest A-share IPOs2023CompanyExchangeProceeds(RMB billion)Sector1Hua Hong Semiconductor LimitedSSE-STAR21.2TMT2Semiconductor Manufacturing Electronics(Shaoxing)CorporationSSE-STAR11.1TMT3Nexchip Semiconductor CorporationSSE-STAR10.0TMT4China Fund Man

25、agement SPIC New Energy REIT*SSE7.8Infrastructure/Real Estate5Shaanxi Energy Investment Co.,Ltd.SZSE7.2ENR6Baimtec Material Co.,Ltd.SSE-STAR7.1Industrials7CSI Solar Co.,Ltd.SSE-STAR6.9ENR8Huaqin Technology Co.,Ltd.SSE5.9TMT9Hunan Yuneng New Energy Battery Material Co.,Ltd.SZSE-ChiNext4.5Industrials1

26、0Jiangsu Xukuang Energy Co.,Ltd.SSE4.3ENR2022CompanyExchangeProceeds(RMB billion)Sector1China Mobile LimitedSSE56.0TMT2CNOOC LimitedSSE32.3ENR3Shanghai United Imaging Healthcare Co.,Ltd.SSE-STAR11.0Healthcare/Life Sciences4CICC Anhui Traffic Control Expressway REIT*SSE10.9Infrastructure/Real Estate5

27、Hygon Information Technology Co.,Ltd.SSE-STAR10.8TMT6Jinkosolar Co.,Ltd.SSE-STAR10.0TMT7Huaxia China Jiaojian Expressway REIT*SSE9.4Infrastructure/Real Estate8ASR Microelectronics Co.,Ltd.SSE-STAR6.9TMT9Hubei Wanrun New Energy Technology Co.,Ltd.SSE-STAR6.4Industrials10Shenzhen Hello Tech Energy Co.

28、,LtdSZSE-ChiNext5.8Industrials23%of total IPO proceeds raised by top 10 IPOs in 2023Top 3IPOs in terms of funds raised areNote:All analysis is based on WIND data as of 31 December 2023.Source:Wind and KPMG analysissemi-conductor and software design companies*Refers to real estate investment trusts l

29、istings(“REITs”)2023 Top 10 largest IPOs distribution by stock exchangeSTARMarket65%Traditional29%ChiNext6%11Chinese Mainland and Hong Kong IPO markets 2024 KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG Internationa

30、l Limited,a private English company limited by guarantee.All rights reserved A-share IPO Pipeline153218204231218323296315287315286262197224181186141207164169152159129115389482420430368469390360305355288254705313912499691331221482021Q12021Q22021Q32021Q42022Q12022Q22022Q32022Q42023Q12023Q22023Q32023Q4

31、Traditional marketSTAR MarketChiNextBSE7399241,138974917795780943813825962779Number of active A-share IPO applicantsTop 3 active A-share IPO applicant sectors Industrials41%TMT27%Healthcare/Life Sciences10%Note:All analysis is based on WIND data and included REIT deals as of 31 December 2023.Active

32、applicants included applications suspended due to the expiry of their financial information(中止審查).Historically these applications have been reactivated promptly with updated financial information submitted by the listing applicant.12Chinese Mainland and Hong Kong IPO markets 2024 KPMG,a Hong Kong(SA

33、R)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved 2024 A-share IPO market Outlook010203Effectiveness of economic and fiscal policiesImpact of CSRC po

34、liciesSolid IPO pipeline of around 780The Chinese Mainlands post-Covid-19 economic recovery has fallen short of expectations.It is imperative for the Chinese government to support the positive development of its capital markets to effectively serve the real economy.Looking ahead to 2024,A-share IPO

35、activities are expected to remain steady as regulators continue to support areas related to technology,innovation and sustainability.These measures will foster long-term and sustained growth of the A-share capital market.“Louis LauPartnerCapital MarketsKPMG China13Chinese Mainland and Hong Kong IPO

36、markets 2024 KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved 13Chinese Mainland and Hong Kong IPO markets 2023 KPMG,a Hong Kong(

37、SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved 13Chinese Mainland and Hong Kong IPO markets 2024 KPMG,a Hong Kong(SAR)partnership,are member fir

38、ms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved Hong Kong IPO market14Chinese Mainland and Hong Kong IPO markets 2024 KPMG,a Hong Kong(SAR)partnership,are member firms of the

39、KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved Hong Kong IPO market:2023 highlightsHong Kong IPO market was sluggish in 2023,but is expected to rebound in 2024HKD46.3BTotal Funds Raise

40、dDecrease of 55%compared to 202270 Completed IPOsDecrease of 20%compared to 2022 HKD0.66BAverage Deal SizeDecrease of 45%compared to 202271171st Qtr2nd Qtr3rd Qtr4th QtrHK IPO funds raised by quarter(HKDB)Consumer Markets25%OthersHealthcare/Life Sciences20%TMT14%HK IPO sector distribution by funds r

41、aised145181132899611610959Q1Q2Q3Q4Q1Q2Q3Q4Number of active HK IPO applicantsNote:All figures are as of 31 December 2023,included listing by introduction,and excluded SPAC deals,De-SPAC deals and GEM transfer,unless otherwise statedSource:HKEx and KPMG analysis18deals13deals13deals21Top 3 active HK I

42、PO applicant sectors Consumer MarketsTMT14%29%Healthcare/Life Sciences27%2022202326deals15Chinese Mainland and Hong Kong IPO markets 2024 KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private

43、 English company limited by guarantee.All rights reserved Regulatory Developments for HK Capital MarketMarch2023Consultation Conclusion on Listing Regime for Specialist Technology CompaniesNew Regulations for Overseas Listings of Chinese Enterprises Announced February2023December2023Consultation Con

44、clusion on GEM Listing Reform16Chinese Mainland and Hong Kong IPO markets 2024 KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved T

45、op 10 largest HK IPOs51%of total IPO proceeds raised by top 10 IPOs in 20232023CompanyProceeds(HKD billion)Sector1ZJLD Group Inc5.3Consumer Markets2WuXi XDC Cayman Inc.4.1Healthcare/Life Sciences3J&T Global Express Limited W3.9Transport and Logistics4REPT BATTERO Energy Co.,Ltd2.1Industrials5Horizon

46、 Construction Development Limited1.6Infrastructure/Real Estate6Sichuan Kelun-Biotech Biopharmaceutical Co.,Ltd.B1.6Healthcare/Life Sciences7Sino-Synergy Hydrogen Energy Technology(Jiaxing)Co.,Ltd.1.6ENR8TUHU Car Inc.W1.3TMT9Tian Tu Capital Co.,Ltd.1.1Financial Services10Beijing Fourth Paradigm Techn

47、ology Co.,Ltd.1.1TMT2022CompanyProceeds(HKD billion)Sector1China Tourism Group Duty Free Corporation Limited18.4Consumer Markets2Tianqi Lithium Corporation13.5ENR3CALB Co.,Ltd.10.1Industrials4Sunshine Insurance Group Company Limited 6.7Financial services5Onewo Inc.6.3Infrastructure/Real Estate6Zheji

48、ang Leapmotor Technology Co.,Ltd.6.3Industrials7JL Mag Rare-Earth Co.,Ltd.4.2Industrials8Lygend Resources&Technology Co.,Ltd.3.8Industrials9Huitongda Network Co.,Ltd.2.3TMT10Ferretti S.p.A.2.0IndustrialsLargest IPO in terms of funds raised:Consumer Markets Sectorfor both 2022 and 2023Two out of Top

49、10 areLife Sciences Companiesin 2023Note:All figures are as of 31 December 2023,included listing by introduction,and excluded SPAC deals,De-SPAC deals and GEM transfer,unless otherwise statedSource:HKEx and KPMG analysis17Chinese Mainland and Hong Kong IPO markets 2024 KPMG,a Hong Kong(SAR)partnersh

50、ip,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved 2024 HK IPO Market OutlookAI,semiconductor&green techSpin-off listingsIncreasing connectivity with the Middle

51、East2023 marked a slow year for the Hong Kong IPO markets,as both corporates and investors exhibited caution amidst global market uncertainties.Despite the prevailing subdued market sentiments,the fundamentals of Hong Kongs capital market remain robust and resilient.With investors shifting their att

52、ention towards technologies such as artificial intelligence,semiconductors and green technology,Hong Kong is well positioned to spark a recovery in its IPO activity by embracing these growing trends.“Irene ChuPartnerHead of New Economy and Life SciencesKPMG China18Chinese Mainland and Hong Kong IPO

53、markets 2024 KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved Paul LauPartner,Head of Capital Markets and Professional Practice K

54、PMG China+852 2826 Terence ManPartner,Capital Markets GroupKPMG China+86(10)8508 Louis LauPartner,Capital Markets GroupKPMG China+852 2143 Mike TangPartner,Capital Markets GroupKPMG China+852 2833 Irene ChuPartner,Head of New Economy and Life SciencesKPMG China+852 2978 Elton TamPartner,Capital Mark

55、ets GroupKPMG China+852 2978 Contact ushome.kpmg/cn/socialmediaThe information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity.Although we endeavourto provide accurate and timely information,there can be no guarantee tha

56、t such information is accurate as of the date it is received or that it will continue to be accurate in the future.No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.2024 KPMG,a Hong Kong(SAR)partnership and a member

57、 firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.Document Classification:KPMG Public