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贝克·麦肯西_跨境IPO指数2018(英文)2018.12_29页

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文本描述
KeyFindings
Concerns on protectionism and uncertainty lead to
slowdown
Global capital raised from IPOs increased 5%
despite a decline in activity levels in a year
dominated by megadeals and cross-border
listings into US and Hong Kong, according to
our research. The market continued to
experience geopolitical uncertainty and related
concerns around worldwide trade flows.
US President Trump's protectionist policies, the UK's
impending divorce from the European Union and market
volatility have contributed to the decline in the overall
volume of deals. While total capital raised increased by 5%
to USD 219.4 billion, the number of deals fell 17% to 1,448.
Domestic listings slide
That slide was replicated in the domestic IPO market, where
the volume dipped by 21% to 1,231 IPOs and value of listings
also declined by 11% to USD 158.2 billion, a result of market
volatility caused by political concerns and recent and
upcoming elections in the US, India and most of Latin
America.
The number of listings in Europe, Middle East & Africa
(EMEA), Asia Pacific, and Latin America were all down by an
average of 32%, while there was a more positive
performance in North America with a 25% increase in listings
recorded, although this did little to offset the overall global
decline.
Perhaps surprisingly, the US domestic IPO market was not
impacted by the mid-term elections and was the most
active of all domestic markets with a total of 200 listings
recorded at a value of USD 41.7 billion.
It was followed by India where 171 IPOs were recorded, a 6%
slide on last year, followed by Canada with 107 issues, up
43% year-on-year.
Cross-border flip
Providing a counter balance to relatively slack domestic
trade was an active cross-border IPO market, where capital
raising reached a 4-year high.
New listing regimes in Hong Kong, which make it easier for
companies to list and continued growth in Chinese-
domiciled companies listing in the US, has been behind
much of the increase. Young Chinese Biotech companies are
said to be heading to Nasdaq to list as a result of its new
and more flexible listing requirements.
As a result, our Global Cross-Border Index grew by 46% in
2018 to 23.8 due to a steady increase in the value and
volume of IPOs by Chinese issuers listing in Hong Kong,
Nasdaq and New York. A total of USD 62.0 billion was raised
for the year as a whole, a jump of 68% on 2017 and the
highest since 2014. Volume also increased by 19% to 221.
Increasing megadeals
There has been a steady increase in the number of
megadeals (raising over USD 1 billion) over the past 3 years,
from 22 in 2016, to 30 in 2017 and 35 in 2018 - with North
America showing the largest increase.
Hong Kong dominance continues
Hong Kong confirmed its position once again at the top of
the leader board of stock exchanges by value with USD 36.6
billion worth of capital raised, a jump of 124% on last year.
It was boosted by changes to its listing regime, which allows
for IPOs of Biotech companies that don’t yet have a track
record of profitability, and the listing of companies with
weighted voting right structures.
When it comes to volume, Nasdaq stole Hong Kong’s crown
as the most active exchange with a total of 190 IPOs, up
44% on the year, boosted by the growing number of tech
listings - particularly from China.
The London Stock Exchange (LSE) maintains a top ten
podium spot on the most active leader boards by both value
and volume despite the uncertainty surrounding Brexit,
although the amount of capital raised has fallen by 15% to
USD 10.9 billion.
It's been another year of strong geopolitical
headwinds - protectionism, Brexit and general
uncertainty caused by elections around the
world - all of which have done little to dampen
capital market activity amongst certain issuers.
In particular, we've seen an increase in cross-
border IPO value in 2018, largely as a result of
an increase in listings and capital raising by
Chinese companies tapping deep investor
pools in Hong Kong and the US. While
domestic listings were down slightly from
where we expected them to be, we expect an
uptick in 2019 as new governments settle and
certainty increases once more.
Koen Vanhaerents
Global Head of Capital Markets。