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Top 6 Hong Kong and mainland China IPOs to watch out for in 2023, as cities vie for pole position in global fundraising
- Ant Group, ByteDance, Syngenta, Amer Sports, FWD Group and Didi Global among the blockbuster IPOs investors can look forward to this year
- More than 100 new listings are expected to raise around HK$200 billion (US$25.6 billion) this year, according to PwC
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Zhang Shidongin Shanghai
A turbulent initial public offering (IPO) market in Hong Kong saw the city cling to third place in the global fundraising stakes in 2022, losing out to arch-rivals Shanghai and Shenzhen, according to Refinitiv data.
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China’s worsening growth outlook, compounded by its zero-Covid approach, and the run of jumbo interest-rate increases by the Federal Reserve were among the major factors that dented investors’ appetite for new shares.
Such waning demand led to either smaller stock sales or poor IPO performances. This was borne out by the fact that last year’s biggest IPO was China Tourism Group Duty Free’s HK$18.4 billion yuan (US$2.4 billion) listing, significantly smaller than Kuaishou Technology’s HK$48.3 billion, the top deal a year earlier.
With China dismantling its harsh Covid restrictions and the Fed’s pivot to a dovish stance on interest-rate increases, analysts expect IPO activity to pick up. PwC expects 100 new listings in Hong Kong in 2023 and the total amount of fundraising to almost double to HK$200 billion, which could vault the city back to the top of IPO charts.
Here are six highly anticipated IPOs to watch out for this year in Hong Kong and mainland China:
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