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Chinese listings push global IPO market to best year since 2010
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SEVERAL new listings of Chinese companies have propelled the global IPO market this year to chalk up its strongest year since 2010, Ernst & Young said yesterday.
This year saw 1,206 initial public offerings raise US$256.5 billion globally, a 35 percent increase in volume and a 50 percent jump in value from 2013, EY said.
“2014 was a good year for global IPO activity as the combination of low volatility for much of the year and stable corporate earnings growth meant investors remain focused on equities,” said Lawrence Lau, partner of EY’s assurance branch.
The Chinese mainland stock markets attracted 252 IPOs which raised a combined US$42.2 billion this year, up 95 percent by the number of deals and 89 percent by proceeds from 2013.
The mainland’s bourses accounted for 21 percent of global IPOs by deals and 16 percent by capital raised.
“Industrials, accounting for 26 percent of proceeds and 39 percent of deals in 2014 on the Chinese mainland’s exchanges, are still the most popular sector with Chinese investors,” Tang Zhehui, also partner of EY’s assurance branch.
“However, the technology sector is also booming, buoyed by the Chinese government’s support and the fact that China is home to the world’s largest Internet-user population.”
Hong Kong’s stock market saw 108 companies raise a combined US$28.8 billion, up 11 percent in deal number and a 32 percent jump in proceeds from 2013. This helped Hong Kong to be No. 3 worldwide by deal number and No. 2 by proceeds.
Alibaba’s US$25 billion IPO — the largest ever — on the New York Stock Exchange produced an exceptional year for IPOs in the US.
Including Nasdaq, a total of US$95 billion in capital was raised from 288 IPOs in the US this year, an increase of 54 percent and 27 percent respectively from last year.
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