Mainland China and Hong Kong 2019 mid-year review: IPOs and other market trends

Mainland China and Hong Kong 2019 mid-year review

KPMG’s analysis and review of the mainland China and Hong Kong IPO markets in 2019 H1

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Innovation and technology companies continued to be a key driver of the IPO market across exchanges in Hong Kong and mainland China, according to KPMG’s latest analysis. In Hong Kong, listing reforms last year meant to make it easier for New Economy companies to list are paying off. In mainland China, the new STAR Market targeting tech firms has a strong pipeline with its first listing expected in Q3.

Hong Kong ranked third globally in terms of total funds raised in the first half of 2019, as the Main Board recorded its highest ever number of IPOs – 68 new listings – for a combined HKD 69.2 billion. This total marked the highest amount for first-half proceeds since 2016. Innovation and technology firms contributed significantly, accounting for over 37 percent of IPOs in 2019 H1.

KPMG maintains a forecast of Hong Kong IPOs totalling over HKD 200 billion in 2019. The market is on track to end the year among the top three IPO destinations globally.

In mainland China, the A-share IPO market recorded 67 new listings for a combined RMB 62.6 billion in 2019 H1. Industrial IPOs continued to rank first among all sectors in terms of both the number of new listings and funds raised. The STAR Market, designed to help innovation and technology firms list on the Shanghai Stock Exchange, has its first batch of IPO applicants scheduled to list in early Q3. A robust pipeline of more than 120 companies seeking to trade under the STAR Market indicates the board is set to help drive the overall A-share IPO market to a registration-based and more market-oriented system.

In a major step towards internationalising its market, China provided a channel for overseas companies to list on the A-share market for the first time as the Shanghai-London Stock Connect programme started trading on 17 June.

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