中国公司首次公开募股IPO情况分析报告-培训课件外文版2024.5

INDUSTRIES

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MARKETSInitialpublicofferings(IPO)ofChinesecompaniesCHAPTER

01OverviewTotalnumberofChinesecompanyIPOsinChinaandabroadfrom2010to2022TotalnumberofChinesecompanyIPOs2010-202270060064557650850447650040030020010003563323082912322212016620102011201220132014201520162017201820192020202120223Description:In2022,thetotalnumberofChinesecompaniesinChinaandabroadamountedto508enterprises.ItwasthefirstyearofdecreasingnumbersofIPOsofChinesefirms.Especially,overseaslistingshavedecreasedinvolumeandvalue.

ReadmoreNote(s):China;2010to2022Source(s):Zero2IPOTotalissuingvalueofChinesecompanyIPOsinChinaandabroadfrom2010to2022(inbillionyuan)TotalissuingvalueofChinesecompanyIPOs2010-2022900800856.21842.63702.36700659.92600500473.79429.99415.64410.224003002001000354.15323.27312.52016175.512012126.75201320102011201420152017201820192020202120224Description:In2022,theIPOissuingvolumeofChinesecompaniesworldwideamountedto660billion,almosttwiceasmuchasin2019.ChinesecompanieswentpublicdespitetheoutbreakofCOVID-19andtheresultingturbulencesatvariousfinancialmarketsaroundtheworld.TheChinesegovernmenttriestodevelopthedomesticfinancialmarkettoincentivizeChinesecompaniestolistathome.ReadmoreNote(s):China;2010to2022Source(s):Zero2IPONumberofChineseIPOsinChinaandabroadfromJanuary2021toJanuary2023,bymonthChineseIPOnumberinChinaandabroad2021-2023,bymonth907980687060504030201006461595655535251504844434341393836363434202020Jan

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'235Description:InJanuary2023,atotalof53companiesfrommainlandChinafinishedtheirinitialpublicoffering(IPO)inChinaandabroad.Despitetheoutbreakofthecoronaviruspandemic,IPOnumbersandvolumesremainedrobustin2020.Inthatyear,theannualnumberofChineseIPOsreached645in2021,ofwhich522werelistedatstockmarketsinmainlandChinaand123inHongKongorotheroverseasdestinations.ReadmoreNote(s):China,HongKong,UnitedStates;January2021toJanuary2023;*Figureshavebeencalculatedbasedonquarterlyvaluesandsharesforpreviousmonths.Accordingtothesource,figuresrefertocompanieswhicharebasedinMainlandChina.

ReadmoreSource(s):Zero2IPOIssuingvolumeofChineseIPOsinChinaandabroadfromJanuary2021toJanuary2023,bymonth(inbillionyuan)ChineseIPOvalueinChinaandabroad2021-2023,bymonth140118.71120100806040200110.46109.56107.3588.4387.8879.474.6772.2264.4164.0957.8754.7554.1351.9245.66

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'236Description:Thisstatisticshowsthetotalissuingvolumeofinitialpublicofferings(IPO)ofChinesecompaniesinChinaandabroadfromJanuary2021toJune2023.InJanuary2023,20companiesfromChinaMainlandfinishedtheirIPOprocesswithatotalissuingvolumeofaround10billionyuaninChinaandabroad.ReadmoreNote(s):China,HongKong,UnitedStates;January2021

toJanuary2023;*Figureshavebeencalculatedbasedonquarterlyvaluesandsharesforpreviousmonths.Oneyuanequalsapproximately0.14U.S.dollarsand0.13euros(asofJune2023).[...]

ReadmoreSource(s):Zero2IPODomesticandoverseasIPOvolumeofChinesecompaniesin2022,bysector(inbillionyuan)TotalIPOvolumeofChinesecompanies2022,bysectorIssuancevolumeinbillionyuan40

6002080100120140160180SemiconductorandelectronicequipmentBiotechnology/pharmaceuticalindustryMechanicalengineeringEnergyandmineralresourcesTelecommunication/value-addedserviceIT165.6985.2363.1458.9556.1651.7850.02ChemicalrawmaterialsandprocessingindustryCleantech30.02Chainstores/retailindustryAutomobileindustry18.7315.3910.68FinancialsectorInternetFoodandbeverageindustry9.359.237Description:In2022,thedomesticinitialpublicofferingvalueofChinesecompaniesfromthebiotechnologyandpharmaceuticalindustryamountedtoover85billionyuan.ChinesecompanieswentpublicdespitetheoutbreakofCOVID-19andtheresultingturbulencesatvariousfinancialmarketsaroundtheworld.TheChinesegovernmenttriestodevelopthedomesticfinancialmarkettoincentivizeChinesecompaniestolistathome.ReadmoreNote(s):China;2022Source(s):Zero2IPONumberofIPOsinGreaterChinafrom2018to2022,bystockexchangeNumberofIPOsinGreaterChina2018-2022,bystockexchangeShanghaiShenzhenHongKongTaiwanBeijing*7006005004003002001000111999128324901541923331161184187218782492344857154123201820192020202120228Description:In2022,thestockexchangeinShanghairecorded187initialpublicofferings,whichwasthehighestnumberamongallboursesinGreaterChina.AfterestablishingtheStar-AmarketattheShanghaiStockExchange,thepopularityofthebourseincreasedsignificantly.ReadmoreNote(s):China,Taiwan,HongKong;2018to2022;*BeijingStockExchangewaslaunchedinSeptember2021,andstartedtradinginNovemberthatyear.ThedatarefertothestockexchangesinShanghai,Shenzhen,HongKongandTaiwan.Greater[...]

ReadmoreSource(s):PwCCHAPTER

02IPOsinMainlandChinaNumberofIPOsbyChinesecompaniesinChinafrom2010to2022NumberofIPOsbyChinesecompaniesinChina2010-202260052250043843642440030020010003472812272192021541251050201020112012201320142015201620172018201920202021202210Description:In2022,thenumberofinitialpublicofferingsbyChinesecompaniesinChinawas424.ChinesecompanieswentpublicdespitetheoutbreakofCOVID-19andtheresultingturbulencesatvariousfinancialmarketsaroundtheworld.TheChinesegovernmenttriestodevelopthedomesticfinancialmarkettoincentivizeChinesecompaniestolistathome.ReadmoreNote(s):China;2010to2022Source(s):NetEaseIssuancevolumeofdomesticIPOsbyChinesecompaniesfrom2010to2022(inbillionyuan)IssuancevolumeofdomesticIPOsbyChinesecompanies2010-2022700600578.42534.46480.45004003002001000462.46291.46260.43234.85158.612015151.112016138.662018109.9201287.24201402010201120132017201920202021202211Description:In2022,theissuingvalueofdomesticinitialpublicofferingsbyChinesecompaniesamountedtoover578billionyuan.ChinesecompanieswentpublicdespitetheoutbreakofCOVID-19andtheresultingturbulencesatvariousfinancialmarketsaroundtheworld.TheChinesegovernmenttriestodevelopthedomesticfinancialmarkettoincentivizeChinesecompaniestolistathome.ReadmoreNote(s):China;2010to2022Source(s):Zero2IPONumberofIPOsinShanghaiandShenzhenStockExchangeinChinafrom2015to2022NumberofIPOsinChina2015-2022,bystockexchangeShanghaiShenzhen300250249234233222214200150100501871611541301241231038978574802015201620172018201920202021202212Description:In2022,theShanghaiStockExchangerecorded154initialpublicofferings.Atthesametime,thebourseinShenzhensaw187IPOs.ReadmoreNote(s):China;2015to2022Source(s):PwCNumberofIPOsinShanghaiandShenzheninChinafrom2017to2022,byboardNumberofIPOsinChinabyboard2017-2022NumberofIPOs202250202120202019100201820170150200250318687ShanghaiMainBoard5357214393354ShenzhenSMEBoard261981148199106GrowthEnterprisesBoard(ChiNext)5229141141123162Sci-TechInnovationBoard*70008311BeijingStockExchange13Description:In2022,148companieswerelistedontheChiNextboardattheShenzhenStockExchange.Incomparisontothat,theSci-TechInnovationBoardorStarmarketattracted123IPOs.ItwasthelatestboardaddedtotheShanghaiStockExchange.Fromitsregulatorystructure,itwasverysimilartotheNASDAQ.Theaimwastobuildamarketthatattractsinnovativestartups.ReadmoreNote(s):China;2017to2022;*TheScienceandTechnologyInnovationBoard(StarMarket)hasbeenofficiallyopenedattheShanghaistockexchangeinJune2019.ReadmoreSource(s):DeloitteLargestIPOsinMainlandChinaasof31December2022,byraisedfunds(inbillionHongKongdollars)KeyIPOsinMainlandChinabyraisedfunds2022RaisedfundsinbillionHongKongdollars20

3001040506070ChinaMobile63.7ChinaNationalOffshoreOilCorporation39.414Description:In2022,thelargestinitialpublicofferinginMainlandChinawasChinaMobileraisingover63.7billionHongKongdollars.Inthepreviousyear,thelargestIPOwasthelistingofChinaTelecomraising48billionyuan.ReadmoreNote(s):China;AsofDecember31,2022Source(s):DeloitteCHAPTER

03IPOsinHongKongNumberofnewlylistedcompaniesattheHongKongStockExchange(HKEX)from2015to2022NumberofnewlylistedcompaniesatHongKongStockExchange(HKEX)2015-202225021820018317415415010050138126989002015201620172018201920202021202216Description:In2022,90companiesnewlylistedontheHongKongStockExchange(HKEX)whichwasovereightpercentfewerthaninthepreviousyear.ThetotalvalueofIPOfundsraisedin2021amountedtoover252billionHongKongdollars.

ReadmoreNote(s):HongKong;2015to2021Source(s):HKExnewsDistributionofnewlylistedcompaniesinHongKongin2022,bysectorSectordistributionofnewlylistedcompaniesinHongKong2022Financialservices4%Energyandresources7%Technology,mediaandtelecomRealestate8%32%Manufacturing10%Consumergoods15%Pharmaceuticalandmedicalservices24%17Description:In2022,eightpercentofallnewlylistedcompaniesinHongKongwerefromtherealestateindustry.Themostprevalenttypeofcompaniesweretechnology,media,andtelecomenterpriseswhichaccountedfor32percentofallnewIPOs.

ReadmoreNote(s):HongKong;2022Source(s):DeloitteKeyIPOsattheHongKongStockExchange(HKEX)in2022,basedonraisedfunds(inbillionHongKongdollars)MajorIPOsatHongKongStockExchangebasedonraisedfundsinHongKong2022IPOfundsinbillionHongKongdollars02468101214161820ChinaTourismGroupDutyFreeCorporationLtd.-HShares(1880)TianqiLithiumCorporation-HShares(9696)CALBCo.,Ltd.-HShares(3931)18.3913.4610.1SunshineInsuranceGroupCo.Ltd.-HShares(6963)OnewoInc.-HShares(2602)6.716.326.28ZhejiangLeapmotorTechnologyCo.,Ltd.-HShares(9863)JLMagRare-EarthCo.,Ltd.-HShares(6680)LygendResources&TechnologyCo.,Ltd.-HShares(2245)HuitongdaNetworkCo.,Ltd.-HShares(9878)FerrettiS.p.A.(9638)4.243.762.322.0118Description:In2022,withover15billionHongKongdollarsinraisedIPOfunds,ChinaTourismGroupDutyFreeCorporationwasthelargestinitialpublicofferingontheHongKongStockExchangethatyear.TianqiLithiumCorporationswasthesecond-largestIPOin2022whichraisedover13billionHongKongdollars.ReadmoreNote(s):China,HongKong;2022Source(s):HKExnewsMajorIPOsattheHongKongStockExchange(HKEX)from1986to2022,basedonraisedfunds(inbillionHongKongdollars)HighestIPOfundsatHongKongStockExchangeinHongKong1986-2022IPOfundsraisedinbillionHongKongdollars020406080100120140160159.08180AIAGroupLtd(1299)IndustrialandCommercialBankofChinaLtd-HShares(1398)AlibabaGroupHoldingLtd.-SW(9988)124.95101.293.5286.74AgriculturalBankofChinaLtd-HShares(1288)BankofChinaLtd-HShares(3988)ChinaConstructionBankCorporation-HShares(939)PostalSavingsBankofChinaCoLtd-HShares(1658)ChinaTowerCorporationLtd-HShares(788)KuaishouTechnology(1024)71.5859.1558.848.3BudweiserBrewingCo.APACLtd(1876)45.0819Description:Upto2022,thelifeinsurancegroupAIArankedfirstwithanIPOvolumeamountingtoaround159.08billionHongKongdollars.HongKonghadbeenapopulardestinationformainlandChinesecompaniestoraisefunds.ReadmoreNote(s):China,HongKong;2022Source(s):HKExnewsLeadinglocallawfirmsforIPOservicesinHongKongfromOctober2021toSeptember2023,basedonnumberofIPOcasesLeadinglegalfirmsinHongKongbasedonnumberofIPOcases2021-2023NumberofIPOcases05101520253035CliffordChanceHerbertSmithFreehillsDavisPolk&WardwellKirkland&EllisLLP32181816SidleyAustinLLP15SkaddenArps,SkaddenFreshfieldsBruckhausDeringerO'Melveny141413PaulHanstingsLLP1212Jingtian&Gongcheng20Description:ThisstatisticdisplaystheleadinglocallawfirmsforIPO-relatedservicesinHongKongasof2023,basedonnumberofIPOcaseshandled.Inthepast24months,theBritishlawfirmCliffordChancehadparticipatedintheIPOprocessof32enterprisesaslegaladviser,rankingfirstamongallthelawfirmsinHongKong.ReadmoreNote(s):HongKong;October2021toSeptember2023Source(s):S;Varioussources(RyanBenCapital)CHAPTER

04ChineseIPOsoverseasNumberofIPOsofChinesecompaniesabroadfrom2010to2022NumberofIPOsofChinesecompaniesabroad2010-20221601401401201008013012912712396898475666664604740200201020112012201320142015201620172018201920202021202222Description:In2022,thenumberofinitialpublicofferingsofChinesecompaniesatoverseasstockexchangesreached84.Inrecentyears,thenumberofdomesticIPOshadincreasedsignificantlyinChina,whereasthenumberofoverseasIPOshadremainedrelativelystablebecausetheChinesegovernmenttriestodevelopthedomesticfinancialmarkettoincentivizeChinesecompaniestolistathome.However,in2022,theChinesefirmsshiedawayfromlistingabroad.

ReadmoreNote(s):China;2010to2022Source(s):Zero2IPOIssuingvalueofChinesecompanyIPOsabroadfrom2010to2022(inbillionyuan)IssuingvalueofChinesecompanyIPOsabroad2010-2022400350300250380.17328.39321.17291.33221.97213.36195.5320015010050160.92126.752013118.75201188.43201781.565.622012020102014201520162018201920202021202223Description:In2022,thevalueofChinesecompanies'initialpublicofferingsatoverseasstockexchangesamountedtoover81billionyuan.DespitetheoutbreakofCOVID-19andtheresultingturbulenceinglobalstockmarkets,manyChinesecompanieswentpublic.However,inthefollowingyears,companiesshiedawayfromlistingabroadasaconsequenceofincreasingtensionsbetweentheUnitedStatesandChina.ReadmoreNote(s):China;2010to2022Source(s):Zero2IPODistributionofnewlylistedChinesecompaniesintheUnitedStatesin2022,bysectorSectordistributionofnewlylistedChinesecompaniesintheU.S.2022Pharmaceuticalandmedicalservices6%Education6%Consumergoods12%Technology,media,andtelecom38%Financialservices19%Manufacturing19%24Description:In2022,38percentofallnewlylistedChinesecompaniesintheUnitedStateswereinthetechnology,media,andtelecomindustries.Whilein2019,asignificantshareofChineseIPOswerefinancialservicecompanies,in2020,theyonlyaccountedfor9percentofallnewlistings.ReadmoreNote(s):China;2022Source(s):DeloitteLargestChineseIPOsintheUnitedStatesasof31December2022,byraisedfunds(inmillionU.S.dollars)KeyChineseIPOsintheUnitedStatesbyraisedfunds2022RaisedfundsinbillionU.S.dollars60

8002040100120140160AMTDDigitalAtourGroup14460GigacloudTechnologyWetradeGroupMHUA41403925Description:In2022,thelargestinitialpublicofferingofaChinesecompanyintheUnitedStateswasAMTDDigitalwhichraisedover144millionU.S.dollars.Inthatyear,thevalueofChineseIPOsintheUnitedStateshasbeenbeensignificantlylowerthaninthepreviousyears.ReadmoreNote(s):China,UnitedStates;Asof31December2022Source(s):DeloitteCHAPTER

05Specialfocus:SPACsNumberofspecialpurposeacquisitioncompany(SPAC)IPOsworldwidefromQ12017toQ12022QuarterlynumberofSPACIPOsworldwide2017-20223503002502001501005030017513294776965241718161513131313101011940Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q12017

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202227Description:TheSPACbubbleburstinthesecondquarterof2021afterfourconsecutivequartersofgrowth,thoughthenumberofSPACIPOsroseto175inthefourthquarterof2021.However,thepeakoftheSPACboomwasreachedwhenSPACsraisedcapitalin300IPOsinthefirstquarterof2021.InApril2021,theU.S.SecuritiesandExchangeCommission(SEC)broughtinnewaccountingrulesforSPACs,whichlikelyplayedaroleinthedropinnewSPACIPOfilings.ReadmoreNote(s):Worldwide;Q12017toQ12022Source(s):CBInsightsValueofspecialpurposeacquisitioncompany(SPAC)IPOscompletedinAsiafrom2016to2021(inmillionU.S.dollars)SizeofSPACIPOsinAsia2016-20213,0002,5002,0001,5001,0002,7101,44539550003302500201620172018201920202021*28Description:ThevalueofSPACIPOscompletedinAsiainthefirstthreemonthsof2021amountedtoalmostdoublethevalueofthosecompletedintheentirepreviousyear.BetweenJanuaryandMarch2021,Asia-targetedSPACsraised2.7billionU.S.dollars,upfrom1.4billionU.S.dollarsintheprevious12months.In2020,SouthKoreawashometothehighestnumberofSPACIPOsintheregion.ReadmoreNote(s):Asia;2016toMarch2021;*JanuarytoMarch.ReadmoreSource(s):CNBC;Dealogic;estimatesNumberofspecialpurposeacquisitioncompany(SPAC)IPOscompletedinAsiain2020,byterritoryNumberofSPACIPOsinSouthKorea,MainlandChina,HongKongandSingapore20202018161412108196544220SouthKoreaMainlandChinaHongKongSingapore29Description:ApproximatelyfourtimesmoreSPACIPOswerecompletedinSouthKoreacomparedwithMainlandChinain2020.ThenumberofSPACslistedreached19inSouthKoreamakingittheAsia-PacificterritorywiththehighestnumberofSPACIPOsinthatyear.Meanwhile,almost250SPACIPOstookplaceintheUnitedStatesinthesameyear.Aspecialpurposeacquisitioncompany(SPAC)isacompanywithnobusinessoperationswhichissetupforthesolepurposeofraisingcapitalthrough[...]

ReadmoreNote(s):Asia;2020Source(s):S&PGlobalShareofSPACacquisitiontargetsworldwidefrom2015toQ22021,bycountrySPACacquisitiontargets:U.S.,China,UK,IsraelandCanada2015-202190%79%80%70%60%50%40%30%20%10%0%9%4%3%3%2%UnitedStatesUnitedKingdomIsraelChinaCanadaOther30Description:Between2015andthesecondquarterof2021,almostfourfifthsofSPACacquisitiontargetswerebasedintheUnitedStates.Duringthisperiod,79percentwereUS-based,whileonlyfourpercentwerebasedintheUnitedKingdom.TechnologyandhealthcarewerethemostpopulartargetsectorsforUS-basedSPACsseekingacquisitionsin2020.ReadmoreNote(s):Worldwide,Canada,China,Israel,UnitedKingdom,UnitedStates;2015toQ22021Source(s):CBInsightsLeadingtakeoversviaspecial-purposeacquisitioncompanies(SPAC)inGreaterChinaasofOctober2022,basedontransactionvalue(inmillionU.S.dollars)TransactionvalueofSPACtakeoversinGreaterChina2022TransactionvalueinmillionU.S.dollars05001,0001,5002,0002,5003,0003,5003,4004,000COVAAcquisitionCorp.-ECARXHoldings,Inc.MagnumOpusAcquisitionLimited-AsiaInnovationsGroupLimitedMountainCrestAcquisitionCorp.IV-CH-AutoTechnologyCorporationLtd.PrimaveraCapitalAcquisitionCorporation-LanvinGroupProvidentAcquisitionCorp.PerfectCorp.2,5001,7001,5001,020GoldenbridgeAcquisitionLimited-AutoServicesGroupLimitedSummitHealthcareAcquisitionCorp.-YishengBioCo.,Ltd.IronSparkIInc.-HypebeastLimited85883435331Description:ThetakeoverofERCAXHoldingbyCOVAAcquisitionCorp.forover3.4billionU.S.dollarswasthelargestSPACtransactionintheGreaterChinaregionasofOctober2022.AfterAmericanandMainlandChineseregulatorsincreasedtherequirementsforcross-borderIPOs,manyChinesestartupssawspecial-purposeacquisitioncompaniesasasuitableavenuetoaccesstheAmericancapitalmarket.

ReadmoreNote(s):Worldwide,China,Taiwan,HongKong;asofOctober31,2022Source(s):Kroll;S&PGlobalMarketIntelligence;USSecuritiesandExchangeCommission;Varioussources(Companypressreleases)CHAPTER

06Specialfocus:U.S.listedChinesecompaniesNumberofChinesecompanieslistedatAmericanstockexchangesin2022,bybourseNumberofU.S.-listedChinesecompanies2022,bystockexchange200175180160140120100805660402050NasdaqNYSEAMEX33Description:In2022,175ChinesecompanieslistedtheirsharesontheNasdaqwithacombinedmarketcapitalizationofover382billionU.S.dollars.OverseasstockmarketshadbeenapopulardestinationforenterprisesfromMainlandChinawhowerelookingtoraisecapital.However,inrecentyears,theChinesegovernmentandtheU.S.governmenthavemadeitharderforcompaniesfromMainlandChinatolistintheUnitedStates.ReadmoreNote(s):China,UnitedStates;2022Source(s):Kroll;S&PGlobalMarketIntelligence;USSecuritiesandExchangeCommission;Varioussources(Companypressreleases)MarketcapitalizationofChinesecompanieslistedonAmericanstockexchangesin2021,bystockexchange(inbillionU.S.dollars)BreakdownofmarketcapU.S.-listedChinesecompanies2021,bystockexchangeMarketcapinbillionU.S.dollars0100200300400500600700NYSE600.67Nasdaq465.24AMEX

0.0934Description:In2021,thecombinedmarketcapitalizationofthe154ChinesecompanieslistedonNasdaqamountedtoover465billionU.S.dollars.ThelargestenterprisesfromChinaontheboursewereJD.com,Pingduoduo,andNetEase.

ReadmoreNote(s):China,UnitedStates;2021Source(s):Kroll;S&PGlobalMarketIntelligence;USSecuritiesandExchangeCommission;Varioussources(Companypressreleases)RegionalbreakdownofmarketcapitalizationofChinesecompanieslistedintheU.S.in2022,basedonmarketcapitalization(inbillionU.S.dollars)LocationofincorporationofU.S.-listedChinesecompanies2022,bymarketcapMarketcapitalizationinbillionyuan0100200300400500600700800CaymanIslandsDelaware732.0824.12BritishVirginIslands

1.72Nevada

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0.0235Description:TheCaymanIslandswerethemostpopularplaceofincorporationforChineseenterpriseslistedonAmericanstockexchanges.In2022,thetotalmarketcapitaliz