1、 Mainland and Hong Kong IPO Markets 2025 Q1 Review1 April 20252Chinese Mainland and Hong Kong IPO Markets 2025 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
2、 guarantee.All rights reserved ContentsGlobal IPO landscapeA-share IPO marketHong Kong IPO market3Chinese Mainland and Hong Kong IPO Markets 2025 KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a
3、 private English company limited by guarantee.All rights reserved Global IPO landscape4Chinese Mainland and Hong Kong IPO Markets 2025 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 En
4、glish company limited by guarantee.All rights reserved 1125524272835614110710705010015020025030035040045050020212022202320242025Q1Q1 Funds raisedQ2-Q4 Funds raisedGlobal IPO market:2025 Q1 highlightsUSD28.2BTotal Funds Raised 5%compared to 2024 Q1283Completed IPOs Similar to 2024 Q15Deals with fund
5、raised USD 1B 2 compared to 2024 Q1USD100.0MAverage Deal Size5%compared to 2024 Q1Global IPO funds raised(2021 2025 Q1)The global IPO market began cautiously,under the backdrop of uncertainties related to trade tariffs and interest rates.(USDB)(1)Analysis based on actual data as at 30 March 2025.(2)
6、Sources:Bloomberg and KPMG analysis,included REIT deals and excluded special purpose acquisition company(“SPAC”or“blank check”)deals.Geopolitical conflictsTrump 2.0 AdministrationSteady interest rates amid uncertain economic outlookNo.of deals(Q1)1,2812,5101,5201,371283498334317284No.of deals(full y