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1、Global IPO Watch Q2 2023PwC|Global IPO Watch 2021Headlines2PwC Global IPO Watch Q2 2023Major global economies seeking to curb inflation with more restrictive monetary policies,dampening growth.Whilst the US economy is defying recession predictions,following the debt ceiling resolution equity markets
2、 entered a new bull market in Q2 2023.However,weak leading economic indicators point to a slowdown.Despite recent moderation in headline inflation,core inflation is proving stickier,creating further expectations of tightening and higher interest rates for longer.Despite robust equity capital markets
3、 performance and subsiding volatility,IPO activity remains muted in the US and Europe.IPO valuation and aftermarket performance remain front of mind,with investors demanding significant IPO discounts in recent IPOs.Unsurprisingly,as inventors existing portfolios are performing well,IPOs present high
4、er risk and uncertainty,feeding into lukewarm investor appetite.Mainland China and the Middle East continue to dominate global IPO markets.As rising interest rates and monetary policy uncertainty curbed appetite for IPOs in the US and Europe,Mainland China and the Middle East remained active,helped
5、by a streamlined listings regime for the Shanghai and Shenzhen stock exchanges and a privatisation push in the Gulf.Strong equity markets together with lower volatility created perfect conditions for follow-on equity issuance.Secondary equity markets continue to work well in the US and Europe with a
6、 number of significant transactions pricing this quarter.Low volatility and supportive indices performance created attractive conditions for well-known stocks to raise money and create liquidity for shareholders.Technology sector once again stood out this quarter,particularly with the buzz building
7、around Artificial Intelligence(AI).Strong performance of the S&P 500 this quarter can be largely attributed to megacap tech stocks and AI excitement,leading to increase in earnings expectations.Soaring demand for chips to power AI applications is benefiting specialised chipmakers and supporting infr
8、astructure around it such as cloud storage and data.Whilst there are signs of life in the IPO market and some issuers will be able to get their IPOs done,we do not expect things to materially change until early 2024.The focus in H2 2023 will be on the global macroeconomics and geopolitics with inves
9、tors remaining selective and price sensitive.Cautious outlook will impact the pace of the recovery of the IPO market in the US and Europe.However,we continue to see a strong pipeline of issuers preparing to access the public markets across a variety of sectors such as technology,energy transition,co
10、nsumer and healthcare.Macroeconomic and equity markets overview in Q2 2023PwC Global IPO Watch Q2 20233Macroeconomic and equity markets overviewSource:Capital IQ with PwC analysisS&P 500MSCI WorldStoxx Europe 600SSE CompositeFTSE100VIX IndexHowever,this positive picture has some nuances.Whilst some
11、of the positive momentum in the market was driven by the recent debt-ceiling resolution,banking sector stabilisation and signs of abating inflation,it is the enthusiasm around the AI sector that has led to a significant outperformance of major technology stocks vs the rest of the market.Weaker than
12、expected growth in Mainland China in the post-pandemic environment and strained geopolitics led to a spill over into Europe,where Germany has slipped into a technical recession and other Eurozone countries continue to be impacted by a decline in bank lending.In the UK,core inflation remained high an
13、d sticky,followed by aggressive policy measures by the Bank of England despite the lack of economic growth in the country.The interest rate is currently at 5%,the highest since the 2008 financial crisis.The natural resources-heavy FTSE 100 has underperformed major global indices,as softer global ene
14、rgy and commodity prices impacted its performance.An improving macroeconomic sentiment that we observed in the first quarter has turned more cautious in Q2 2023 with growth in most of the major global economies slowing down,with the potential for further central bank tightening to come.Major equity
15、indices performance varied across the globe,whilst volatility has dropped to more normalised levels(see chart below).In the US,as the economy defied recession fears,strong equity markets performance this quarter defied expectations with S&P 500 up 16%since the beginning of the year.Macroeconomic and
16、 equity markets overview in Q2 2023Unsurprisingly,rising interest rates and stubborn inflation dashed the hopes of IPO market recovery in the US and Europe,with Mainland China IPO activity in Q2 again accounting for almost 50%of the global IPO issuance.The Middle East IPO market has also been active
17、,supported by privatisation drive and local investor demand.Notably,the last few weeks of June were very busy for the European IPO market with a number of significant deals in the market across various countries and all eyes will be on their pricing and aftermarket performance early in Q3.Secondary
18、equity issuance markets continued to do well in the second quarter as low volatility and supportive indices performance created attractive conditions for well-known stocks to raise money and create liquidity for shareholders.PwC Global IPO Watch Q2 20234Macroeconomic and equity markets overviewSourc
19、e:Dealogic with PwC analysisOutlookA recovery in valuations and a decline in volatility in 2023 would generally be pointers to a returning IPO market in the US and Europe.However,investors remain cautious about IPO valuations having seen mixed aftermarket performance and remain mindful of macroecono
20、mic and geopolitical uncertainties.The jury is still out whether the US will enter a recession this year or early 2024 as the the tightening in lending and uncertainty around the health of the economy will put pressure on corporate earnings.Investor caution has led to a rush into money market funds(
21、i.e.fund that invests in high-quality,short-term debt instruments,cash,and cash equivalents)over the last few months,which means there is a lot of cash waiting to be deployed.IPO markets are also likely to recover slowly and,whilst companies with strong equity stories and reasonable valuation expect
22、ations should be able to access the market,the sentiment amongst the investment community points to the deal activity picking up in 2024.IPO candidates will need to demonstrate resilient trading performance in the challenging environment to tempt IPO investors.PwC|Global IPO Watch 2021IPO and FO pro
23、ceeds-by geography5PwC Global IPO Watch Q2 2023Source:Dealogic with PwC analysisSource:Dealogic with PwC analysisPwC|Global IPO Watch 2021IPO and FO proceeds-by sector6PwC Global IPO Watch Q2 2023Source:Dealogic with PwC analysisSource:Dealogic with PwC analysisPwC|Global IPO Watch 2021IPO and FO ac
24、tivity per region7AmericasEMEAAsia-PacificFO money raisedof dealsIPO money raisedof dealsPwC Global IPO Watch Q2 2023Source:Dealogic with PwC analysisQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4PwC|Global IPO Watch 2021Top 10 largest IPOs-2023 YTD8Note:current price is at 30 June 2023PwC Global IPO Watch Q2 2023Sou
25、rce:Capital IQ and Dealogic with PwC analysisPricing dateIssuer nameIssuer CountrySectorExchangeMoney raisedAfter market performance1-day1-monthCurrent3-May-23Kenvue IncUnited StatesConsumer ProductsNew York Stock Exchange-NYSE$4.4bn22%16%20%3-May-23ADNOC Gas PLCUnited Arab EmiratesOil&GasAbu Dhabi
26、Securities Exchange$2.5bn19%28%30%19-Apr-23Nexchip Semiconductor CorpMainland ChinaComputers&ElectronicsSci-Tech Innovation Board(STAR Market)$1.9bn0%2%5%25-Apr-23SMECMainland ChinaComputers&ElectronicsSci-Tech Innovation Board(STAR Market)$1.8bn11%3%0%28-Mar-23Shaanxi Energy Investment Co LtdMainla
27、nd ChinaUtility&EnergyShenzhen Stock Exchange$1.0bn48%16%9%30-May-23CSI Solar Co LtdMainland ChinaComputers&ElectronicsSci-Tech Innovation Board(STAR Market)$1.0bn18%N/A65%25-May-23ADNOC Logistics&Services plcUnited Arab EmiratesTransportationAbu Dhabi Securities Exchange$0.8bn56%N/A52%08-Feb-23Next
28、racker IncUnited StatesComputers&ElectronicsNASDAQ-US$0.7bn27%36%66%19-Jun-23PT Amman Mineral Internasional TbkIndonesiaMiningIndonesia Stock Exchange$0.7bnN/AN/AN/A21-Apr-23ZJLD Group IncMainland ChinaFood&BeverageHong Kong Exchange-Main Board$0.7bn-18%-30%-27%PwC|Global IPO Watch 2021Top 10 larges
29、t FOs-2023 YTD9Note:current price is at 30 June 2023PwC Global IPO Watch Q2 2023Pricing dateIssuer nameIssuer countrySectorExchangeDeal typeMoney raisedAfter market performance1-day1-monthCurrent13-Mar-23Japan Post Bank Co LtdJapanFinanceTSE-PrimeFO-Fully Marketed$9.0bn0%-3%-1%17-May-23London Stock
30、Exchange Group plcUnited KingdomFinanceLondon Stock ExchangeFO-Accelerated Bookbuild$3.3bn2%8%4%31-May-23Heineken NVNetherlandsFood&BeverageAmsterdamFO-Accelerated Bookbuild$2.9bn2%1%2%28-Mar-23Link Real Estate Investment TrustHong Kong(SAR)Real Estate/PropertyHong Kong Exchange-Main BoardFO-Rights
31、Offer$2.4bn13%15%-2%8-Mar-23London Stock Exchange Group plcUnited KingdomFinanceLondon Stock ExchangeFO-Accelerated Bookbuild$2.4bn4%12%17%13-Apr-23China Yangtze Power Co LtdMainland ChinaUtility&EnergyShanghai Stock ExchangeFO-Cash Placing$2.3bn6%14%10%1-Mar-23BNP Paribas SAFranceFinanceParisFO-Acc
32、elerated Bookbuild$2.3bn-2%-15%-11%1-Jun-23GE HealthCare Technologies IncUnited StatesHealthcareNASDAQ-USFO-Accelerated Bookbuild$2.2bn0%N/A4%24-May-23Rakuten Group IncJapanComputers&ElectronicsTSE-PrimeFO-Fully MarketedFO-PIPE$2.2bn4%-14%-12%7-Jan-23China Eastern Airlines Corp LtdMainland ChinaTran
33、sportationShanghai Stock ExchangeFO-Cash Placing$2.2bn25%21%8%Source:Capital IQ and Dealogic with PwC analysisPwC|Global IPO Watch 2021The Global IPO Watch analyses IPO and FO trends on a quarterly basis,both at a global and regional level.This document includes data derived from data provided under
34、 Licence by Dealogic.Dealogic retains and reserves all rights in such Licenced data.Only transactions with a minimum of$5 million money raised have been included.Transaction proceeds include the overallotment option(if exercised).The data excludes PIPOs and transactions on Over-The-Counter exchanges
35、.In case IPOs or FOs take place on two or more exchanges,the full amount of money raised is attributed to all exchanges.The same applies to countries and regions.This does not apply to two exchanges within the same country or two countries within the same region.Country indicates the companys countr
36、y of domicile.Industry classification is based on Dealogic classifications.Index performance is based on pricing data extracted from Capital IQ.Basis of preparation10PwC Global IPO Watch Q2 2023PwC|Global IPO Watch 2021Contacts11Stuart NewmanPwC Global IPO Centre Leader PwC UKMichael BellinIPO Servi
37、ces Leader-PwC USMichael WissonPartner,Capital Markets PwC UKShen JieA-Share Capital Market Leader,Capital MServices-PwC C Nadja PicardPwC Europe Capital Markets Leader PwC GEdmond ChanHong Kong Capital Market Leader,Capital Market Services-PwC Hong KStephan WyrobischPartner,Capital Markets PwC G Pw
38、C Global IPO Watch Q2 2023PwC|Global IPO Watch 202112 2023 PwC.All rights reserved.PwC refers to the PwC network and/or one or more of its member firms,each of which is a separate legal entity.Please see for further details.This content is for general information purposes only,and should not be used as a substitute for consultation with professional advisors.PwC Global IPO Watch Q2 2023