2017年Q4及全年全球科技行业IPO回顾（英文版）_62页_555kb

Global Technology IPO Summary 2017

Core Content

The global technology IPO market experienced a strong rebound in 2017 after a weak 2016, with 100 technology IPOs and a year-over-year increase in volume by 85% and proceeds by 168%. The resurgence was driven by the US and Asian markets, with the latter maintaining its leadership in terms of proceeds (US$11,408 million) and number of IPOs (65). Despite the US market's revival, it still lagged behind China in terms of the number of listings, although the US had higher proceeds. China's tech IPO market saw a significant increase in the number of listings (up 168% year-on-year) and proceeds (up 241% compared to 2016), with 51 IPOs raising US$7 billion.

The Internet Software & Services subsector remained the best-performing in terms of proceeds and volume, with major listings such as Snap Inc., Netmarble Games Corporation, and Delivery Hero AG. However, the sector's performance declined by 33% in volume and 14% in proceeds compared to 2016. The Electronic and Semiconductors subsectors also had their best years in the last six years.

In Q4 2017, the tech IPO market reached an all-time high with 33 IPOs and proceeds of US$7.9 billion, representing a 53% increase in proceeds compared to Q3 2017 and a 357% increase compared to Q4 2016. The top 10 tech IPOs in Q4 raised US$5.8 billion, contributing 73% to the total proceeds. Notable listings included China Literature Limited (US$1.1 billion), Qudian Inc (US$900 million), and Sea Limited (US$884.4 million).

Key Financials

• Full-year 2017: 100 technology IPOs, 85% increase in volume, 168% increase in proceeds.
• US Market: 50% increase in listings, 351% increase in proceeds, US$5,255 million in proceeds.
• China Market: 168% increase in listings, 241% increase in proceeds compared to 2016, US$7 billion in total proceeds.
• Q4 2017: 33 technology IPOs, 53% increase in proceeds compared to Q3 2017, 357% increase in proceeds compared to Q4 2016, US$7.9 billion in total proceeds.

Geographic Trends

Europe and the UK

• Europe (excluding the UK): Proceeds of US$4,328 million, best year in the region, with Landis+Gyr Group AG (US$2.4 billion) as the largest IPO.
• UK: Two tech IPOs in 2017, with Alfa Financial Software and Sumo Digital Ltd, but no major unicorns.
• Brexit uncertainty and market volatility affected the UK market, leading to delays in IPOs.
• The FCA introduced new rules for UK IPOs, effective July 1, 2018.

China

• China: Highest number of tech IPOs (51), leading in both listings and proceeds.
• Proceeds: US$7 billion, up 73% compared to 2015 and 241% compared to 2016.
• Notable IPOs: Qudian Inc (US$900 million), China Literature Limited (US$1.1 billion), Sogou Inc (US$658.4 million), and Sea Limited (US$884.4 million).
• The CSRC implemented review measures to improve IPO transparency and quality.

United States

• US Market: Rebounded in 2017 with 50% increase in listings and 351% increase in proceeds.
• Proceeds: US$5,255 million, with major IPOs such as Snap Inc (US$3.9 billion), MuleSoft Inc (US$221 million), and Cloudera Inc (US$258.8 million).
• Performance: Technology IPOs outperformed the S&P 500, with a focus on high-growth companies with clear paths to profitability.

Asia (excluding China)

• Proceeds: Increased with Netmarble Games Corporation (US$2.35 billion) as the highest in Q2 2017.
• South Korea: Six IPOs, with Netmarble as the largest.
• Japan: Four IPOs, with one notable listing.
• Singapore: One IPO, raising US$884 million.

Cross-Border Activity

• Cross-border IPOs: 12% of total IPOs in 2017.
• China-based companies: Five listed on US exchanges, with Qudian Inc raising the highest proceeds.
• US-based companies: Three listed on the Hong Kong, Australian, and London Stock Exchange AIM markets.

Subsector Distribution

• Internet Software & Services: Highest proceeds and volume, with major IPOs such as Snap Inc, Netmarble Games, and Delivery Hero AG.
• Semiconductors: Best year in the last six years, with notable listings like Landis+Gyr Group AG and X-FAB Silicon Foundries SE.
• Software: Strong performance with companies like Alteryx Inc, Appian Corporation, and MongoDB Inc.

Outlook

• 2018: Expected to build on the momentum of 2017, with strong economic indicators and improved market conditions.
• China: Likely to continue its leadership, with the Hong Kong stock exchange anticipated to see a historical high in tech IPOs due to new share structures and bio-tech initiatives.
• US: Expected to maintain a strong IPO market, with a focus on high-growth technology companies.

Summary

The 2017 global tech IPO market showed a strong recovery, with the US and Asian markets leading the way. China emerged as the top region in terms of number of listings, while the US dominated in terms of proceeds. The Internet Software & Services subsector was the most active, but the sector's performance declined compared to 2016. Q4 2017 saw an all-time high in IPO activity, with significant contributions from China and the US. Cross-border activity remained low, with more companies opting to list in their home countries. The outlook for 2018 is positive, with continued growth expected in the tech IPO market.