Hong Kong's IPO market reached $87.5b in H1 2020

This is a 22% increase from the same period in 2019.

The Hong Kong IPO market’s total funds raised in H1 2020 outperformed last year by 22% YoY with a total of 64 new listings in H1 2020 with total funds raised reaching $87.5b, according to PwC.

The market’s whole year total fundraisings is predicted to be between $230-260b with 180 expected IPOs including 165 on the main board. Biotech and other new economy enterprises are expected to be the main drivers for listing activities on HKEX over the next 6 months.

PwC notes that the market is very active and is on track to secure a top three global IPO fundraising position once again. It further estimates that there will be more than 10 successful biotech company listings on Hong Kong Stock Exchange (HKEX) this year.

This is said to be attributable to a stronger performance on the main board, which recorded 54 IPOs and $87.2b of total fundraising despite the number of companies decreasing by 21%. This is mainly due to the fact that two large-scale US listed Chinese companies with a total value of over $10b came to Hong Kong for secondary listing.

Meanwhile, there were only 5 new listings on the GEM board within the period, with total funds raised standing at around $300m, a 17% decrease in the number of GEM board IPOs and a 25% decrease in funds raised. Companies seeking IPO are mainly from retail, consumer goods and services industries, as well as industrial products.

PwC Hong Kong Entrepreneur Group Leader Benson Wong remains confident about the Hong Kong IPO market in H2 2020 as strong demand for IPO fund raising is expected to continue with the investment sentiment in the Hong Kong IPO market improving.

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