2016-05-30-普华永道-2016年第一季度全球科技企业上市回顾_39页_1mb

报告摘要

2016 Q1 PwC Global Technology IPO Review Summary

Overview

Record Low: Global technology IPO market experienced its lowest quarter since 2009, with total proceeds at $769 million, up from 22 IPOs in Q4 2015 but down 87% in value and 55% in number.
US & UK Absence: Neither the US nor UK had a technology IPO, marking the first time since 2010 without a US-listed tech IPO and the UK's lowest participation since Q4 2012.
Asia's Role: Asia served as the bright spot, with seven out of ten IPOs occurring in the region, led by China (3 IPOs). Proceeds totaled $511 million, reflecting regional resilience amid global volatility.

Key Macro-Economic Drivers

Global Uncertainty: High oil prices, slowed Chinese economy, Fed rate uncertainty, and Brexit referendum dampened investor confidence, deterring tech companies from IPOs.

Regional Analysis

North America: Facing sluggish demand, Silicon Valley companies delayed due to down rounds and Fed rate concerns.
China: Monetary easing, including reduced reserve requirements, supported the market. Proceeds fell from $1.1 billion (Q4 2015) to $267 million (down 75% YoY).
India & Japan: India issued two IPOs (Bombay Stock Exchange listings), while Japan saw two tech IPOs (Tokyo Stock Exchange) with proceeds of $111 million.
Europe: Hindered by Brexit concerns and Eurozone instability; Nordic exchanges recorded $258 million in proceeds from three IPOs.

Subsector Trends

Internet Software & Services: Led the quarter with $280 million in proceeds but declined 63% YoY in deals and 95% QoQ in average revenue.
Semiconductors: Recovered with two IPOs (up 50% YoY) despite overall macroeconomic headwinds, posting $17 million ETB.

Valuation & Debt

EV Revenues Multiple: Down to 2.6x (YoY decline), signaling reduced valuations.
Net Income Trends: Most firms reported positive net income ($4 million average), suggesting conditions improved for mature companies.

Takeaway

The global tech IPO cycle remains fragile, with many companies opting to wait or seek cross-border alternatives, while China and a few select semiconductor firms offered rare positives amid a moribund market poised for a potential recovery in 2016-17.

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