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February 18, 2020

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IPOs surge with STAR Market

The number of Technology, Media and Telecommunications (TMT) IPOs increased significantly in the second half of last year following the launch of the STAR Market, PwC said in its latest report.

There were 74 Chinese TMT IPOs during the July-December period of 2019 compared with 30 in the first half, and total proceeds soared to 155.3 billion yuan (US$22.1 billion) from 22.7 billion yuan.

2019 as a whole saw a 58 percent increase in TMT IPOs over 2018.

Alibaba Group, live-streaming site DouYu International Holdings and Beijing Kingsoft Office Software were the three largest Chinese TMT IPOs in the second half of 2019.

“The STAR Market has created an attractive listing and financing platform for TMT companies and we believe sectors such as semiconductors, artificial intelligence and 5G will continue to attract investor attention,” said Wilson Chow, PwC’s global TMT industry leader.

“The secondary listing of Alibaba Group in Hong Kong had a positive impact on the Hong Kong capital markets and stimulated TMT spin-offs that were already listed overseas. The registration has also gradually taken shape” Chow said.

The listing approval rate in 2019 increased significantly over 2018 because of STAR Market’s launch and emerging registration system.


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