China records highest number of tech IPOs

Eighteen technology IPOs raised a total of US$5.8b in Q1.

China’s 12 technology IPOs in Q1 2017 represented the highest number of technology IPOs in any region during this period.

According to Wilson Chow, PwC China and Hong Kong TMT Leader, the number of China tech IPOs continues to grow as a result of the faster CSRC IPO approval process. “Though the deal size of these tech IPOs tends to be relatively small, these companies cover a wide range of subsectors, including Semiconductors and Internet Software & Services. We anticipate the number of Chinese tech IPOs will reach a historical high in 2017," Chow added.

According to statistics from CBinsights, China has the most private companies valued at more than US$1 billion outside the US – 46 in total – and is home to the top five most highly valued Unicorns outside the US.

Q1 2017 saw a flurry of activity in technology IPOs following a disappointing 2016. Both deal volume and deal value increased significantly during the first three months of 2017, as 18 technology IPOs raised a total of US$5.8 billion. This is a phenomenal 234% growth from quarter to quarter and 655% year-on-year growth in total proceeds, along with an 80% increase in the number of listings, sequentially and year-on-year

Asia-Pacific registered US$1.3 billion, representing 23% of global proceeds and 78% of global offerings. The US registered US$4.5 billion for the remaining 77% of global proceeds, led by the two Unicorn listings, and 22% of global offerings. The consistent and steady growth in Asia-Pacific reflects the region’s economic growth relative to the rest of the world.

“In this quarter, what is noticeable is the increasing participation of companies from mainland China. This is expected to grow further because of a backlog of companies waiting to be listed. The Chinese stock regulator CSRC is facilitating the IPO process for more companies with less intervention from the government. This has encouraged many Chinese companies to go public,” Chow added.

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