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Greater China IPO Watch 2018

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Greater China IPO Watch 2018 Greater China IPO Watch 2018 Greater China IPO Watch surveys stock market listings in Greater China and provides a comparison with the world’s major markets 2 | Greater China IPO Watch 2018 This Greater China IPO Watch provides an overview of Initial public offering in this publication is defined the initial public offerings (IPOs) and listing activities to include all share listings on a platform where the on Greater China’s principal stock markets, including entity’s shares have not been listed previously. Hong Kong, Shanghai, Shenzhen and Taiwan. The This report has been prepared by the mainland China/ analysis covers companies which were listed on these Hong Kong Capital Market Services practice of PwC. markets from 1 January to 31 December 2018. For comparability purposes, all figures in this report have been translated into United States Dollars (USD) at the applicable closing exchange rate at the end of each year. Greater China IPO Watch 2018 | 3 Introduction to the four stock markets The Hong Kong stock market consists National Equities Exchange and of two separate boards: the Main Board Quotation system in mainland China, (MB) and the GEM. The MB facilitates which serves as a national share transfer fund raising by companies with track system for SMEs to transfer shares and records of certain minimum profit, raise funds, is not covered within this revenue, operating cash flow and/ review. or market capitalisation levels as set The Taiwan Stock Exchange (TSEC) out in the Hong Kong listing rules. The facilitates capital raising by companies GEM focuses on companies which do (both Taiwan and foreign companies) not fulfil the profitability/track record with track records of certain minimum requirements of the Main Board but profit and capital base. Technology- have growth potential and a minimum based companies without track records level of positive operating cash flow. but with a certain minimum amount Companies established in mainland of paid-in capital and projected net China (the People’s Republic of China) worth can also be listed. Most of the that are listed in Hong Kong are referred companies in Taiwan have to list their to as H-share companies. Companies shares for a minimum of six months on owned by mainland China nationals or the over-the-counter market, Emerging enterprises which are listed in Hong Stock on the Gretai Securities Market Kong through Hong Kong or overseas (GTSM) before listing on TSEC. This incorporated holding companies are review does not include data from the referred to as Red Chip companies. GTSM. Both the Shanghai and Shenzhen Stock Exchanges consist of A-share and B-share listing platforms on which companies established in mainland China can list. The Shenzhen Stock Exchange has a Small and Medium Enterprise (SME) Board and a ChiNext Board to facilitate fund-raising of small and medium-sized enterprises and growing venture enterprises. Shanghai and Shenzhen A-share, and shares listed on SME and ChiNext can only be traded by mainland China nationals and enterprises, while B-shares can only be traded by overseas investors. 4 | Greater China IPO Watch 2018 Contents 6 Foreword 7 Overview of the IPO markets in Greater China 8 IPOs by stock exchange 9 IPO vs. other equity fund raising 10 IPOs by P/E multiples 12 IPOs by share price performance on the first day of listing 14 IPOs by industry sector Greater China IPO Watch 2018 | 5 15 Turnover value and market capitalisation 16 Top ten IPOs in Greater China from 2014 to 2018 18 Top ten IPOs in world history 19 Top ten IPOs worldwide in 2018 20 Comparison with the US markets 21 Comparison with the European markets 22 Comparison with major Asian markets 23 Listed debt issued in mainland China and Hong Kong 6 | Greater China IPO Watch 2018 Foreword The global IPO market in 2018 continued Mainland regulators continue to work on the improving trend seen in the second developing a mechanism to allow large half of 2017 as economic growth Chinese companies listed on overseas continued and volatility remained at exchanges to issue depositary receipts low levels creating favourable IPO in China which should provide an market conditions. However, this slowed attractive capital raising alternative to a towards the end of the year reflecting number of listed issuers. reduced levels of investor confidence in The long-term fundamentals in the the capital markets due to geopolitical region remain positive with GDP instability and rising interest rates. growth and urbanisation forecast to Overall IPO activity across the region continue, the region’s capital markets Kennedy Liu grew with a 10% increase in funds are expected to strengthen in 2018, Partner, Head of Capital Markets and raised. There was an increase in larger following a period of regulatory reform Accounting Advisory Services IPOs (>USD 1 billion), with the top 10 and a continued pro-growth strategy PwC mainland China and Hong Kong IPOs contributing 47% of the region’s by the leadership in China creating a total IPO proceeds compared to 21% supportive environment for IPOs. in 2017. This was primarily driven by Investor demand for new issuers from an increase in the number of IPOs Greater China is anticipated to continue from the information technology and as the long term fundamentals in the telecommunications sector in 2018. region remain relatively attractive Hong Kong led the world in terms of the compared to other major markets with amount of funds raised and produced GDP growth and urbanisation forecast the highest number of IPOs in the to continue. However, the global region. IPO volumes increased by 25% investment backdrop remains uncertain from 2017 to USD 36.8 billion, attracting with further interest rate rises inevitable 63% of the region’s funds raised with in the medium term and geopolitical many enterprises viewing it as their first concerns remaining. This emphases choice of fundraising platform in Asia the need for companies to be confident and worldwide. in their chosen strategy and for listing applicants to be IPO ready in order to A number of new economy and biotech take advantage of the continued short issuers successfully completed listings IPO windows. in 2018 following recent rule changes which have bolstered Hong Kong’s role as a regional financing platform. Changes were made to the regulatory review process for IPOs in mainland China to improve the quality of listing applicants in late 2017. This slowed momentum in the mainland China IPO market in 2018 with IPO numbers falling by 76%. Greater China IPO Watch 2018 | 7 Overview of the IPO markets in Greater China The amount of funds raised from IPOs increased by 10% from USD 52.1 billion in 2017 to USD 57.5 billion in 2018. The number of IPOs in Greater China decreased from 631 in 2017 to 354 in 2018 reflecting an increase in average IPO sizes. The Greater China Exchanges continued to lead the world in terms of number of IPOs and funds raised. Number of IPOs from 2014 to 2018 631 381 378 354 268 Number of IPOs 2014 2015 2016 2017 2018 Year Amount of IPO funds raised from 2014 to 2018 58.8 57.5 52.1 n 47.3 o i l 43.4 l i b D S U 2014 2015 2016 2017 2018 Year Source: PwC Research 8 | Greater China IPO Watch 2018 IPOs by stock exchange In aggregate, funds raised increased by 10% across the Greater China markets. IPO proceeds in Hong Kong increased by 124% from 2017 rising to USD 36.8 billion, leading the world in terms of funds raised. IPO volumes increased by over 25% in Hong Kong rising to 218 IPOs compared to 174 in 2017, whereas volumes in Shanghai and Shenzhen decreased by 76% due to changes in the regulatory approval process. Hong Kong’s GEM had another strong year in terms of IPO volumes, attracting 75 new listing applicants in 2018 compared to 80 in 2017. IPO funds raised remained consistent at USD 0.7 billion. The Taiwan Stock Exchange hosted 31 IPOs raising USD 0.5 billion, compared to 21 in 2017, raising USD 0.3 billion. Funds raised in Hong Kong Hong Kong Shenzhen Shenzhen Shanghai A Taiwan Total USD billion Main Board GEM SME Board ChiNext 2014 No. of IPOs 103 # 19 43 31 51 21 268 % of total 38.4% 7.1% 16.1% 11.6% 19.0% 7.8% 100.0% Funds raised 29.7 0.3 5.5 3.6 3.6 0.7 43.4 % of total 68.4% 0.7% 12.7% 8.3% 8.3% 1.6% 100.0% 2015 No. of IPOs 104 # 34 89 44 86 24 381 % of total 27.3% 8.9% 23.4% 11.5% 22.6% 6.3% 100.0% Funds raised 33.5 0.3 16.7 2.8 4.9 0.6 58.8 % of total 57.0% 0.5% 28.4% 4.8% 8.3% 1.0% 100.0% 2016 No. of IPOs 81# 45 103 46 78 25 378 % of total 21.4% 11.9% 27.3% 12.2% 20.6% 6.6% 100.0% Funds raised 24.6 0.6 14.7 3.3 3.7 0.4 47.3 % of total 52.0% 1.3% 31.1% 7.0% 7.8% 0.8% 100.0% 2017 No. of IPOs 94# 80 214 81 141 21 631 % of total 14.9% 12.7% 33.9% 12.8% 22.4% 3.3% 100.0% Funds raised 15.7 0.7 21.2 6.2 8.0 0.3 52.1 % of total 30.1% 1.3% 40.7% 11.9% 15.4% 0.6% 100.0% 2018 No.
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