2011年-普华永道全球_Capital_markets_in_2025_The_future_of_equity_capital_markets_15页_1mb

Summary: Capital Markets in 2025 - The Future of Equity Capital Markets

Core Content

This report by PwC's IPO Centre explores the evolving landscape of global equity capital markets, focusing on the increasing influence of emerging markets in the context of IPO activity. It highlights the shift in capital market dynamics and the implications for both emerging and developed market exchanges and companies.

Main Points

• Global Growth Shifts East: Economic growth is increasingly concentrated in emerging economies, especially in Asia. This shift is expected to have a significant impact on the global IPO landscape, with more companies from the East seeking to list on stock exchanges in their own or other emerging markets rather than in developed ones.

• Emerging Market Exchanges Are Gaining Ground: While traditional financial hubs like New York, London, and Hong Kong remain important, emerging markets are becoming more competitive. The report suggests that by 2025, more than half of the respondents believe that Shanghai will be the most attractive venue for foreign listings, despite not yet allowing them.

• IPO Activity Is Increasing in Emerging Markets: The share of global IPO volume from emerging markets has grown substantially over the years, from less than 25% in 2004 to 67% by the end of 2010. This trend is expected to continue, with emerging markets accounting for 55% of global IPO volumes in the year to date.

• Companies from Developed Markets Are Also Looking East: A growing number of developed market companies are considering listing in emerging markets, particularly in Asia, to tap into the region's expanding wealth and investor base. This trend is expected to continue, with 51% of respondents agreeing that developed market companies will prefer emerging markets for their IPOs by 2025.

• Regional Integration and Hubs: Emerging markets are forming regional hubs and partnerships, such as the Integrated Latin American Market (MILA), to enhance liquidity and attract more listings. Exchanges in Asia, like the Singapore Exchange (SGX), are positioning themselves as gateways to the region, aiming to attract foreign listings and serve as a bridge to Asian investors.

• Key Concerns for Emerging Markets: Despite the growth, emerging markets still face challenges, including political uncertainty and an unstable legal and regulatory environment. These factors are seen as potential roadblocks to their rise as major listing venues.

Key Findings

• IPO Origins and Capital Raised:

  • China is expected to be the main source of new issuers and the largest capital raiser by 2025, with 78% and 80% of respondents respectively.
  • India is second in terms of new issuers (59%) but third in capital raised (39%).
  • United States remains a strong contender for developed market companies, with 53% of respondents expecting it to be the main source of new issuers and 57% for capital raised.

• Preferred Listing Venues:

  • Shanghai is expected to become the most popular venue for foreign listings, with 55% of respondents indicating this.
  • Hong Kong and London remain top choices for developed market companies, with 27% and 39% respectively.
  • Indian Exchanges are also gaining traction, with 38% of respondents expecting them to be important listing destinations.

• Survey Insights:

  • 74% of respondents believe that emerging market companies will prefer other emerging markets over developed ones for secondary listings.
  • 51% of respondents expect developed market companies to look to emerging markets for their IPOs.
  • 27% of respondents believe that New York will still be a major listing venue, while 29% cite political uncertainty as a key risk to the rise of emerging markets.

Challenges for Emerging Markets

• Political and Legal Uncertainty: These are the primary concerns for companies considering emerging market listings. A stable regulatory environment is seen as essential for the continued growth of emerging market exchanges.
• Liquidity and Market Maturity: While emerging exchanges are becoming more sophisticated, they still lag behind developed markets in terms of liquidity and depth. However, the report notes that this is changing, and many emerging exchanges are working to improve these aspects.

Conclusion

The global IPO landscape is shifting significantly towards emerging markets, driven by their economic growth and increasing financial sophistication. While challenges such as regulatory and political uncertainty remain, the potential for growth is substantial. Developed market exchanges must adapt to retain their relevance, while emerging markets continue to evolve as viable and attractive listing venues.