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For this insight, we used data from the prospectus, company filings and market data to analyse 52 IPOs in Hong Kong that took place in 2019 and raised at least USD 100 m. We looked at the sponsors of the deal country and GICS level IPO performance. Some of our findings include:
- International banks continued to outperform Chinese banks in terms of deal performance. Deals involving international banks as sponsors returned 8.8% on average in one week since listing vs the 4.3% average return of Chinese banks sponsored deals.
- MS and CLSA stand out from other international banks in terms of deal performance.
- Amongst Chinese brokers, CICC stands out in terms of deals sponsored but the deal performance has been poor compared to international brokers.
- Thanks to the change of listing rules by the Hong Kong Stock Exchange, Health Care became the most active sector with 14 listings of a deal size more than USD 100 million. Health Care is also the best performing sector for IPO investors.
2019 Hong Kong IPO Analytics - Highlight of brokers’ and sectors’ performance
Since the inception of our IPO research in 2015, the Aequitas Research team has covered over 452 IPOs, which raised over US$100m each, across the Asia Pacific (excluding Korea and China A-shares) and the US (Asia linked listings).For this insight, we used data from the prospectus, company filings and market data to analyse 52 IPOs in Hong Kong that took place in 2019 and raised at least USD 100 m. We looked at the sponsors of the deal country and GICS level IPO performance. Some of our findings include:
- International banks continued to outperform Chinese banks in terms of deal performance. Deals involving international banks as sponsors returned 8.8% on average in one week since listing vs the 4.3% average return of Chinese banks sponsored deals.
- MS and CLSA stand out from other international banks in terms of deal performance.
- Amongst Chinese brokers, CICC stands out in terms of deals sponsored but the deal performance has been poor compared to international brokers.
- Thanks to the change of listing rules by the Hong Kong Stock Exchange, Health Care became the most active sector with 14 listings of a deal size more than USD 100 million. Health Care is also the best performing sector for IPO investors.
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Ke Yan
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