1、 Mainland and Hong Kong IPO markets 2023 mid-year review3 July 20232Chinese Mainland and Hong Kong IPO markets 2023 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 limit

2、ed by guarantee.All rights reserved ContentsGlobal IPO landscapeA-share IPO marketHong Kong IPO market3Chinese Mainland and Hong Kong IPO markets 2023 KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limi

3、ted,a private English company limited by guarantee.All rights reserved 3Chinese Mainland and Hong Kong IPO markets 2023 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

4、imited by guarantee.All rights reserved Global IPO landscape4Chinese Mainland and Hong Kong IPO markets 2023 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 g

5、uarantee.All rights reserved Global IPO activity(1)(2019 2023 H1)(1)Analysis based on data as at 30 June 2023Sources:Bloomberg and KPMG analysis,including REIT deals and excluding special purpose acquisition company(“SPAC”or“blank check”)deals.Funds raised(USDB)74712331006213920823596050100150200250

6、30035040045050020192020202120222023H1 Funds raisedH2 Funds raisedNo.of dealsH1 YTD(%of full year)Full year509(43%)448(30%)1,155(46%)701(46%)617(N/A)1,1911,4932,5101,520(N/A)2023 H1 Global IPO market overviewMarket sentiment remains weak Number of deals:10%Funds raised:40%compared to 2022 H1Global la

7、ndscapeGloballandscapePost-pandemic recovery Financial market instabilityGeopolitical uncertaintiesInterest rate hikesInflationary pressures5Chinese Mainland and Hong Kong IPO markets 2023 KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms a

8、ffiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved(1)Analysis based on actual data as at 30 June 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

9、 company(“SPAC”or“blank check”)deals.A-share stock exchangescontributedRankStock exchangeIPO proceeds(USD billion)11Shanghai Stock Exchange19.22Shenzhen Stock Exchange12.83New York Stock Exchange7.14Abu Dhabi Securities Exchange3.75 NASDAQ Stock Exchange2.92023 H1YTDRankStock exchangeIPO proceeds(US

10、D billion)1Shanghai Stock Exchange56.52Shenzhen Stock Exchange31.13HKEX12.84Korea Stock Exchange11.35 Frankfurt Stock Exchange9.12022(Full year)RankStock exchangeIPO proceeds(USD billion)1Shanghai Stock Exchange33.22Shenzhen Stock Exchange14.63Korea Stock Exchange10.94Dubai Financial Market6.15 Nati

11、onal Stock Exchange of India5.22022H1 YTDGlobal top 5 stock exchanges7sizeable IPO deals raising over US$1 billion in 2023 H1compared to12such deals in 2022 H1 50%of global proceeds 30%of no.of dealsin 2023 H1The New York Stock Exchange returned to the top 5 stock exchanges after a long hiatus,large

12、ly due to posting the largest global IPO deal by funds raised during 2023 H1.6Chinese Mainland and Hong Kong IPO markets 2023 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 com

13、pany limited by guarantee.All rights reserved 2023 H2 global IPO market outlookGlobal IPO activity slowed significantly towards the end of 2022,and has remained sluggish in 2023.This trend is attributed to factors including inflationary pressures and rising interest rates,which have been further exa

14、cerbated by the emergence of financial market instability in early 2023.However,there are indications that the situation may be improving.The U.S.Federal Reserves recent announcement to halt its rate hike is expected to reduce monetary uncertainty,which could motivate IPO applicants to pick up their

15、 pace in the second half of 2023.“Paul LauPartnerHead of Capital Markets and Professional Practice KPMG China“Global landscapeFactors affecting 2023 H2 global IPO marketEconomic recoveryOngoing geopolitical uncertaintiesEasing inflationary pressuresFinancial market uncertainties7Chinese Mainland and

16、 Hong Kong IPO markets 2023 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 7Chinese Mainland and Hong Kong IPO markets 2023 KPM

17、G,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 A-share IPO market8Chinese Mainland and Hong Kong IPO markets 2023 KPMG,a Hong Kong

18、(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 A-share IPO activity remained steady The A-share IPO market recorded a slight growth in the numb

19、er of deals,but the lack of mega-sized deals meant that total funds raised decreased by 30%as compared to 2022 H1.Despite the decrease in total funds raised,the Shanghai Stock Exchange and Shenzhen Stock Exchange continue to outpace its global peers in terms of both funds raised and number of deals,

20、ranked 1stand 2ndrespectively among all listing venues across the globe.Beijing Stock Exchange leaping forward The Beijing Stock Exchange(“BSE”)made steady improvements since it began trading in November 2021,but leaped forward in 2023 H1,more than doubling its number of deals and total funds raised

21、 as compared to 2022 H1.The Beijing Stock Exchanges success is important to the overall development of a healthy,multi-layered capital market in the Chinese Mainland.A-share IPO market:2023 H1 highlightsNote:All analysis is based on WIND data and included REIT deals as of 30 June 2023,unless otherwi

22、se stated41 IPOs177 Deals 5%RMB 224.0B 30%A-share IPO activity in 2023 H1compared to 2022 H1compared to 2022 H141 IPOs42 Deals 120%RMB 8.3B 190%BSE IPO activity in 2023 H1compared to 2022 H1compared to 2022 H19Chinese Mainland and Hong Kong IPO markets 2023 KPMG,a Hong Kong(SAR)partnership,are membe

23、r 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 Note:All analysis is based on WIND data and included REIT deals as of 30 June 2023,unless otherwise stated*The above stati

24、stics excluded companies transferred from BSE to STAR or ChiNext.2022H1 RMB 108.3B17 dealsRMB 11.5B13 dealsRMB 115.6B53 dealsRMB 87.1B68 dealsRMB 2.9B19 dealsRMB 325.4B170 deals2023 H1RMB 41.8B25 dealsRMB 21.4B17 dealsRMB 87.7B41 dealsRMB 64.8B52 dealsRMB 8.3B42 dealsRMB 224.0B177 deals2022 full yea

25、r RMB 145.1B40 dealsRMB 39.6B43 dealsRMB 252.7B123 dealsRMB 179.6B148 dealsRMB 16.9B83 dealsRMB 633.9B437 dealsSZSE-TraditionalSZSE-ChiNext*TotalSSE-TraditionalSSE-STAR*BSEA-share IPO market activity10Chinese Mainland and Hong Kong IPO markets 2023 KPMG,a Hong Kong(SAR)partnership,are member firms o

26、f the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved 2022 H1Note:All analysis is based on WIND data and included REIT deals as of 30 June 2023,unless otherwise stated*The above statist

27、ics excluded companies transferred from BSE to STAR or ChiNext.A-share IPO sector distributionIndustrials48%OthersTMT22%ENR9%TMT42%OthersIndustrials30%ENR12%Industrials was the top contributor in the A-share market during 2023 H1 in terms of both funds raised and number of deals.3 out of the Top 10

28、largest IPOs came from the ENR sector,bumping the sector up to third in terms of funds raised in 2023 H1.2023 H1Global landscapeSector in terms of funds raised11Chinese Mainland and Hong Kong IPO markets 2023 KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of indepe

29、ndent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved 2023 H1CompanyExchangeProceeds(RMB billion)Sector1Semiconductor Manufacturing Electronics(Shaoxing)CorporationSSE-STAR11.1Industrials2Nexchip Semiconductor CorporationSSE-

30、STAR10.0Industrials3China Fund Management SPIC New Energy REIT*SSE7.8Infrastructure/Real Estate4Shaanxi Energy Investment Co.,Ltd.SZSE7.2ENR5CSI Solar Co.,Ltd.SSE-STAR6.9ENR6Hunan Yuneng New Energy Battery Material Co.,Ltd.SZSE-ChiNext4.5Industrials7Jiangsu Xukuang Energy Co.,Ltd.SSE4.3ENR8Shenzhen

31、Intellifusion Technologies Co.,Ltd.SSE-STAR3.9TMT9Greenworks(Jiangsu)Co.,Ltd.SZSE-ChiNext3.7Industrials10Chongqing Genrix Biopharmaceutical Co.,Ltd.SSE-STAR3.5Healthcare/Life Sciences2022 H1CompanyExchangeProceeds(RMB billion)Sector1China Mobile LimitedSSE56.0TMT2CNOOC LimitedSSE32.3ENR3Jinkosolar C

32、o.,Ltd.SSE-STAR10.0Industrials4Huaxia China Jiaojian Expressway REIT*SSE9.4Infrastructure/Real Estate5ASR Microelectronics Co.,Ltd.SSE-STAR6.9TMT6Suzhou Novosense Microlectronics Co.,LtdSSE-STAR5.8Industrials7Sany Heavy Energy Co.,Ltd.SSE-STAR5.6Industrials8Ganzhou Teng Yuan Cobalt New Material Co.,

33、Ltd.SZSE-ChiNext5.5Industrials9Isoftstone Information Technology(Group)Co.,Ltd.SZSE-ChiNext4.6TMT10Avic(Chengdu)Uas Co.,Ltd.SSE-STAR4.4Industrials2022 H1:RMB 140.5 billion2023 H1:RMB 62.9 billion 45%of total proceeds30%of total proceedsFunds raised by top 10 IPOsNote:All analysis is based on WIND da

34、ta and included REIT deals as of 30 June 2023,unless otherwise statedSource:Wind and KPMG analysis*Refers to real estate investment trusts listings(“REITs”)Top 10 largest A-share IPOs 12Chinese Mainland and Hong Kong IPO markets 2023 KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG glob

35、al organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved Industrials41%TMT28%Healthcare/Life sciences11%Consumer markets8%ENR 5%Others 7%Source:Wind and KPMG analysisNote:All analysis is based on WIND da

36、ta and included REIT deals as of 30 June 2023.Active 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.Industrials and

37、 TMT remain the top sectors among A-share IPO applicants,representing close to 70%of the active IPO pipeline.The STAR Market and ChiNext pipelines have decreased as compared to prior periods,but around 50%of active applicants still belong to these two markets.A-share IPO active applicantsA-share IPO

38、 pipelineA-share IPO applications 2023 H1 sector breakdown153218204231218323296315287315197224181186141207164169152159389482420430368469390360305355705313912499692150200400600800100012002021Q12021Q22021Q32021Q42022Q12022Q22022Q32022Q42023Q12023Q2Active applicants-traditional marketActive applicants-

39、STAR MarketActive applicants-ChiNextActive applicants-BSE7399241,1389749177957809438131,044By number of companiesTotal number of companies:1,04413Chinese Mainland and Hong Kong IPO markets 2023 KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member fi

40、rms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved The Chinese Mainland is expected to continue implementing accommodative policies to support economic recovery,including enhancement of the A-share fundraising environment through regulat

41、ory reforms,which is expected to further boost momentum for the A-share markets in the coming quarters.“Louis LauPartnerCapital MarketsKPMG China2023 H2 outlook:A-share marketIPO pipeline remains healthy with over 1,000 active applicants,and the full implementation of a registration-based system is

42、expected to help facilitate the listing process.IPO pipeline remains healthyThe Chinese Government has committed to implementing policy measures that aim to propel economic recovery in the Chinese Mainland.Supportive government policies14Chinese Mainland and Hong Kong IPO markets 2023 KPMG,a Hong Ko

43、ng(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 14Chinese Mainland and Hong Kong IPO markets 2023 KPMG,a Hong Kong(SAR)partnership,are member

44、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 Hong Kong IPO market15Chinese Mainland and Hong Kong IPO markets 2023 KPMG,a Hong Kong(SAR)partnership,are member firms of t

45、he KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved Note:All figures are as of 30 June 2023,included listing by introduction,and excluded SPAC deals and GEM transferSource:HKEx and KPMG

46、analysisIntroduction of the HKD-RMB Dual Counter Model The Hong Kong Dollar(HKD)-Renminbi(RMB)Dual Counter Model was launched during the quarter,allowing investors to trade securities issued by the same issuer in both HKD or RMB.The new Dual Counter Model enhances the liquidity of dual counter secur

47、ities and minimises the price discrepancies between the two counters,further strengthening Hong Kong as the leading offshore RMB hub.Hong Kong IPO market:2023 H1 highlightsFunds raised was able to keep up Hong Kong IPO activities started the year off slowly,but were able to recover their footing in

48、2023 Q2 by completing IPO deals with average deal sizes more than double those of 2023 Q1.There were slight increases in both the number of deals and total funds raised as compared to 2022 H1.The Specialist Technology Companies regime became effective on 31 March 2023,and the first IPO application u

49、nder the regime was filed in the second quarter.41 IPOs31 Deals 30%HKD 17.8B 1%HK IPO activity in 2023 H1compared to 2022 H1compared to 2022 H1Minimise price discrepanciesLiquidityHKD-RMB Dual Counter Model$16Chinese Mainland and Hong Kong IPO markets 2023 KPMG,a Hong Kong(SAR)partnership,are member

50、 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 Note:All figures are as of 30 June 2023,included listing by introduction,and excluded SPAC deals and GEM transferSource:HKE

51、x and KPMG analysisHong Kong IPO market activity2022H1 HKD 17.7B24 deals-HKD 17.7B24 deals2023 H1HKD 17.8B31 deals-HKD 17.8B31 deals2022 full year HKD 99.6B84 deals-HKD 99.6B84 dealsMain BoardTotalGEM17Chinese Mainland and Hong Kong IPO markets 2023 KPMG,a Hong Kong(SAR)partnership,are member firms

52、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 sector distributionNote:All figures are as of 30 June 2023,included listing by introduction,and excluded SPAC deals

53、and GEM transferSource:HKEx and KPMG analysis2022 H1Industrials37%OthersTMT28%Healthcare/Life sciences23%3 out of the top 10 IPO deals in 2023 H1 were in the consumer market sector,with one being the largest deal,helping to launch the consumer market sector to the top in terms of funds raised in the

54、 first half of the year.2023 H1Consumer markets42%OthersHealthcare/Life sciences16%Infrastructure/Real Estate12%Global landscapeSector in terms of funds raised18Chinese Mainland and Hong Kong IPO markets 2023 KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of indepe

55、ndent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved 2023 H1CompanyProceeds(HKD billion)Sector1ZJLD Group Inc5.3Consumer Markets2Horizon Construction Development Limited1.7Infrastructure/Real Estate3Beijing SinoHytec Co.,Ltd

56、.1.1Industrials4JF Wealth Holdings Ltd1.0Financial Services5Beauty Farm Medical and Health Industry Inc.0.9Consumer Markets6Laekna,Inc.-B0.8Healthcare/Life Sciences7DPC Dash Ltd.0.6Consumer Markets8MedSci Healthcare Holdings Limited0.6Healthcare/Life Sciences9Edianyun Limited0.6TMT10YH Entertainment

57、 Group0.5TMT2022 H1 CompanyProceeds(HKD billion)Sector1JL Mag Rare-Earth Co.,Ltd.4.2Industrials2Huitongda Network Co.,Ltd.2.3TMT3Ferretti S.p.A.2.0Industrials4Qingdao Ainnovation Technology Group Co.,Ltd1.2TMT5Yunkang Group Limited1.2Healthcare/Life Sciences6Lepu Biopharma Co.,Ltd.-B0.9Healthcare/Li

58、fe Sciences7Jiangsu Recbio Technology Co.,Ltd.B0.9Healthcare/Life Sciences8Jinmao Property Services Co.,Limited0.8Infrastructure/Real Estate9Zhihu Inc.-W0.8TMT10Arrail Group Limited0.7Healthcare/Life SciencesNote:All figures are as of 30 June 2023,included listing by introduction,and excluded SPAC d

59、eals and GEM transferSource:HKEx and KPMG analysis2022 H1:HKD 15.0 billion2023 H1:HKD 13.1 billion 85%of total proceeds 75%of total proceedsFunds raised by top 10 IPOsTop 10 largest Hong Kong IPOs19Chinese Mainland and Hong Kong IPO markets 2023 KPMG,a Hong Kong(SAR)partnership,are member firms of t

60、he KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved 2023 H2 outlook:Hong Kong IPO market“Irene ChuPartnerHead of New Economy and Life SciencesKPMG ChinaThe new Chapter 18C is designed to

61、 help companies with Specialist Technology(such as artificial intelligence,robotics and automation,as well as semiconductors)gain access to Hong Kongs deep pool of capital,in order to develop and commercialise their technology to a wide-spread audience.In the long term,we are hopeful about major gro

62、wth in the IPO markets driven by new technologies.The IPO pipeline continues to be stable of over 110 active applicants,which is more than enough to fuel a rebound in the second half of 2023.A stable IPO pipelineWe anticipate more Specialist Technology Companies to appear in the second half of 2023.

63、Specialist Technology Companies20Chinese Mainland and Hong Kong IPO markets 2023 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

64、 Paul LauPartner,Head of Capital Markets and Professional Practice KPMG 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 Econom

65、y and Life SciencesKPMG China+852 2978 Elton TamDirector,Capital Markets 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

66、provide accurate and timely information,there can be no guarantee that 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 pa

67、rticular situation.2023 KPMG,a Hong Kong(SAR)partnership and a member 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.Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates or related entities.Document Classification:KPMG Public