{
  "docId": "019dd923-5e88-73ef-bd58-dc60a93c3154",
  "docSlug": "48a731e2d1ddcc99",
  "documentTitle": "ey global ipo trends q4 2019",
  "authorId": "MorganStanley",
  "authorName": "EY",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "equity_research",
  "sourceTypeLabel": "Equity research",
  "presentationDate": null,
  "orientation": "landscape",
  "aspectRatio": 1.778,
  "pageNumber": 13,
  "pageCount": 36,
  "prevPage": 12,
  "nextPage": 14,
  "slideType": "market_landscape",
  "function": "summarize",
  "density": "overcrowded",
  "nDataPoints": 20,
  "notes": "Includes detailed breakdown of 2019 vs 2018 activity, main vs junior markets, and top IPOs.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "big_number",
    "bar_chart_grouped",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-5e88-73ef-bd58-dc60a93c3154/13",
  "deckHref": "/decks/019dd923-5e88-73ef-bd58-dc60a93c3154",
  "deckJsonHref": "/decks/019dd923-5e88-73ef-bd58-dc60a93c3154.json",
  "deckAnchorHref": "/decks/019dd923-5e88-73ef-bd58-dc60a93c3154#slide-13",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Geopolitical and trade tensions took their toll on global IPO activity, but Asia-Pacific IPO activity has remained relatively resilient.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-3408-77db-b483-4d926c08e14b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.12,
        "x": 0.35,
        "y": 0.67
      },
      "kind": "chart",
      "text": "Junior markets IPO activity 2015-2019",
      "attrs": null,
      "subkind": "bar-grouped",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1b1d902f-948d-47c7-bc59-bf629eeb3b4d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.12,
        "x": 0.35,
        "y": 0.41
      },
      "kind": "chart",
      "text": "Main markets IPO activity 2015-2019",
      "attrs": null,
      "subkind": "bar-grouped",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "69134f34-67aa-4e8a-aa5a-6e9bf584683a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.92,
        "x": 0.04,
        "y": 0.94
      },
      "kind": "disclaimer",
      "text": "Indicates transactions that are expected to be completed prior to 31 December 2019. Transaction size is estimated using the mid-point of the proposed price range...",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8b3b73b1-066f-4b49-bd40-56cd44436fe8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.3,
        "x": 0.04,
        "y": 0.43
      },
      "kind": "list",
      "text": "Mainland China and Hong Kong stock exchanges combined, due to the early success of Shanghai's STAR market, saw an increase in IPO activity in Q4 2019, which pushed 2019 deal numbers to surpass 2018 by 14% and proceeds by 28%.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "00f6a3d6-6ff3-4df5-abaa-3a696450bb2c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.09,
        "w": 0.3,
        "x": 0.04,
        "y": 0.54
      },
      "kind": "list",
      "text": "In Japan, IPO activity rebounded in Q4 2019 with a rise of 16% by deal numbers over Q4 2018. But 2019 deal numbers are down 9% versus 2018, and proceeds fell by 87% due to no mega IPO in 2019.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "48f3a6fe-279b-43c1-8e9b-441939d11353",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.3,
        "x": 0.04,
        "y": 0.19
      },
      "kind": "list",
      "text": "Geopolitical and trade tensions took their toll on global IPO activity, but Asia-Pacific IPO activity has remained relatively resilient. Deal numbers and proceeds saw significant increase in Q4 2019. Year-on-year, 2019 deal numbers were down 1%, while proceeds declined 8% from 2018.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5462dce5-96e9-465c-b8d3-d9a8373e5060",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.3,
        "x": 0.04,
        "y": 0.77
      },
      "kind": "list",
      "text": "Technology, industrials and materials posted the highest deal numbers in 2019, while technology, financials and real estate dominated proceeds.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "666e81df-d8f2-4894-9f50-ab73e1addcf3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.3,
        "x": 0.04,
        "y": 0.72
      },
      "kind": "list",
      "text": "In ASEAN, 2019 IPO deal numbers were 4% higher than 2018 levels, while proceeds rose by 11%.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c0cf1a0e-29d3-45be-a713-4ccf76b11440",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.3,
        "x": 0.04,
        "y": 0.64
      },
      "kind": "list",
      "text": "In Australia, 2019 IPO activity remains low (down 33% by deal numbers and 49% by proceeds), driven by a combination of geopolitical and trade issues, and slower GDP growth.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dbf6ba08-fbb6-4756-add9-237948d92bab",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.3,
        "x": 0.04,
        "y": 0.35
      },
      "kind": "list",
      "text": "Asia-Pacific accounted for seven of the top ten exchanges by deal numbers and five of the top ten by proceeds in 2019.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f2bee654-5722-49df-908c-26d04524260d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "IPO proceeds: $89.9b",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-3408-77db-b483-51b28ebf3ba2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.16,
        "x": 0.8,
        "y": 0.16
      },
      "kind": "table",
      "text": "Q4 2019 activity summary table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "25ed654c-67c5-42e6-909b-8ce5c275e5e7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.28,
        "x": 0.51,
        "y": 0.21
      },
      "kind": "table",
      "text": "2019 activity summary table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "97d995c7-b583-45c4-a161-e0f643d86dd7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.3,
        "x": 0.04,
        "y": 0.03
      },
      "kind": "title",
      "text": "Asia-Pacific IPO market insight",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7f447aa5-1743-499e-b967-e66f1672729d",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "2x2 matrix",
      "slug": "matrix-2x2",
      "agent": null,
      "layer": "slide",
      "matchId": "8c12674b-f185-403d-b522-9de311053d4d",
      "evidence": "The slide does not explicitly show a 2x2 matrix, but lists several bullet points that could be grouped into a 2x2 matrix (e.g., deal numbers and proceeds for different regions).",
      "confidence": 0.7
    }
  ],
  "frameworks": [],
  "arcBeats": [],
  "loops": [
    {
      "to": 28,
      "from": 3,
      "name": "Golden Circle",
      "slug": "11-golden-circle",
      "bestFor": "Visionary leadership, brand positioning, mission statements",
      "matchId": "60a54dce-003d-4e46-8e3e-33bdde4d9b06",
      "evidence": "The document implicitly follows the Golden Circle by explaining the context (why) of the IPO market, the current state (what), and providing insights (how)",
      "position": 0,
      "objective": "To understand the why, what, and how of the current IPO market trends",
      "structure": "The Why (Belief) -> The How (Process) -> The What (Result)",
      "confidence": 0.7,
      "description": "Invert the typical pitch by starting with why you exist, rather than what you do"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}