Zhitong
2023.12.04 06:01
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Ryan Capital: In the first 11 months of this year, 59 newly listed companies in Hong Kong raised funds, with a YoY decrease of 57.7%.

In the first eleven months of 2023, there were a total of 59 newly listed companies in Hong Kong, raising HKD 37.189 billion. This is a decrease of 10 companies compared to the same period last year, with a YoY decrease of 57.7% in fundraising amount. Currently, there are 6 companies in the process of IPO and are expected to be listed in mid-December. It is anticipated that the number of listings on HKEX this year will exceed 70. As of November 30th, there are a total of 2,603 listed companies on HKEX, including 2,275 on the main board and 328 on the GEM board.

According to data from Ryan Capital, as reported by Zhitong App, there were a total of 59 newly listed companies in Hong Kong in the first eleven months of 2023, raising a total of HKD 37.189 billion. This represents a decrease of 10 companies compared to the same period last year, and a decrease of HKD 50.629 billion or 57.7% in fundraising amount. It is worth noting that there were two instances of zero IPO listings (in February and August), which is unprecedented in recent years. Currently, there are 6 companies in the process of listing, and if the market conditions improve in the last month, the number of listings on the Hong Kong Stock Exchange this year is expected to exceed 70.

1. Currently, there are a total of 2,603 listed companies in Hong Kong (as of November 30, 2023)

As of November 30, 2023, there are a total of 2,603 listed companies on the Hong Kong Stock Exchange, including 2,275 on the Main Board and 328 on the GEM.

The number of companies listed on the Main Board increased by 18 compared to the end of 2022, mainly due to the addition of 59 new listings in the first 11 months and the delisting of 41 companies (including 30 delistings due to delisting, 9 privatizations, and 2 voluntary delistings).

The number of companies listed on the GEM decreased by 12 compared to the end of 2022, mainly due to the delisting of 12 companies this year (including 8 delistings due to delisting, 1 privatization, and 3 transfers to the Main Board).

In addition, as of November 30, 2023, there are a total of 83 listed companies (64 on the Main Board and 19 on the GEM) that have been suspended for more than 3 months, accounting for 3.19% of the total number of listed companies (2,603).

2. Number of new listings (first eleven months of 2023)

In the first eleven months of 2023, there were a total of 59 newly listed companies in Hong Kong, all of which were listed on the Main Board. Among them, 54 companies were listed through IPO, 2 companies were listed through introduction, and 3 companies were listed through transfer from the GEM to the Main Board.

The number of new listings in the first eleven months of 2023 decreased by 10 compared to the same period in 2022, mainly due to a significant decrease of 15 companies in the months of July and August compared to the same period last year (21 listings in the same period in 2022).

3. IPO fundraising amount (first eleven months of 2023)

Note: Some of the fundraising amounts for projects have changed mainly due to the exercise of "greenshoe" agreements.

In the first eleven months of 2023, a total of 54 listed companies that went public through IPO raised a total of 37.189 billion yuan, a decrease of 50.629 billion yuan or 57.7% compared to the same period in 2022. The main reason is the decrease in the average fundraising size of IPOs. This year, there were no super large-scale IPOs with a fundraising amount of over 1 billion US dollars (3 companies in 2022), and the number of IPOs with a fundraising amount between 100 million US dollars and 1 billion US dollars decreased from 16 companies last year to 14 companies this year.

IV. Distribution of IPO Fundraising Amounts (First Eleven Months of 2023)

In terms of the number of IPOs, among the 54 listed companies (62 IPOs in the same period of 2022) that went public through IPO in the first eleven months of 2023:

  • 14 companies raised over 100 million US dollars;
  • 12 companies raised between 50 million and 100 million US dollars;
  • 16 companies raised between 20 million and 50 million US dollars;
  • 12 companies raised less than 20 million US dollars.

V. Oversubscription of IPOs (First Eleven Months of 2023)

\* Excluding SPAC listings, IPOs that only sell existing shares, and other situations.

In terms of oversubscription of IPOs, among the 54 listed companies (62 IPOs in the same period of 2022, including 4 SPACs and 1 sale of existing shares) that went public through IPO in the first eleven months of 2023, 47 companies were oversubscribed, accounting for 87.0%, and 7 companies were undersubscribed, accounting for 13.0%. 6. Submission of Listing Applications & Listing Hearing Results (First Eleven Months of 2023)

A total of 164 listing applications were submitted to the Hong Kong Stock Exchange in the first eleven months of 2023, including 161 on the Main Board and 3 on GEM. Among these 164 listing applications, 87 were first-time submissions, and 77 were resubmissions (submitted at least twice or more).

A total of 56 listing hearings were disclosed by the Hong Kong Stock Exchange in the first eleven months of 2023, including: 44 companies that have been listed in the first eleven months; 6 companies that have completed IPO and are about to be listed, namely K Cash Group (02483.HK), Shenghui Clean Energy (02521.HK), Guohong Hydrogen Energy (09663.HK), Dekang Agriculture and Animal Husbandry (02419.HK), Fujing China Holdings (02497.HK), and Yan Zhiwu (02521.HK); 4 companies that have passed the listing hearing, namely Pu'er Lancang Ancient Tea, Ruipulan Jun Energy, Ji Hai Resources, and Xirui Aircraft; 2 companies that have become invalid, namely Zhixing Automotive Technology and Guruiwat.

7. Delisting of 53 Companies (First Eleven Months of 2023)

A total of 53 listed companies were delisted from the Hong Kong Stock Exchange in the first eleven months of this year, including: 38 companies delisted due to the delisting rules of the Hong Kong Stock Exchange; 10 companies delisted due to privatization; 2 companies delisted voluntarily; and 3 companies transferred from GEM to the Main Board.

8. Industry Distribution of Newly Listed Companies (First Eleven Months of 2023)

9. Other Situations (First Eleven Months of 2023) There are 22 H-share listings;

6 biotech companies listed under Chapter 18A without profitability;

2 special technology companies without profitability that have submitted listing applications under Chapter 18C;

1 secondary listing of Chinese concept stocks;

0 SPAC listings, 1 De-SPAC application submitted.