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1、 Mainland and Hong Kong IPO Markets 2024 Review and 2025 Outlook11 December 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

2、company 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 Inter

3、national Limited,a private English 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 Li

4、mited,a private English company limited by guarantee.All rights reserved Global IPO market:2024 highlightsUSD119.1BTotal Funds Raised 10%compared to 20231,159Completed IPOs 15%compared to 202316Deals with fund raised USD 1B2 IPOs compared to 2023USD102.7MAverage Deal Size10%compared to 2023Global IP

5、O funds raised(2020 2024)Global major IPO markets witnessed improvements in IPO activities,underscores improved investor confidence.(USDB)(1)Analysis based on actual data as at 8 December 2024.(2)Sources:Bloomberg and KPMG analysis,included REIT deals and excluded special purpose acquisition company

6、(“SPAC”or“blank check”)deals.Geopolitical conflictsElection conclusionsInterest rate cuts202120232024279468196131119202020221,4932,5101,5201,3711,159No.of dealsConsumer Markets sectors are the major sectors out of the Top 10 IPO by funds raised.5Chinese Mainland and Hong Kong IPO Markets 2024 KPMG,a

7、 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 2024 Global IPO RankingsFY2024FY20231stNational Stock Exchange of IndiaUSD 17.3BShangh

8、ai Stock ExchangeUSD 31.3B2ndNASDAQ Stock ExchangeUSD 16.5BShenzhen Stock Exchange USD 22.0B3rdNew YorkStock Exchange USD 15.9BNASDAQ Stock ExchangeUSD 12.5B4thHong Kong Stock ExchangeUSD 10.4BNew York Stock ExchangeUSD 9.8B5thShanghai Stock ExchangeUSD 8.8BNational Stock Exchange of IndiaUSD 6.9B(1

9、)Analysis based on actual data as at 8 December 2024.(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.2024GlobalproceedsEMEIAAsia Pacific35%Americas30%35%6Chinese Mainland

10、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 2025 Global IPO market outlook“Paul LauPartnerHea

11、d of Capital Markets and Professional Practice KPMG ChinaThe global IPO market,excluding Asia Pacific,has gained momentum in 2024,which is a very good sign.We remain cautiously optimistic about a positive outlook for 2025.However,uncertainty around trade policies and geopolitics,particularly due to

12、the new US administration,does cast a shadow over this optimism.Its important for all stakeholders to collaborate and ensure a stable environment that supports growth and prosperity in the global capital market landscape.Total Funds Raised by Region 2024 vs 2023Americas 50%Asia-Pacific 50%EMEIA 40%7

13、Chinese 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 A-share IPO market8Chinese Mainl

14、and 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 A-share IPO market:2024 highlightsRMB119.1BTo

15、tal Funds Raised 70%compared to 2023125 Completed IPOs 60%compared to 2023RMB0.96BAverage Deal Size 20%compared to 2023A-share IPO stock exchange distributionNote:All analysis is based on WIND data and included REIT deals as of 8 December 2024,adjusted to number of confirmed listings up to 31 Decemb

16、er 2024,unless otherwise statedSource:Wind and KPMG analysisA-share new listingsremained slow,with REITs being the key driver of listing activities.A-share IPO sector distribution by number of IPOA-share IPO sector distribution by funds raised15.0 122.3 25.8 143.9 66.9 5.1 22.0 29.8 15.2 47.0 Beijin

17、g Stock ExchangeChiNextShenzhen Stock ExchangeSTAR MarketShanghai Stock Exchange 2024 2023771102367412337161534Funds raised(RMB billion)Number of dealsIndustrials39%TMT27%Infrastructure/Real Estate22%OthersInfrastructure/Real Estate47%Industrials24%TMT23%Others9Chinese Mainland and Hong Kong IPO Mar

18、kets 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 Top 10 largest A-share IPOs2024CompanyExchangeProceeds(RMB billion)Sec

19、tor1China Resources Commercial Assets REIT*SZSE6.9Infrastructure/Real Estate2ICBC Credit Suisse Hebei Expressway Group REIT*SSE5.7Infrastructure/Real Estate3China Merchants Fund China Merchants Highway Expressway REIT*SZSE3.5Infrastructure/Real Estate4China Joy City Shopping Center REIT*SZSE3.3Infra

20、structure/Real Estate5CICC Yinli Consumer Infrastructure REIT*SZSE3.3Infrastructure/Real Estate6Guotai Junan Chengtou Kuanting Affordable Rental Housing REIT*SSE3.1Infrastructure/Real Estate7China Nanjing Traffic Highway REIT*SSE2.7Infrastructure/Real Estate8Grandtop Yongxing Group Co.,LtdSSE2.4Indu

21、strials9HuaAn Bailian Consumer REIT*SSE2.3Infrastructure/Real Estate10Solax Power Network Technology(Zhejiang)Co.,Ltd.SSE-STAR2.2Industrials2023CompanyExchangeProceeds(RMB billion)Sector1Hua Hong Semiconductor LimitedSSE-STAR21.2TMT2Semiconductor Manufacturing Electronics(Shaoxing)CorporationSSE-STA

22、R11.1TMT3Nexchip Semiconductor CorporationSSE-STAR10.0TMT4China Fund Management 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.SSE5.9TMT9Huna

23、n Yuneng New Energy Battery Material Co.,Ltd.SZSE-ChiNext4.5Industrials10Jiangsu Xukuang Energy Co.,Ltd.SSE4.3ENR30%of total IPO proceeds raised by top 10 IPOs in 2024REIT dominated the fundraisingin 2024,contributing*Refers to real estate investment trusts listings(“REIT”)Most of Top 10 largest IPO

24、s by funds raised came from the traditional market8 out of top 10 IPONote:All analysis is based on WIND data and included REIT deals as of 8 December 2024,adjusted to number of confirmed listings up to 31 December 2024,unless otherwise statedSource:Wind and KPMG analysis10Chinese Mainland and Hong K

25、ong 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 A-share IPO Pipeline287315286262223145121110152159129115102

26、58373130535528825422015396686913312214811911698842023Q12023Q22023Q32023Q42024Q12024Q22024Q32024Q4Traditional marketSTAR MarketChiNextBSE813825962779664472352293Number of active A-share IPO applicantsTop 3 active A-share IPO applicant sectors Industrials43%Infrastructure/Real Estate11%Note:All analys

27、is is based on WIND data and included REIT deals as of 8 December 2024.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 a

28、pplicant.Source:Wind and KPMG analysis TMT19%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 International Limited,a private English company limited by guarantee.All r

29、ights reserved 2025 A-share IPO market OutlookA-share IPO activity is expected to remain stable as Chinese Mainland shifts its focus to strengthening the quality of listed companies,aiming to improve the overall capital market.Chinese enterprises looking to go public may shift their attention to Hon

30、g Kong,which continues to offer strong connectivity to the A-share market through the Stock Connect program and provide valuable access to global investors through its position as an international financial centre.“Irene ChuPartnerHead of New Economy and Life SciencesKPMG China12Chinese Mainland and

31、 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 Hong Kong IPO market13Chinese Mainland and Hong Kong

32、 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 Hong Kong IPO market:2024 highlightsHong Kong IPO market has d

33、emonstrated its resilience,returning to the Top 5 global IPO venues.HKD82.9BTotal Funds Raised 80%compared to 202363 Completed IPOs 7 IPOs compared to 2023HKD1.3BAverage Deal Size 100%compared to 20239611610959871129594Q1Q2Q3Q4Q1Q2Q3Q4Number of active HK IPO applicantsNote:All figures are as of 8 De

34、cember 2024,adjusted to number of confirmed listings up to 31 December 2024,included listing by introduction,and excluded SPAC deals and GEM transferSource:HKEx and KPMG analysisTop 3 active HK IPO applicant sectors Consumer MarketsTMT27%23%Healthcare/Life Sciences19%2023202418deals13deals26deals18d

35、eals13deals26dealsHK IPO sector distributionTMT19%OthersTransport and Logistics9%Consumer Markets60%Fundsraised(As at 8 December 2024)(As at 8 December 2024)5942271st Qtr2nd Qtr3rd Qtr4th Qtr18deals15deals18dealsHK IPO funds raised by quarter(HKDB)12deals14Chinese Mainland and Hong Kong IPO Markets

36、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 Top 10 largest Hong Kong IPOs2024CompanyProceeds(HKD billion)Sector1Midea G

37、roup Co.,Ltd.35.7Consumer Markets2Horizon Robotics W6.1TMT3S.F.Holding Co.,Ltd.5.8Transport and Logistics4China Resources Beverage(Holdings)Company Limited5.8Consumer Markets5Sichuan Baicha Baidao Industrial Co.,Ltd.2.6Consumer Markets6Mao Geping Cosmetics Co.,Ltd.2.3Consumer Markets7Cirrus Aircraft

38、 Limited1.5Industrials8T.S.Lines Limited1.1Transport and Logistics9Robosense Technology Co.,Ltd1.1TMT10Chenqi Technology Limited1.1TMT76%of total IPO proceeds raised by top 10 IPOs in 2024The largest IPO by funds raised came fromConsumer Markets in both 2023 and 2024Note:All figures are as of 8 Dece

39、mber 2024,adjusted to number of confirmed listings up to 31 December 2024,included listing by introduction,and excluded SPAC deals and GEM transferSource:HKEx and KPMG analysisMore IPOs from TMT2023CompanyProceeds(HKD billion)Sector1ZJLD Group Inc5.3Consumer Markets2WuXi XDC Cayman Inc.4.1Healthcare

40、/Life Sciences3J&T Global Express Limited W3.9Transport and Logistics4REPT BATTERO Energy Co.,Ltd2.1Industrials5Horizon Construction Development Limited1.6Infrastructure/Real Estate6Sichuan Kelun-Biotech Biopharmaceutical Co.,Ltd.B1.6Healthcare/Life Sciences7Sino-Synergy Hydrogen Energy Technology(J

41、iaxing)Co.,Ltd.1.6ENR8TUHU Car Inc.W1.3TMT9Tian Tu Capital Co.,Ltd.1.1Financial Services10Beijing Fourth Paradigm Technology Co.,Ltd.1.1TMTsector ranked among top 10 largest IPOs in 202415Chinese Mainland and Hong Kong IPO Markets 2024 KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG gl

42、obal organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved 2025 HK IPO Market OutlookWith positive momentum and increasing investor confidence in the Hong Kong IPO market,the city is becoming an increasi

43、ngly attractive option for IPO applicants.CSRCs measures to encourage leading Chinese enterprises to list in Hong Kong and Chinese Mainlands plan to adopt a more relaxed monetary policy in the coming year will continue to bolster the citys IPO pipeline,while the inclusion of additional Middle Easter

44、n stock exchanges as RecognisedStock Exchanges is expected to drive secondary listings from the region.Consequently,we anticipate a steady stream of sizeable IPOs in 2025.“010203Listings from the Middle EastTMT,Life Sciences&Specialist Technology listingsCSRCs measuresLouis LauPartnerHead of Hong Ko

45、ng Capital Markets GroupKPMG China16Chinese 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 reser

46、ved Paul LauPartner,Head of Capital Markets and Professional Practice KPMG China+852 2826 Louis LauPartner,Head of Hong Kong 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 El

47、ton TamPartner,Capital Markets GroupKPMG China+852 2978 Contact usTerence ManPartner,Capital Markets GroupKPMG China+86(10)8508 information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity.Although we endeavour to provide

48、 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 particula

49、r situation.2024 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.