China’s IPO Market Report Q3’20
China’s IPO Market Report Q3’20
报告标签: 上市
报告价格: 1500.00
出版时间: 2021-01-29 页数:124 咨询电话: 400-600-9460 目录下载
出版时间: 2021-01-29 页数:124 咨询电话: 400-600-9460

Chinese IPOs in Q3’20 were not affected by the epidemic and maintained a strong momentum due to the favorable policies such as the launch of the STAR Market and the appropriate relaxation of restrictions on the reduction of private equity and venture capital funds. Among them, a total of 217 Chinese companies went public in both domestic and foreign markets in Q3’20, up 178.2% YoY and 149.4% QoQ. They have raised an amount of RMB345.16 billion, up 253.1% YoY and up 155.7% QoQ.

In terms of market distribution, a total of 176 Chinese enterprises were listed in domestic markets, up 179.4% YoY and up 162.7% QoQ. The total amount of financing was RMB209.52 billion, up 162.8% YoY and up 245.4% QoQ. The average amount of financing was RMB1.19 billion, down 5.9% YoY and up 31.5% QoQ. In Q3’20, there were a total of 41 Chinese enterprises went overseas for listing, up 57.7% YoY and up 105.0% QoQ, with a financing amount of RMB135.64 billion, up 149.1% YoY and up 82.5% QoQ. After the second listing of JD and NetEase in Hong Kong, Yum China, Huazhu Group, Baozun Inc, and ZTO Express were listed on the HKEx for the second time in September, promoting the total amount of overseas financing.

As for sectors, in Q3’20, 217 domestic and overseas listed Chinese enterprises were distributed in 20 sectors. The eye-catching machinery manufacturing sector had 35 listed companies, accounting for 16.1%. Next biotech/healthcare ranked the second place with 29 listed companies. Then semiconductor & electronic equipment had 23 listed companies, ranking third. From the financing amount, semiconductor & electronic equipment ranked first with a total financing of RMB69.03 billion, mainly due to the second listing of SMIC secondary listing on the STAR Market which has increased the scale of the sector with a financing amount of RMB 46.29 billion. Followed by the biotech/healthcare, with a total financing of RMB60.86 billion, ranking second; then the machinery manufacturing ranked third, with a total financing of RMB29.11 billion. In Q3’20, the number of listings in finance was 2 but the average financing amount had outstanding performance with amount of RMB7.24 billion, ranking first.

Regarding the listing of Chinese enterprises supported by VC/PE investment, the number reached 138 in the third quarter, an increase of 146.4%YoY, an increase of 109.1% QoQ. The VC/PE penetration rate reached 63.6%. In terms of returns, the return on investment in domestic and overseas markets (closing price) were overall higher than that of (issuing price), with an average book return of 3.61x for VC/PE firms in Q3’20 (calculated at the issue price). The return on investment decreased from the last quarter.

In Q3’20, there were 67 listed companies on the STAR Market, with a total financing of RMB129.50 billion. At present, 250 companies were reviewed for the listing on the STAR, of which 183 have been approved (270 have been listed for trading). Among the 270 companies, 226 were listed according to Criteria 1, that is, the net profit in the last two years is positive and the accumulated net profit is not less than RMB50 million, or the net profit in the last year is positive and the operating income is not less than RMB100 million, and the estimated market value is not less than RMB1 billion. In addition, there are listed companies choosing Criteria 2, 3, 4 and 5, which reflects the flexibility of the board.

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