2016年-数据局_普华永道：2016年第一季度全球科技企业上市回顾_39页_1mb

Global Technology IPO Review Q1 2016 Summary

Core Content

The first quarter of 2016 marked a significant downturn in the global technology IPO market, with the lowest activity since the 2009 recession. The market saw only ten tech IPOs, raising a total of $769 million in proceeds, a 93% sequential decline and 87% year-over-year drop. This was the weakest quarter for tech IPOs since 2010, with the number of IPOs also declining by 55% compared to the previous quarter and 57% year-over-year.

The US and UK were notably absent from the tech IPO market, with no listings in either region. This was the first time since 2008-09 that neither country had a tech IPO. The absence of US tech IPOs was attributed to market volatility, uncertainty over interest rates, and the upcoming UK referendum on EU membership (Brexit). The US had not seen a quarter without a tech IPO since 2010, making this a historic event.

Asia, particularly China and India, remained a bright spot in the quarter. Seven of the ten tech IPOs were in Asia, with China leading with three IPOs and India and Japan each having two. The total proceeds from Asia were $511 million, accounting for 66% of the global total. The Chinese government eased monetary policies and introduced a registration-based IPO system to stimulate market activity.

Key Points

Global Trends

• Lowest activity since 2009: The tech IPO market saw its weakest performance since the 2009 recession.
• Fewer IPOs and lower proceeds: Only 10 tech IPOs were issued, with proceeds totaling $769 million.
• No US or UK tech IPOs: This was the first time since 2008-09 that both regions were absent.
• Uncertainty factors: Global macroeconomic challenges, including the slowdown in the Chinese economy, depressed oil prices, and Fed rate uncertainty, contributed to the weak market.

Asia's Performance

• Asia's dominance: 70% of the global tech IPOs were in Asia, with China, India, and Japan as the main contributors.
• China's leading role: Three IPOs in China raised $267 million, down from six in Q4 2015.
• India's resurgence: India had two IPOs, the first since Q2 2013, raising $133 million.
• Japan's contributions: Two IPOs in Japan raised $111 million.
• Market reforms: China introduced a registration-based IPO system, though its rollout was postponed.

Subsector Activity

• Internet Software & Services: Led with three IPOs and $280 million in proceeds.
• Semiconductors: Had two IPOs, with $125 million in proceeds.
• Software: Two IPOs, but the lowest average net income and revenue multiple.
• Communications Equipment: One IPO, but the highest net income and enterprise value (EV).
• Electronics and IT Consulting & Services: Each had one IPO with moderate proceeds.

Financial Metrics

• Average net income: $10 million for the quarter, with 78% of companies reporting positive net income.
• Net losses: Oneview Healthcare PLC reported the highest net loss of $11 million, while Infibeam Inc Ltd had a net loss of $1 million.
• Revenue multiples: Software had the highest at 15.2x, while Semiconductors had the lowest at 0.7x.
• EV/EBITDA multiples: Internet Software & Services led with 85.5x, followed by Communications Equipment at 24.7x.
• Average EV: Communications Equipment had the highest at $1 billion, followed by Internet Software & Services at $351 million.

Conclusion

Despite the weak performance in the US and UK, Asia continued to be a stable and active market for technology IPOs. The global tech IPO market is expected to recover in the latter half of 2016 and early 2017 as uncertainties are resolved and market conditions stabilize. Companies with mature operations and profitability are more likely to succeed in the IPO market as investors become more cautious and seek stability.