Chinese Mainland and Hong Kong IPO markets: 2023 mid-year review

Global IPO activities remained weak in the first half of 2023 amid a challenging market, but the Hong Kong IPO market was once again able to demonstrate its resilience, recording slight increases in both the number of deals and total funds raised in the first half of 2023 as compared to the same period of 2022. With a stable IPO pipeline and the new listing regime for Specialist Technology Companies, the Hong Kong IPO market is poised for a major rebound in the second half of the year, according to KPMG's Chinese Mainland and Hong Kong IPO markets 2023 mid-year review.

The Shanghai Stock Exchange and Shenzhen Stock Exchange continued to outpace their global peers in terms of both funds raised and number of deals, contributing to over 50% of global IPO funds raised, and once again ranking first and second respectively among all listing venues across the globe in the first half of 2023.

Hong Kong IPO activities started the year off slowly but was able to recover its footing in the second quarter by completing IPO deals with average deal sizes more than double those of 2023 Q1.

The Specialist Technology Companies regime became effective on 31 March 2023, and an IPO application under the regime was filed in the second quarter, marking the first of many more to come.