飞翔的荷兰人：亚洲的首次公开募股香港反弹，东盟落后

The Flying Dutchman Equity StrategyAsia IPOs in Asia:Hong Kongrebounds, ASEANtrails ◆After alongslowdown, IPOsare picking up in HK.MainlandChinese firms now raise more equity in HK thanat home ◆Indiawas the world’s largest IPO market in 2024 in volumeand secondin value,and is set foranotherstrong year ◆IPO activity has slowed across ASEAN, exceptin Malaysia.InSingaporethere are more de-listings than IPOs Hong Kongbounces back.After years of subdued activity,theIPO marketin HongKonghaspickedupthis year,reflecting theturnaround intheequity market.Year-to-date,the amount raised bycompaniesismore thandouble the total inthe sameperiod in 2024, andthe pipeline forthecoming months is thebusiestin three years.Atthe currentrun rate, we estimatefunds raised byIPOswill totalUSD17bnthisyear, more than the amount raisedineach ofthepastthreeyears. Herald van der Linde*, CFAHead of Equity Strategy, Asia PacificThe Hongkong and Shanghai Banking Corporation Limitedheraldvanderlinde@hsbc.com.hk+852 2996 6575 Prerna Garg*Associate, Equity StrategyThe Hongkong and Shanghai Banking Corporation Limitedprerna.garg@hsbc.com.hk+852 9831 6901 Dearthof large listings.Primaryactivityin mainland Chinasoftenedaftertheimplementation ofthenew capital marketpolicieslast year.However,in 2024mainland ChinaIPOs generatedstellar returns.Interestingly,Chinesefirms raisedmore moneyin Hong Kongin 2024 thanon mainland exchanges. Thiscould continuein 2025.Taiwan has not seenanylarge IPOsin over a decade,butthe pace ofsmalllistings has accelerated this year.Small IPOs in Korea arealsocommon,but largelistingsareabsent. Adam Qi*Associate, Equity StrategyThe Hongkong and Shanghai Banking Corporation Limitedadam.x.l.qi@hsbc.com.hk+852 2288 9311 IPO boom in India.India dominatedtheIPO space in 2024, with 338 deals totallingUSD21bn,No.1in deal volume andNo.2in capital raisedglobally.Most of theseIPOs delivered strong returns.Although more listings improve the overall depth of themarket,theincrease in supply last year squeezed some liquidity out of the secondarymarket(seeThe Flying Dutchman-India: What can go wrong? (2),4 March 2025).IPO activity this year remains steady,albeit abitweaker thanin2024. * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and isnot registered/ qualified pursuant to FINRA regulations ASEANneeds moreofferings.ASEAN-5hadmoreIPOs than Indiaintheyearsprior to thepandemic, butthe pace hasslowed considerably.IPO proceeds in 2024fell to the lowest level since 2010, with just one largelisting in the region. IPOfundraisinghas beenmuted in Indonesia,andSingapore continues to see more de-listings thannewlistings. One notable exception isMalaysia,where momentumhasimproved and is likely to remain robust in 2025. HSBC Taiwan Conference 2025 19 - 20 May 2025 | Grand Hyatt Taipei Register Issuer of report:The Hongkong and ShanghaiBankingCorporation Limited View HSBC Global Research at:https://www.research.hsbc.com 2.But 2024IPOsdid well. That year, IPOsenjoyedmassive listing gains, especiallyin mainland China and India 3.Companies gave away a large part ofthese gains post the listing day,but theycontinued totrade above theissuepriceinmost markets,even after a monthof listing 6.This changed in the post-pandemicyears.Mainland China gained prominence 7. Chinesecompanies accountedforc90%offundsraised through IPOson HKEX inrecent years. This includesthe“home-coming” ofChinese ADRsvia primarylisting in Hong Kong 15.The Hong KongIPO pipelineisstrongfor thecoming months, thestrongestsince 2022 17.IndiadominatedtheIPO space in 2024,with 338 deals(an average of more than 1IPO every day)totallingUSD21bn,No.1indealvolume andNo.2in capital raisedglobally 18.In 2025,IndiaIPOactivity remainsstrong, albeitoverall activityhasdeclinedfrom 2024 20.InTaiwan, all IPOs areunderUSD300m.There has not been alargeIPOin a decade.But the pace ofsmallIPOs isstrongso farthis year 23.After a few years of large IPOs inIndonesia, they have been absent in thismarket since last year 24.Primary activity strengthened inMalaysia last year, with 50 IPOs (yet only 1firm raised more than USD300m);7 withissue size of USD420mare in pipeline innext month Disclosure appendix Analyst Certification The following analyst(s), economist(s), or strategist(s) who is(are) primarily responsible for this report, including any analyst(s)whose name(s)appear(s) as author of an individual section or sections of the report and any analyst(s) named as the coveringanalyst(s) of a subsidiary company in a sum-of-the-parts valuation certifies(y) that the opinion(s) on the subject security(ies) orissuer(s), any views or forecasts expressed in the section(s) of which such individual(s) is(are) named as author(s), and any otherviews or forecasts expressed herein, including any views expressed on the back page of the research report, accurately reflecttheir personal view(s) and that no part of their compensation was, is or will be directly or indirectly related to the