{
  "docId": "019dd923-5e88-73ef-bd59-5e15406d36bf",
  "docSlug": "0a9509eeacc4e70d",
  "documentTitle": "ey global ipo trends 2023 q4",
  "authorId": "MorganStanley",
  "authorName": "EY",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "equity_research",
  "sourceTypeLabel": "Equity research",
  "presentationDate": null,
  "orientation": "landscape",
  "aspectRatio": 1.778,
  "pageNumber": 29,
  "pageCount": 47,
  "prevPage": 28,
  "nextPage": 30,
  "slideType": "regional_insights",
  "function": "summarize",
  "density": "overcrowded",
  "nDataPoints": 14,
  "notes": "EY Global IPO Trends 2023 report slide.",
  "elementsJson": [
    "bullet_list",
    "paragraph"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-5e88-73ef-bd59-5e15406d36bf/29",
  "deckHref": "/decks/019dd923-5e88-73ef-bd59-5e15406d36bf",
  "deckJsonHref": "/decks/019dd923-5e88-73ef-bd59-5e15406d36bf.json",
  "deckAnchorHref": "/decks/019dd923-5e88-73ef-bd59-5e15406d36bf#slide-29",
  "components": [
    {
      "bbox": {
        "h": 0.65,
        "w": 0.43,
        "x": 0.05,
        "y": 0.18
      },
      "kind": "list",
      "text": "Mainland China remains a vital source of IPO funding, contributing more than 41% of global proceeds in 2023. 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,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d693284e-a344-4498-b8cd-ff16f4446682",
      "frameworkName": null,
      "frameworkSlug": 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. The upcoming Growth Enterprise Market Board (GEM) reform is expected to offer viable Hong Kong listing opportunities to smaller but high-growth enterprises from local, Mainland China and overseas.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "db3fe6ac-feec-4cda-a0b5-8529fa70a171",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "IPO proceeds: 41%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-2e3a-7040-97dd-3321ffdd7485",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.43,
        "x": 0.52,
        "y": 0.12
      },
      "kind": "paragraph",
      "text": "Hong Kong",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "399f406c-aa9a-4eb0-9539-5cc34e1013eb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.43,
        "x": 0.05,
        "y": 0.12
      },
      "kind": "paragraph",
      "text": "Mainland China",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "627d0a9b-b7ce-4e28-abe6-7b0ad9fbff8f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.43,
        "x": 0.05,
        "y": 0.88
      },
      "kind": "source-note",
      "text": "2023 refers to the full calendar year and covers completed IPOs from 1 January 2023 to 4 December 2023, plus expected IPOs by 31 December 2023 (forecasted as of 4 December 2023).\nSources: EY analysis, Dealogic.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "19717b14-8fd3-4e13-b187-d939d1cb54d3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.17,
        "x": 0.78,
        "y": 0.1
      },
      "kind": "source-note",
      "text": "All amounts in US$ unless otherwise stated",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f31ec5c3-9e7a-483a-82a1-dd50e169cb53",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.35,
        "x": 0.05,
        "y": 0.04
      },
      "kind": "title",
      "text": "Asia-Pacific IPO market (Cont'd)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "248b3392-d2c4-46b7-a444-6ab459d77ed1",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "List presentation",
      "slug": "list-presentation",
      "agent": null,
      "layer": "slide",
      "matchId": "7c2c101f-ddb1-4c85-aae9-129066cb4ac4",
      "evidence": "The slide contains a list/bullet component with text.",
      "confidence": 0.9
    }
  ],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}