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According to the China Enterprises IPO Report Q3 2009 recently released by Zero2IPO
Group, a famous research, advisory and investment institution focusing on VC and PE
industries in Greater China Region, 46 Chinese enterprises went public on 13 overseas
markets and two domestic markets which Zero2IPO Research Center focuses on in
Q3’09, raising a combined US$20.71B, or US$450.25M on average. With the recovery of
the overseas market and the resumption of domestic IPOs, Q3 witnessed a surge in the
number of Chinese enterprises listed at home and abroad, with both the number of
listings and the amount raised therein reaching a relatively high level since 2008. To be
specific, the number of IPOs was only smaller than that of Q1’08, but was up by 18 year-
on-year and 35 quarter-on-quarter. The amount raised hit a new high since 2008,
increasing by 5.78 times from a year earlier and 7.82 times from a quarter ago. (See
Chart 1)
1
【News release】
In Q3’09, overseas markets kept warming up and IPOs moved on steadily in countries
around the world. Under this context, Chinese enterprises grow increasingly active in
getting listed overseas. Altogether 18 Chinese enterprises went public on three overseas
markets, collecting a total of US$6.60B. Year-on-year, the number of listings was up by
eight and the amount raised jumped 5.22 times; quarter-on-quarter, the number of IPOs
rose by seven and the amount raised surged 181.1%. (See Chart 2)
2
【News release】
By industry, Traditional sector continue to lead in both number of IPOs and amount
raised. A total of 13 Traditional enterprises went public in this quarter, raising a combined
US$4.36B, taking up 72.2% of the total number of IPOs and 66.0% of the total amount
raised. Quarter-on-quarter, the number of Traditional listings was up by six, and the
financing amount jumped 141.2%. The number of Broad IT debuts also registered a
conspicuous rise from Q2, with three IPOs collecting a total of US$1.11B – up by two and
3
【News release】
8.21 times respectively. Both Clean-tech and Services witnessed a decline in the number
of IPOs and financing amount. The number of Clean-tech debuts was down by one and
the financing amount decreased by 96.0%. Services had no Chinese debut in this
quarter. (See Chart 3)
In Q3’09, Along with a steady recovery in domestic economy and the launch of the
Growth Enterprise Market (GEM), great progress wad made in the IPO system reform,
domestic IPO market was restarted, and Chinese enterprises’ domestic IPOs moved on
in a orderly way. In this quarter, 28 enterprises got listed on two domestic capital markets,
garnering a US$14.11B in total, or US$503.98M on average. Thanks to issue of large-
cap stocks by China State Construction Engineering Corporation (CSCEC) and
Metallurgical Corp. of China Ltd. (MCC), the financing amount reached a quarterly record
in Q3’09 since 2008. Also in this quarter, ten more Chinese enterprises went public on
domestic markets than on overseas markets, and the financing amount on domestic
market was 2.14 times that on overseas market. (See Chart 3)
4
【News release】
In Q3, most of the domestically listed enterprises were small- and medium-sized. Except
for the four debuts on the Shanghai Stock Exchange, 24 of the 28 enterprises listed at
home went public on the Small and Medium Enterprise Board (SMEB) on the Shenzhen
Stock Exchange, raising US$2.12B in total, or US$88.39M on average. (See Table 4)
By industry, Traditional sector remained on the top in both the number of IPOs and
amount raised, with 13 Traditional debuts collecting US$11.32B, which accounted for
46.4% of the total IPOs and 80.2% of the total amount raised. Broad IT followed with six
listings. Bio/Healthcare, Services and Clean-tech respectively reported four, three and
two debuts. (See Table 5)
5
【News release】
With the steady recovery of overseas IPO market and the resumption of domestic IPOs,
there has been an apparent rise in the number of IPOs by VC/PE-backed Chinese
enterprises and the amount raised thereby. In Q3, altogether 14 VC/PE-backed Chinese
enterprises got listed overseas, collecting a total of US$1.85B. Both the number of IPOs
and financing amount reached record highs since 2008. On a year-on-year basis, the
number of VC/PE-backed enterprises was up by four and the financing amount rose
158.9%. On a quarter-on-quarter basis, the number of IPOs was up by nine and the
financing amount by 4.5%.
Among14 VC/PE-backed Chinese enterprises; four were listed on HKMB, and ten on
Shenzhen SMEB. The listings of these enterprises will allow 31 VC/PE investment funds
to exit their investment on the secondary market, providing an average rate of return on
investment of 4.06 times. To be specific, overseas listed enterprises provided investors
an average rate of return on investment of 3.97 times, and the figure for the domestically
listed ones stood at 4.13 times. (See Table 4 and Table 6)
6
【News release】
800.00 716.44
6
5
437.42 4
400.00
2
2
141.19
1
0.00 0
Q1'08 Q2'08 Q3'08 Q4‘08 Q1‘09 Q2‘09 Q3'09
Financing Am t. (US$M) No. of IPOs
Source:
Table Zero2IPO Res earch
6 VC/PE-backed Center
Chinese 2009.10 Domestic and Overseas
Enterprises’ www.zero2ipo.com .cn
IPOs in Q3’09
7
【News release】
)
Boyun New 2009-9-29 Shenzhen Clean-tech 42.69 Hunan Xiangtou High-
Material SMEB (New Materials) tech VC (VC), GZVC
(VC), Cowincapital
(VC)
Xinlong 2009-9-29 Shenzhen Traditional 38.95 Hefei Innovation
Electrical SMEB (Electronic Investment (VC)
Equipment)
Peak Sports 2009-9-29 HKMB Traditional 221.97 Sequoia Capital (VC)
(Clothing) 2
, ProIPO (PE), CCBI
(PE), SCGC(VC)3,
Legend Capital4
Source: Zero2IPO Research Center 2009.10 www.zero2ipo.com.cn
Note:Beginning from Q1’09, Zero2IPO Research Center has increased the number of
overseas markets it focuses on from 11 to 13, including NASDAQ, NYSE, LSEMB, AIM,
HKMB, HKGEM, SGX, Catalist, TSE, Mothers, KSM, KOSDAQ, FWB. LSEMB and
KSEMB are the newly included.
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About Zero2IPO Research Center
Statement on Republication:
The article is publicly released to media by Zero2IPO Group. Please identify the source
as "Zero2IPO China Enterprises IPOs Report Q3 2009". Any questions and suggestions
on data and research, please contact Ms. Leaf Zhang by phone or email:
Tel: +86 10 84580476
Email: research@zero2ipo.com.cn
1
Note: Sure Joyce Limited is a wholly-owned subsidiary of LC Fund III,L.P.
2
Sequoia Capital invested in Peak Sports via six funds: Sequoia Capital China I, L.P、Sequoia Capital China
Principals Fund I, L.P.、Sequoia Capital China Partners Fund I, L.P、Sequoia Capital China Growth Fund
I, L.P、Sequoia Capital China GF Principals Fund I, L.P、Sequoia Capital China Growth Partners Fund I,
L.P.
3
SCGC is a wholly-owned subsidiary of the Shenzhen Capital (Hong Kong) Company Limited, which is
controlled by Shenzhen Capital Group Co., Ltd.
4
Legend Capital invested in Peak Sports via LC Fund IV, L.P under its flag.
8
【News release】