Shanghai took first place internationally in terms of the collective value of the initial public offerings (IPO) it hosted in the first quarter of the year.
IPO’s raised USD$7.27 billion via the Shanghai Stock Exchange in the first three months of the year, of which the recently launched Science and Technology Innovation board (STAR) accounted for $3.68 billion.
Beijing-Shanghai High Speed Railway also made a major contribution to Shanghai’s fund-raising in the first quarter, with a 30.7 billion (approx. USD$4.5 billion) IPO.
New York came in second in term of IPO proceeds in the first quarter, raising $5.2 billion, while Hong Kong took sixth place with $1.8 billion in funds, for a YoY decline of 36%.
Hong Kong nonetheless came first in terms of the number of its IPO’s at 35 in total, for a 13% increased compared to the same period last year. Mainland Chinese concerns accounted for 86.4% of IPO proceeds during the period.
Hong Kong is expected to surge in IPO proceeds later this year, with the potential IPO’s of Tencent-backed WeDoctor, JD Logistics, China Bohai Bank and detergent maker Blue Moon.
The Hong Kong mainboard was the biggest IPO fund-raiser in 2019, with 144 issues worth around $40 billion. Nasdaq came in second, with 133 issues worth $27.5, while the Shanghai Stock Exchange and Shanghai Star Market took 5th and 6th place respectively, with 50 IPO’s that raised $13.3 billion, and 71 IPO’s that raised $9.5 billion.
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