Greater China-based firms raised $13.7b from public markets in Q1

Aerial view of a highway overpass at night in Shanghai, China. Photo: fazon1/Getty Images Pro

China- and Hong Kong-based companies raised a combined $13.7 billion through initial public offerings (IPOs) in the front-loaded first quarter of 2020, according to a new report by DealStreetAsia.

The report, Greater China IPO Review: Q1 2020, shows that IPOs completed in January and February benefitted from good momentum in 2019 and the groundwork laid before the Lunar New Year. March saw a drop-off in activity as the COVID-19 outbreak took a toll on public markets around the world.

The Main Board of the Shanghai Stock Exchange was the top destination for listings, with 10 IPOs raising a total of $5.7 billion during the quarter. Hong Kong’s Main Board, meanwhile, was the busiest trading platform, recording 30 new listings.

The mega 30.7 billion yuan ($4.4 billion) listing of Beijing-Shanghai High Speed Railway headlined the first quarter, while manufacturing companies in China and Hong Kong took the lead in tapping public markets.

Travel restrictions hampered due diligence and site visits in the first quarter, but as the pandemic situation improves and as deal-making adjusts to the new normal, IPO activity is likely to pick up in the second half of 2020.

The China Securities Regulatory Commission (CSRC) announced in April that it will double the number of people on its IPO approval committee, which could speed up time-to-market. CSRC data showed a backlog of 152 companies awaiting approval to list on the Shanghai Stock Exchange Main Board and 276 companies eyeing listings on the Shenzhen Stock Exchange’s SME and ChiNextboards as at May 14, 2020.

Access the Greater China IPO Review: Q1 2020 report for details on IPO activities by size, exchange and sectors. The report is only available to premium subscribers.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.