1、 Mainland and Hong Kong IPO markets 2022 review and 2023 outlookContentsGlobal IPO landscapeA-share IPO marketHong Kong IPO market1Chinese Mainland and Hong Kong IPO markets 2022 KPMG,a Hong Kong(SAR)partnership and a member firm of the KPMG global organisation of independent member firms affiliated

2、 with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Printed in Hong Kong(SAR).2Chinese Mainland and Hong Kong IPO markets 2022 KPMG,a Hong Kong(SAR)partnership and a member firm of the KPMG global organisation of independent member firms affiliated wit

3、h KPMG International Limited,a private English company limited by guarantee.All rights reserved.Printed in Hong Kong(SAR).Global IPO landscape3Chinese Mainland and Hong Kong IPO markets 2022 KPMG,a Hong Kong(SAR)partnership and a member firm of the KPMG global organisation of independent member firm

4、s affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Printed in Hong Kong(SAR).Global landscapeUS Inflation concernsGeopolitical tensionsInverted yield curveInterest rate hikesRegulatory development2022 is a challenging year for IPOs amid ma

5、rket uncertainties On-going pandemic development4Chinese Mainland and Hong Kong IPO markets 2022 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.Al

6、l rights reserved.Printed in Hong Kong(SAR).2022 Global IPO market overviewGlobal IPO activity(1)(2013 2022)(1)Analysis based on data as at 30 November 2022Sources:Bloomberg and KPMG analysis,including REIT deals and excluding special purpose acquisition company(“SPAC”or“blank check”)deals.174271208

7、1372012092132794681800501001502002503003504004505002013201420152016201720182019202020212022NovYTDFunds raised(USDB)No.of dealsChallenging year for IPOs Number of deals:50%Funds raised:60%Funds raised in the US dropped by 90%.In line with the trend,Hong Kong market have recorded a70%drop in terms of

8、total proceeds.The A-share market is the key driver for the global IPO market,accounted for nearly half of global total proceeds in 2022.1,4851,1911,4932,5101,3381,1531,4861,5781,3241,8375Chinese Mainland and Hong Kong IPO markets 2022 KPMG,a Hong Kong(SAR)partnership and a member firm of the KPMG g

9、lobal organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Printed in Hong Kong(SAR).RankStock exchangeIPO proceeds(USD billion)11Shanghai Stock Exchange52.72Shenzhen Stock Exchange28.83Korea Stock Exch

10、ange11.34HKEX10.85 Frankfurt Stock Exchange9.1(1)Analysis based on data as at 30 November 2022(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.2022Nov YTD RankStock exchang

11、eIPO proceeds(USD billion)1NASDAQ100.62New York Stock Exchange61.23Shanghai Stock Exchange58.14HKEX43.15 Shenzhen Stock Exchange27.6NASDAQ and NYSE are out of top 5 IPO venue(ranked 9thand 11threspectively)in terms of total funds raised,which is the first time in the past decade.2021Global top 5 sto

12、ck exchangesFunds raised of A-share stock exchanges this year are comparable to 2021,leading SSE and SZSE to rank top for 2022.HKEX returned to the top 5 global stock exchanges in the second half,and is set to regain top-three IPO ranking in 2022 full year.6Chinese Mainland and Hong Kong IPO markets

13、 2022 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.Printed in Hong Kong(SAR).Looking forward to the start of 2023,the global

14、 IPO market will continue to be influenced by economic and geopolitical uncertainties.On the upside,inflation may gradually be brought under control,thereby allowing a slower pace of interest rate hikes,and providing a more favourable environment for fundraising.Companies that have postponed their I

15、POs may return,supporting a recovery in the global IPO market in the coming year.“Paul LauPartner,Head of Capital Markets and Professional Practice KPMG China“2023 global IPO market outlookSigns of slower inflationSlower expected pace of rate risesHeightened geopolitical stabilityGradual easing of p

16、andemic7Chinese Mainland and Hong Kong IPO markets 2022 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.Printed in Hong Kong(SA

17、R).A-share IPO market8Chinese Mainland and Hong Kong IPO markets 2022 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.Printed i

18、n Hong Kong(SAR).A-share IPO market:2022 highlightsA-share market demonstrates its resilience The Chinese Mainland has been comparatively less affected by global volatility.With relatively low inflation environment and the policy measures to stabilize the economy,the A-share IPO market remained resi

19、lient.Total proceeds from A-share IPOs would increase slightly but remain at historic high.Two sizeable SOEs listed on the SSE A telecommunications state-owned enterprise(“SOE”)and an energy producer SOE completed their listings during 2022 H1,raising RMB 56.0 billion and RMB 32.3 billion respective

20、ly.STAR and ChiNext remain key contributors STAR and ChiNext contributed more than two-thirds of the total proceeds and number of deals.To enhance the multi-level capital market,Beijing Stock Exchange(“BSE”),which is targeting on SMEs,was launched in November 2021 to complement STAR and ChiNext.In i

21、ts first year of operation,BSE recorded 68 listings.41 IPOsRepresented 15%of the total A-share proceedsraised RMB 88.3BTwo sizeable SOE listings41 IPOsRMB 413.6B(70%of the market)261 Deals(65%of the market)STAR and ChiNext41 IPOsRMB 610.3B(5%vs 2021)410 Deals(20%vs 2021)Historical high in funds rais

22、edSources:All analysis is based on WIND data and included REIT deals as of 4 December 2022,adjusted to number of confirmed listings up to 31 December 2022,unless otherwise stated9Chinese Mainland and Hong Kong IPO markets 2022 KPMG,a Hong Kong(SAR)partnership and a member firm of the KPMG global org

23、anisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Printed in Hong Kong(SAR).Note:All analysis is based on WIND data and included REIT deals as of 4 December 2022,adjusted to number of confirmed listings

24、 up to 31 December 2022,unless otherwise stated*The above statistics excluded companies transferred from BSE to STAR or ChiNext.#Beijing Stock Exchange began to trade on 15 November 2021.The above statistics excluded companies transferred from NEEQ Select to BSE.SZSE-TraditionalSZSE ChiNext*TotalRMB

25、 3.7B4 dealsRMB 133.2BRMB 133.2B44 deals44 dealsSSE-TraditionalRMB 30.1B20 dealsRMB 59.5B6 dealsRMB 39.9 B14 dealsSSE-STAR*BSE#RMB-B-deals2021 RMB 188.7B93 dealsRMB 38.7B38 dealsRMB 202.9B162 dealsRMB 147.5B199 dealsRMB 2.0B11 dealsRMB 579.8B503 deals2022RMB 143.9B39 dealsRMB 38.2B42 dealsRMB 238.0B

26、117 dealsRMB 175.6B144 dealsRMB 14.6B68 dealsRMB 610.3B410 dealsA-share IPO market activity2020 RMB 120.8B88 dealsRMB 60.6B98 dealsRMB 222.6B145 dealsRMB 66.0B63 dealsN/ARMB 470.0B394 deals10Chinese Mainland and Hong Kong IPO markets 2022 KPMG,a Hong Kong(SAR)partnership and a member firm of the KPM

27、G global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Printed in Hong Kong(SAR).A-share IPO sector distributionTMT,industrials,and healthcare/life sciences are the top 3 sectors in terms of both

28、 funds raising and number of deals,accounting for over 80%of the A-share market in 2022.Total proceeds and number of deals from consumer markets have recorded a YOY decrease by 65%and 46%respectively as market sentiment was affected by more conservative spending and continued movement restrictions.0

29、%10%20%30%40%50%60%70%80%90%100%201820192020202120220%10%20%30%40%50%60%70%80%90%100%20182019202020212022Financial servicesTransport,logistics and othersHealthcare/Life SciencesTMTInfrastructure/Real estateENRConsumer marketsIndustrialsNote:All analysis is based on WIND data and included REIT deals

30、as of 4 December 2022,adjusted to number of confirmed listings up to 31 December 2022,unless otherwise stated.Sector in terms of funds raisedSector in terms of number of deals11Chinese Mainland and Hong Kong IPO markets 2022 KPMG,a Hong Kong(SAR)partnership and a member firm of the KPMG global organ

31、isation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Printed in Hong Kong(SAR).2022CompanyExchangeProceeds(RMB billion)Sector1China Mobile LimitedSSE56.0TMT2CNOOC LimitedSSE32.3ENR3Shanghai United Imaging He

32、althcare Co.,Ltd.SSE-STAR11.0Healthcare/Life Sciences4CICC Anhui Traffic Control Expressway*SSE10.9Infrastructure/Real Estate5Hygon Information Technology Co.,Ltd.SSE-STAR10.8TMT6Jinkosolar Co.,Ltd.SSE-STAR10.0Industrials7Huaxia China Jiaojian Expressway*SSE9.4Infrastructure/Real Estate8ASR Microele

33、ctronics Co.,Ltd.SSE-STAR6.9TMT9Hubei Wanrun New Energy Technology Co.,Ltd.SSE-STAR6.4Industrials10Shenzhen Hello Tech Energy Co.,LtdSZSE-ChiNext5.8Industrials2021CompanyExchangeProceeds(RMB billion)Sector1China Telecom Corporation LimitedSSE54.2TMT2China Three Gorges Renewables(Group)Co.,Ltd.SSE22.

34、7ENR3BeiGene,LtdSSE-STAR22.2Healthcare/Life sciences4Ping An Guangzhou Comm Invest Guanghe Expressway*SZSE9.1Infrastructure/Real Estate5Shanghai Rural Commercial Bank Co.,Ltd.SSE8.6 Financial services6Everdisplay Optronics(Shanghai)Co.,Ltd.SSE-STAR8.2 TMT7Zhuzhou CRRC Times Electric Co.Ltd.SSE-STAR7

35、.6 Industrial manufacturing8Xinjiang Daqo New Energy Co.,Ltd.SSE-STAR6.5 Industrial manufacturing9CICC GLP Warehouse Logistics*SSE5.8Infrastructure/Real Estate10Hoymiles Power Electronics Inc.SSE-STAR5.6 Industrial manufacturing2021:RMB 150.5 billion2022:RMB 159.5 billion 26%of total proceeds26%of t

36、otal proceedsFunds raised by top 10 IPOsNote:All analysis is based on WIND data as of 4 December 2022,adjusted to number of confirmed listings up to 31 December 2022,unless otherwise statedSource:Wind and KPMG analysisTop10largestA-shareIPOs*Refers to real estate investment trusts listings(“REITs”)1

37、2Chinese Mainland and Hong Kong IPO markets 2022 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.Printed in Hong Kong(SAR).By n

38、umber of companiesSource:Wind and KPMG analysisTotal number of companies:886Note:All figures,and included REIT deals,are as of 4 December 2022,unless otherwise stated.STAR market active applicants included applications suspended due to the expiry of their financial information (中止審查).Historically th

39、ese applications have been reactivated promptly with updated financial information submitted by the listing applicant.58%of applications are from STAR Market and ChiNext,which focus on high-tech and strategic emerging industries and growth-oriented innovative and start-up enterprises,respectively.In

40、dustrials,TMT and Healthcare/Life Sciences are the top sectors among A-share IPO applications,contributing 80%of the pipeline.The A-share IPO pipeline remains at a high level of over 880 active applications.413247208189153218204231218323296280101251226247197224181186141207164158122361457389482420430

41、3684693903587053139124900200400600800100012002020Q12020Q22020Q32020Q42021Q12021Q22021Q32021Q42022Q12022Q22022Q32022Q4Active applicants-BSEActive applicants-ChiNextActive applicants-STAR MarketActive applicants-traditional market5146207958937399248059171,138974886780A-shareIPOpipelineA-share IPO appl

42、ications A-share IPO applications 2022 sector breakdown41%29%10%9%4%3%2%2%IndustrialsTMTHealthcare/Life sciencesConsumer marketsENRInfrastructure/Real estateFinancial servicesTransport,logisticsand others13Chinese Mainland and Hong Kong IPO markets 2022 KPMG,a Hong Kong(SAR)partnership and a member

43、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.Printed in Hong Kong(SAR).2023 outlook:A-share marketPolicy measures aimed at stabilisingthe economy are paving the way for s

44、teady recovery The Chinese Mainland will continue to implement policy measures aimed at stabilising the economy and pursuing high quality economic development.With supportive government measures taking effect gradually,the countrys economy will continue to remain on a steady recovery track,creating

45、a favorable environment for fund-raising.TMT and industrial manufacturing continue to be key drivers in a robust IPO pipeline The IPO pipeline with over 880applicants indicates steady demand for fund-raising activities.TMT and industrial manufacturing comprise 70%of the pipeline.The A-share IPO mark

46、ets have demonstrated their resilience in 2022.Due to various policies aimed at stimulating economic growth and enhancing the registration system,it is expected that the A-share capital market will remain active despite a challenging macroeconomic environment.“Louis LauPartnerCapital MarketsKPMG Chi

47、na14Chinese Mainland and Hong Kong IPO markets 2022 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.Printed in Hong Kong(SAR).H

48、ong Kong IPO market15Chinese Mainland and Hong Kong IPO markets 2022 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.Printed in

49、 Hong Kong(SAR).Hong Kong IPO market:2022 highlightsThe proposed rules for Specialist Technology Companies will open the door for high growth innovative enterprises at early stages of development to list in Hong Kong and raise funds for further research and development.“Irene ChuPartnerHead of New E

50、conomy and Life SciencesKPMG ChinaNote 1:All figures are as of 4 December 2022,adjusted to number of confirmed listings up to 31 December 2022,included listing by introduction,and excluded SPAC deals and GEM transferSource:HKEx and KPMG analysisSlow start at the beginning with signs of rebound in H2

51、 With global sentiment affecting the IPO market in Hong Kong,the number of deals and total proceeds decreased by approximately 25%and 70%,respectively,compared with last year.IPO activity increased in 2022 H2,showing early signs of revival.Homecoming listings continues The trend of homecoming listin

52、gs continued its momentum this year.9 homecoming listings were completed in 2022.4 of these listings were listed by way of introduction without fundraising while the amount raised by other deals were considerably small in scale;resulting in less contribution to total proceeds this year than they had

53、 in past two years.Funds raised:4xvs 2022H141 IPOs9in 202241 IPOs4 listedNumber of deals:2xvs 2022H1Launch of SPAC regime and new reforms In spite of market uncertainty,the SPAC regime has had a steady start.Local regulators have proposed a new listing rule for Specialist Technology Companies to lis

54、t on the Hong Kong market.Rebound in 2022H2#of homecoming listings1st year of SPAC in Hong Kong(1)(1)8in 20219in 202014applications16Chinese Mainland and Hong Kong IPO markets 2022 KPMG,a Hong Kong(SAR)partnership and a member firm of the KPMG global organisation of independent member firms affiliat

55、ed with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Printed in Hong Kong(SAR).2020Main BoardGEMTotal20222021HKD 97.2B 73 deals-HKD 97.2B 73 dealsHKD 333.8B 96 dealsHKD 0.1B 1 dealHKD 333.9B 97 dealsNote:All figures are as of 4 December 2022,adjusted

56、to number of confirmed listings up to 31 December 2022,included listing by introduction,and excluded SPAC deals and GEM transferSource:HKEx and KPMG analysisHong Kong IPO market activityHKD 396.0B 136 dealsHKD 0.6B 8 dealHKD 396.6B 144 deals17Chinese Mainland and Hong Kong IPO markets 2022 KPMG,a Ho

57、ng 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.Printed in Hong Kong(SAR).Sizable listings in industrials,consumer markets,and the ENR s

58、ectors leading these sectors ranked in the top three in terms of funds raised in 2022.7 out of top 10 largestIPOs are came from these sectors.Hong Kong IPO sector distributionSector in terms of funds raisedSector in terms of number of dealsThere is a rising trend in number of deals in TMT and health

59、care/life sciences both of which ranked among the top three sectors in terms of number of completed deals since 2020.0%10%20%30%40%50%60%70%80%90%100%201820192020202120220%10%20%30%40%50%60%70%80%90%100%20182019202020212022Financial servicesTransport,logistics and othersHealthcare/Life sciencesTMTIn

60、frastructure/Real estateENRConsumer marketsIndustrialsNote:All figures are as of 4 December 2022,adjusted to number of confirmed listings up to 31 December 2022,included listing by introduction,and excluded SPAC deals and GEM transferSource:HKEx and KPMG analysis18Chinese Mainland and Hong Kong IPO

61、markets 2022 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.Printed in Hong Kong(SAR).2022CompanyProceeds(HKD billion)Sector1C

62、hina Tourism Group Duty Free Corporation Limited18.4Consumer Markets2Tianqi Lithium Corporation13.5ENR3CALB Co.,Ltd.10.1Industrials4Sunshine Insurance Group Company Limited#7.1Financial services5Onewo Inc.6.3Infrastructure/Real Estate6Zhejiang Leapmotor Technology Co.,Ltd.6.3Industrials7JL Mag Rare-

63、Earth Co.,Ltd.4.2Industrials8Lygend Resources&Technology Co.,Ltd.3.7Industrials9Huitongda Network Co.,Ltd.2.3TMT10Ferretti S.p.A.2.0Industrials2021 CompanyProceeds(HKD billion)Sector1Kuaishou Technology W48.3TMT2JD Logistics28.3Transport,Logistics and Others3Baidu,Inc.SW23.9TMT4Bilibili Inc.SW23.2TM

64、T5XPeng Inc.W16.0Industrials6Li Auto Inc.W13.4Industrials7T Group Ltd.S9.8TMT8Linklogis Inc.W9.2Financial Services9Dongguan Rural Commercial Bank Co.,Ltd.9.1Financial Services10Asymchem Laboratories(Tianjin)Co.,Ltd7.6Healthcare/Life SciencesNote:All figures are as of 4 December 2022,adjusted to numb

65、er of confirmed listings up to 31 December 2022,included listing by introduction,and excluded SPAC deals and GEM transferSource:HKEx and KPMG analysis2021:HKD 188.8 billion2022:HKD 73.9 billion 57%of total proceeds 76%of total proceedsFunds raised by top 10 IPOsTop10largestHongKongIPOs#Expected to l

66、ist on 9 December 2022.Funds raised estimated is based on mid price.19Chinese Mainland and Hong Kong IPO markets 2022 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 li

67、mited by guarantee.All rights reserved.Printed in Hong Kong(SAR).2023 outlook:Hong Kong IPO marketSource:HKEx and KPMG analysisIPO activity is expected to rebound in 2023Market sentiment is expected to pick up.Backed by a solid pipeline with around120 companies seeking to IPO.Hong Kong is expected t

68、o remain one of the top listing destinations in the 2023.Continued reform and enhancement of listing regime The Specialist Technology regime is expected to roll out,further enhancing Hong Kongs position as the international financial centre.GEM reform20Chinese Mainland and Hong Kong IPO markets 2022

69、 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.Printed in Hong Kong(SAR).Paul LauPartner,Head of Capital Markets and Professi

70、onal Practice KPMG China+852 2826 Terence ManPartner,Capital Markets Advisory GroupKPMG China+86(10)8508 Louis LauPartner,Capital Markets Advisory GroupKPMG China+852 2143 Mike TangPartner,Capital Markets Advisory GroupKPMG China+852 2833 Irene ChuPartner,Head of New Economy and Life SciencesKPMG Ch

71、ina+852 2978 Elton TamDirector,Capital Markets Advisory 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 endeavour to provide accurate

72、 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 particular situati

73、on.2022 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.Printed in Hong Kong(SAR).The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.