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"Clear geographic MECE coverage (Global → Americas → Asia-Pacific → EMEIA) makes the structure easy to navigate" ], "topWeaknesses": [ "Eight slides titled with «(Cont'd)» variants (p.16–19, p.28–30, p.23) — these are topic labels, not action titles, and signal an analytical dump", "Section dividers (p.4 «Global», p.20 «Area») are bare topic words with no thesis or pillar argument", "The single recommendation slide (p.41) is generic («will need to be well-prepared») and is buried after the appendix marker on p.39", "Closing 6 slides are appendices, definitions, contacts and one orphan benchmark — no memorable resolution" ], "narrativeScore": 58, "pillarCritique": "Section dividers exist (slide 4 «Global», slide 20 «Area») but they are pure topic dumps — geographic labels, not MECE pillars with a thesis. 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wider push for self-reliance in technology was also apparent with companies focused on cloud software, cyber security, IoT, AI and cross-industry convergence technologies together achieving nearly US$5b in IPO value in 2023 - 15% of the total technology industry proceeds. 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Sources: EY analysis, Dealogic, PitchBook.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Kenvue was valued at US$41b. 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Several major companies, including health and entertainment companies as well as a PE-backed LG Group technology subsidiary, were eyeing listings in the second half of this year, but delayed their plans due to poor market conditions dampening proceeds. Tentative issuers waiting for supportive momentum are expected to advance their IPO plans in 2024 if conditions improve.\nIn an effort to safeguard investors from potential losses, authorities have widened the range of IPO offer prices from 90%-200% to 60%-400%, to prevent stock prices from being manipulated on the listing day before dropping drastically on the following day. 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However, its domestic IPO engine has stalled somewhat amid mounting headwinds such as capital market fluctuations, slower-than-expected post-pandemic recovery, chain reactions from the debt default of real estate, and continued geopolitical tensions.\nIn 2023, more than 300 companies went public on the A-share market, raising more than US$50.4b. This activity reflects a noticeable wind-down from the last two years' breakout pace. The average fundraising amount is also expected to decrease by 20% YOY, sliding to around US$167.\nAs mainland exchanges see listings volumes contract, China's Beijing Stock Exchange (BSE) has rapidly gained traction since its 2018 launch. The proportion of government-backed 'specialized and sophisticated enterprise' IPOs on BSE hit 24% in 2023, up 4% from last year.\nIn 2023, industrials, technology and materials together account for 73% of IPOs by volume and 76% by proceeds. Activity in health and life sciences, on the other hand, fell to a three-year low.\nLooking to 2024, most external headwinds could persist including short-term economic pressure and continued trade protectionism. The government is restoring investor confidence and policymakers are encouraging capital market development by attracting medium- and long-term funding sources.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 18:02:34.144+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d693284e-a344-4498-b8cd-ff16f4446682", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.43, "x": 0.52, "y": 0.18 }, "kind": "list", "text": "Hong Kong's stock market continues to grapple with limited liquidity, lingering market pessimism from high interest rates, and geopolitical tensions including frosty US-China relations.\nIn 2023, Hong Kong recorded 63 IPOs with total proceeds of US$5.6b – a YOY decline of 16% and 56%, respectively. There has been a distinct lack of large IPOs, with no mega deal compared to three in 2022. At just US$88.5m, the average IPO value has also reached its lowest point in the last two decades. Of the top 10 listings, 60% of the IPOs are currently trading below the offer price, which is comparatively lower than the 90% of IPOs in 2022 that traded below their offer price.\nIn 2023, Mainland Chinese enterprises continue to take the lead in the Hong Kong IPO market, accounting for 92% of volume and 97% of value.\nThe consumer, technology, health and life sciences and industrials, are the leading sectors by number of IPOs and funds raised.\nIn 2024, Hong Kong should benefit from China's improving economy, as well as multiple regulatory changes to improve market liquidity, such as lowering stamp duty costs, new policies launched through the \"liquidity groups\" and fresh listings of Mainland Chinese companies. 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Sources: EY analysis, Dealogic.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 18:02:33.24+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f2ab3e84-4a6c-4c40-aef2-cde23546d692", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.4, "x": 0.05, "y": 0.18 }, "kind": "list", "text": "Japan has proved an IPO hotspot in 2023, with a 2% rise in volume, driven by a 30-year-high Nikkei 225, loose monetary policy and favorable deregulatory reforms that ease the process of going public.\nIn a bid to encourage activity, the Tokyo Stock Exchange (TSE) has enabled greater flexibility in setting pricing and terms, to shorten the period between approval and listing. 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