CROSS-BORDER IPO INDEX: ˚˘ 2019
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No. of issues Capital raised CROSS-BORDER IPO INDEX: GL OBAL 2019 TOP CROSS-BORDER IPOs 2019 TOP CROSS-BORDER SECTORS 2019 Methodology: Baker McKenzie’s Cross-Border IPO Index is a composite measurement of the strength of cross-border IPO activity relative to overall IPO activity. The index calculation is based on an analysis of several IPO data elements, including capital raised, deal volume, stock exchanges involved and issuer home jurisdictions. All data underlying calculation of the index are sourced through Refinitiv. Correct as of 27 November 2019. KEY GLOBAL DATA POINTS 197 CROSS-BORDER IPOs “It has been an interesting year for the global capital markets as unexpected issues, both in the market and politically, have significantly impacted upon activity and investor sentiment. While we entered 2019 on an optimistic note, underperformance of a number of larger listings coupled with heightened political issues saw a more muted end to the year than anticipated. Despite these macro-environment factors, we saw some of the largest IPOs of all time, with issuers braving the elements to go public and raise capital ahead of what is expected to be a downturn in the global markets in 2020.” Koen Vanhaerents Global Chair, Capital Markets TOP EXCHANGES FOR CROSS-BORDER IPOS USD 7.1 BILLION USD 5.1 BILLION $26,403 $1,974 $5,414 $1,865 $1,577 Proceeds in USD Million 102 51 8 11 4 Number of Issues Hong Kong (HKEx and HK GEM) Nasdaq New York Stock Exchange London (Mainboard and AIM) Nasdaq OMX Nordic Exchanges Hong Kong (HKEx and HK GEM) Nasdaq New York Stock Exchange Australian Securities Exchange (ASX) Singapore Exchange (including Catalist) Financials 14 ISSUES 26 ISSUES 26 ISSUES USD 14.9 BILLION CAPITAL RAISED BY CROSS-BORDER IPOs USD 40.9 BILLION Alibaba Group Holding Ltd Huatai Securities Co Ltd TRATON SE Shenwan Hongyuan Group Co Ltd Hansoh Pharm Grp Co Ltd 11,247 1,692 1,577 1,159 1,153 China - HKSE China - LSE Germany – OMX Stock China - HKSE China - HKSE Issuer Capital Raised (USD million) Home Jurisdiction and Exchange Cross-Border IPO Index Score 0 5 10 15 20 25 30 19.5 23.8 16.3 17.4 17.4 24.2 4% CHANGE IN CAPITAL RAISED DOMESTIC IPOs - 35% CHANGE IN CAPITAL RAISED CROSS-BORDER IPOs 2019 2018 2017 2016 2015 2014 Healthcare Retail
Transcript of CROSS-BORDER IPO INDEX: ˚˘ 2019
No. of issues Capital raised
CROSS-BORDER IPO INDEX: GLOBAL 2019
TOP CROSS-BORDER IPOs 2019 TOP CROSS-BORDER SECTORS 2019
Methodology: Baker McKenzie’s Cross-Border IPO Index is a composite measurement of the strength of cross-border IPO activity relative to overall IPO activity. The index calculation is based on an analysis of several IPO data elements, including capital raised, deal volume, stock exchanges involved and issuer home jurisdictions. All data underlying calculation of the index are sourced through Refinitiv. Correct as of 27 November 2019.
KEY GLOBAL DATA POINTS
197CROSS-BORDER
IPOs
“It has been an interesting year for the global capital markets as unexpected issues, both in the market and politically, have significantly impacted upon activity and investor sentiment.
While we entered 2019 on an optimistic note, underperformance of a number of larger listings coupled with heightened political issues saw a more muted end to the year than anticipated.
Despite these macro-environment factors, we saw some of the largest IPOs of all time, with issuers braving the elements togo public and raise capital ahead of what is expected to bea downturn in the global markets in 2020.”
Koen VanhaerentsGlobal Chair, Capital Markets
TOP EXCHANGES FOR CROSS-BORDER IPOS
USD 7.1BILLION
USD 5.1BILLION
$26,403
$1,974
$5,414
$1,865$1,577
Proceeds inUSD Million
102
51
811
4
Numberof Issues
Hong Kong (HKEx and HK GEM)
Nasdaq
New York Stock Exchange
London (Mainboard and AIM)
Nasdaq OMX Nordic Exchanges
Hong Kong (HKEx and HK GEM)
Nasdaq
New York Stock Exchange
Australian Securities Exchange (ASX)
Singapore Exchange (including Catalist)
Financials
14 ISSUES 26 ISSUES 26 ISSUES
USD 14.9BILLION
CAPITAL RAISED BYCROSS-BORDER IPOs
USD 40.9BILLION
Alibaba Group Holding Ltd
Huatai Securities Co Ltd
TRATON SE
Shenwan Hongyuan Group Co Ltd
Hansoh Pharm Grp Co Ltd
11,247
1,692
1,577
1,159
1,153
China - HKSE
China - LSE
Germany – OMX Stock
China - HKSE
China - HKSE
Issuer Capital Raised(USD million)
Home Jurisdictionand Exchange
Cross-Border IPO Index Score
0 5 10 15 20 25 30
19.5
23.8
16.3
17.4
17.4
24.2
4%CHANGE IN
CAPITAL RAISED DOMESTIC
IPOs
- 35%CHANGE IN
CAPITAL RAISED CROSS-BORDER
IPOs
2019
2018
2017
2016
2015
2014
HealthcareRetail
TOP CROSS-BORDER IPOs 2019 TOP CROSS-BORDER SECTORS 2019
Methodology: Baker McKenzie’s Cross-Border IPO Index is a composite measurement of the strength of cross-border IPO activity relative to overall IPO activity. The index calculation is based on an analysis of several IPO data elements, including capital raised, deal volume, stock exchanges involved and issuer home jurisdictions. All data underlying calculation of the index are sourced through Refinitiv. Correct as of 27 November 2019.
CROSS-BORDER IPO INDEX: ASIA PACIFIC 2019
KEY ASIA PACIFIC DATA POINTS
- 25%CHANGE IN
CAPITAL RAISED CROSS-BORDER
IPOs
- 13%CHANGE IN
CAPITAL RAISED DOMESTIC
IPOs
120CROSS-BORDER
IPOs
“Uncertainty will always influence the markets, with few major financial centers escaping unscathed this year. While the disturbances in Hong Kong did hamper activity to a degree, performance remained relatively stable – as the infrastructure and investor base was still reliably there for issuers. Alibaba is a good example of this.
Going forward, we are set to see the ‘battle of the exchanges’ heat up, with recent regulation changes throughout the wider Asia Pacific region, coupled with the launch of the STAR market already luring listings away from, or at least providing more options in addition to, traditional venues such as Nasdaq and NYSE.”
Ivy WongBaker McKenzie’s Head of Asia Pacific Capital Markets
TOP EXCHANGES FOR CROSS-BORDER IPOs
USD 3.8BILLION
USD 2.9BILLION
$919
$26,403
$149$25
Proceeds inUSD Million
102
84 1
Numberof Issues
Hong Kong (HKEx and HK GEM)
Australian Securities Exchange (ASX)
Korea Exchange (KRX) (including KOSDAQ)
Singapore Exchange (including Catalist)
Hong Kong (HKEx and HK GEM)
Australian Securities Exchange (ASX)
Singapore Exchange (including Catalist)
Korea Exchange (KRX) (including KOSDAQ)
Retail FinancialsHealthcare
9 ISSUES 13 ISSUES 8 ISSUES
USD 12.5BILLION
CAPITAL RAISED BYCROSS-BORDER IPOs
USD 27.8BILLION
Alibaba Group Holding Ltd
Shenwan Hongyuan Group Co Ltd
Hansoh Pharm Grp Co Ltd
Topsports Intl Hldg Ltd
China Feihe Ltd
11,247
1,159
1,153
1,008
856
China - HKEx
China - HKEx
China - HKEx
China - HKEx
China - HKEx
Issuer Capital Raised(USD million)
Home Jurisdictionand Exchange
Cross-Border IPO Index Score
0 5 10 15 20 25 30
2019
2018
2017
2016
2015
2014
24.5
26.3
14.8
20.1
23.2
23.5
CROSS-BORDER IPO INDEX: NORTH AMERICA 2019
TOP CROSS-BORDER IPOs 2019 TOP CROSS-BORDER SECTORS 2019
Methodology: Baker McKenzie’s Cross-Border IPO Index is a composite measurement of the strength of cross-border IPO activity relative to overall IPO activity. The index calculation is based on an analysis of several IPO data elements, including capital raised, deal volume, stock exchanges involved and issuer home jurisdictions. All data underlying calculation of the index are sourced through Refinitiv. Correct as of 27 November 2019.
KEY NORTH AMERICA DATA POINTS
- 58%CHANGE IN
CAPITAL RAISED CROSS-BORDER
IPOs
31%CHANGE IN
CAPITAL RAISED DOMESTIC
IPOs
67CROSS-BORDER
IPOs
"We started the year with high expectations for a number of planned tech unicorn IPOs with possible record valuations. While a number of these unicorns completed their IPOs, several have seen significant price declines due to investor concern with their business models or path and timing to future profitability. As a result, we have seen a number of companies delay their IPOs in order to streamline and focus their operations, reduce costs and attempt to forge a path to profitability.
Despite this, domestic capital raising in North America hit its highest level since 2014 and we expect to see the region continue to buck the global trend well into Q1 2020 as issuers look to list ahead of the 2020 elections.”
Chris BartoliNorth America Chair, Capital Markets
TOP EXCHANGES FOR CROSS-BORDER IPOs
USD 1.9BILLION
USD 1.3BILLION
$1,974$5,414
$938
$54
Proceeds inUSD Million
51
11
3 2
Numberof Issues
Nasdaq
New York Stock Exchange
Toronto (including TSXV and NEX Board)
Canadian Securities Exchange
Nasdaq
New York Stock Exchange
Toronto (including TSXV and NEX Board)
Canadian Securities Exchange
High TechnologyConsumer Products
& Services
16 ISSUES 10 ISSUES 12 ISSUES
USD 2.5BILLION
CAPITAL RAISED BYCROSS-BORDER IPOs
USD 8.4BILLION
Douyu International Holdings
Luckin Coffee Inc
Genmab A/S
Subversive Capital Acq Corp
Intercorp Finl Svcs Inc
775
645
582
575
469
China - Nasdaq
China - Nasdaq
Denmark - Nasdaq
US – NEX Board
Peru - NYSE
Issuer Capital Raised(USD million)
Home Jurisdictionand Exchange
Cross-Border IPO Index Score
0 5 10 15 20 25 30 35
20.2
28.6
22.2
24.9
17.0
31.8
2019
2018
2017
2016
2015
2014
Financials
CROSS-BORDER IPO INDEX: EMEA 2019
TOP CROSS-BORDER IPOs 2019 TOP CROSS-BORDER SECTORS 2019
Methodology: Baker McKenzie’s Cross-Border IPO Index is a composite measurement of the strength of cross-border IPO activity relative to overall IPO activity. The index calculation is based on an analysis of several IPO data elements, including capital raised, deal volume, stock exchanges involved and issuer home jurisdictions. All data underlying calculation of the index are sourced through Refinitiv. Correct as of 27 November 2019.
KEY EMEA DATA POINTS
10CROSS-BORDER
IPOs
“While Brexit continued to pummel cross-border activity in the region, there were pockets of success among domestic activity − with a number of exchanges including London, Riyadh, Frankfurt and Italy playing host to billion dollar listings.
We are finally set to see the debut offering from Aramco, which is expected to rocket the Tadawul to the top of the board.
It's been a real rollercoaster for the EMEA markets of late, but we can expect to see big things in 2021, as ongoing political and economic issues are finally put to bed, releasing pent-up demand.”
Adam Farlow EMEA Chair, Capital Markets
TOP EXCHANGES FOR CROSS-BORDER IPOs
USD 1.6BILLION
USD 687MILLION
$1,865
$1,577
$687
$259$302
Proceeds inUSD Million
4
2
1
1
1
Numberof Issues
London (Mainboard and AIM)
Nasdaq OMX Nordic Exchanges
Nigerian Stock Exchange
Euronext
Frankfurt Stock Exchange (Mainboard and Xetra)
London (Mainboard and AIM)
Frankfurt Stock Exchange (Mainboard and Xetra)
Nigerian Stock Exchange
Nasdaq OMX Nordic Exchanges
Euronext
2 ISSUES 1 ISSUE 1 ISSUE
USD 1.7BILLION
CAPITAL RAISED BYCROSS-BORDER IPOs
USD 4.7BILLION
Cross-Border IPO Index Score
0 5 10 15 20
10.8
16.9
18.2
9.0
11.6
19.9
- 27%CHANGE IN
CAPITAL RAISED CROSS-BORDER
IPOs
9%CHANGE IN
CAPITAL RAISED DOMESTIC
IPOs
2019
2018
2017
2016
2015
2014
Huatai Securities Co Ltd
TRATON SE
Airtel Africa PLC
Marel HF
Global Fashion Group SA
1,692
1,577
687
417
205
China - LSE
Germany - OMX Stock
UK - Nigeria
Iceland - EuronextAM
Luxembourg - Frankfurt
Issuer Capital Raised(USD million)
Home Jurisdictionand Exchange
Financials Retail Telecommunications
GLOBAL BIOTECH AND PHARMA IPOs 2019
TOP BIOTECH AND PHARMA IPOs 2019
ISSUER
CAPITAL RAISED USD
HOME JURISDICTION & EXCHANGE
US
0.6BILLION
DENMARK
GENMAB A/S
NASDAQ
KEY GLOBAL BIOTECH AND PHARMA DATA POINTS
- 17%CHANGE IN
CAPITAL RAISED IPOs
USD 10.1BILLION
CAPITAL RAISEDBY IPOs
89 IPOs
“Despite the higher risks that come with investing in what are usually pre-profit companies, venture capitalists have long played a significant role in biotech start-ups - with the promise of richer rewards driving investor sentiment.
A rather new trend we are seeing in this space is venture lending, where VCs and VC divisions of Big Pharma are lending funds to smaller biotech and healthtech companies instead of acquiring equity. This should go a long way in buoying these types of companies as we look set to enter a more volatile 2020 market.”
Ben McLaughlinHead of Global Healthcare
TOP EXCHANGES FOR BIOTECH AND PHARMA IPOs
2%CHANGE IN
CAPITAL RAISED CROSS-BORDER
IPOs
NASDAQ
Hong Kong (HKEx and HK GEM)
Shanghai Stock Exchange
Shenzhen Stock Exchange (including ChiNext and SME)
Korea Exchange (KRX) (including KOSDAQ)
NASDAQ
Hong Kong (HKEx and HK GEM)
Korea Exchange (KRX)(including KOSDAQ)
Shanghai Stock Exchange
Canadian Securities Exchange / Shenzhen Stock Exchange (including ChiNext and SME)
$210
$4,569$3,323
$1,115
$410
39
10
3
9
8
Methodology: Baker McKenzie’s Cross-Border IPO Index is a composite measurement of the strength of cross-border IPO activity relative to overall IPO activity. The index calculation is based on an analysis of several IPO data elements, including capital raised, deal volume, stock exchanges involved and issuer home jurisdictions. All data underlying calculation of the index are sourced through Refinitiv. Correct as of 27 November 2019.
Proceeds inUSD Million
Numberof Issues
No. of issues Capital raised (USD million)
No o
f iss
ues
0
20
40
60
80
100
120
140
2015 2016 2017 2018 20190
2000
4000
6000
8000
10000
12000
14000
119 106 8972 115
Capital raised (USD million)
9,5668,670
10,502
12,070
10,072
1.2 BILLION
HANSOH PHARM GRP CO LTD
HKEx
0.6BILLION
PHARMARONBEIJING CO LTD
CHINA HKEx
SHANGHAIHENLIUS BIOTECH INC
0.4BILLION
CHINA HKEx
BRIDGEBIO PHARMA INC
0.4BILLION
US NASDAQCHINA
