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Shanghai slips to 9th place for IPOs last year
By Hu Xiaocen |
January 2, 2013, Wednesday
|
Online Edition
Online Edition
SHANGHAI ranked the ninth biggest market for initial public offering in the world last year, down from the fifth position in 2011, due to slower listing activities in China, while the outlook for the A-share market remains dubious this year.
Proceeds raised by the Shanghai Stock Exchange slumped 63 percent year-on-year to 33.3 billion yuan (US$5.3 billion) in 2012 due to a cooling economy and a significant slowdown in listing application review, Deloitte Touche Tohmatsu CPA Ltd said in a report released yesterday.
"Without any heavyweight listings, the IPO funds raised by the exchange in Shanghai shrunk significantly year-on-year," said Edward Au, co-leader of National Public Offering Group of Deloitte China. "As a result of lower valuation for A-share IPOs stemming from market transformation and weak corporate earnings, Shanghai's IPO proceeds can only trail those of Hong Kong."
Hong Kong ranked the fourth last year, falling from its top position in 2011. It had two mega IPOs from Haitong Securities Co Ltd and the People's Insurance Company Group of China Ltd, the world's fourth- and ninth-biggest listings last year, raising HK$42 billion (US$5.4 billion) collectively, according to Deloitte.
The city aspires to be the fundraising center for mainland companies. Many of this year's new IPOs will come from small and medium-sized Chinese enterprises, especially city commercial banks and infrastructure- and consumer-related companies, said the consulting firm.
Listings in the Chinese mainland will continue to drop this year in both the number of companies and the amount of funds to be raised. About 150 companies are expected to raise approximately 100 billion yuan through IPOs, both shrinking about 3 percent from 2012.
"Throughout 2013, the outlook of the A-share IPO market is likely to remain challenging on the back of continuous market transformation," said Anthony Wu, A-share capital market leader of National Public Offering Group of Deloitte China. "About 20 to 25 percent of the IPO applicants may withdraw their listing filings or reconsider their listing strategies in the first quarter of 2013."
Proceeds raised by the Shanghai Stock Exchange slumped 63 percent year-on-year to 33.3 billion yuan (US$5.3 billion) in 2012 due to a cooling economy and a significant slowdown in listing application review, Deloitte Touche Tohmatsu CPA Ltd said in a report released yesterday.
"Without any heavyweight listings, the IPO funds raised by the exchange in Shanghai shrunk significantly year-on-year," said Edward Au, co-leader of National Public Offering Group of Deloitte China. "As a result of lower valuation for A-share IPOs stemming from market transformation and weak corporate earnings, Shanghai's IPO proceeds can only trail those of Hong Kong."
Hong Kong ranked the fourth last year, falling from its top position in 2011. It had two mega IPOs from Haitong Securities Co Ltd and the People's Insurance Company Group of China Ltd, the world's fourth- and ninth-biggest listings last year, raising HK$42 billion (US$5.4 billion) collectively, according to Deloitte.
The city aspires to be the fundraising center for mainland companies. Many of this year's new IPOs will come from small and medium-sized Chinese enterprises, especially city commercial banks and infrastructure- and consumer-related companies, said the consulting firm.
Listings in the Chinese mainland will continue to drop this year in both the number of companies and the amount of funds to be raised. About 150 companies are expected to raise approximately 100 billion yuan through IPOs, both shrinking about 3 percent from 2012.
"Throughout 2013, the outlook of the A-share IPO market is likely to remain challenging on the back of continuous market transformation," said Anthony Wu, A-share capital market leader of National Public Offering Group of Deloitte China. "About 20 to 25 percent of the IPO applicants may withdraw their listing filings or reconsider their listing strategies in the first quarter of 2013."
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