In Q1 2024, Chinese-funded enterprises completed a total of 51 IPOs across global markets (for A-shares, the online issuance date shall apply; for Hong Kong and US stock markets, the initial public offering date shall apply, the same below). By market segment, 23 Chinese enterprises completed IPOs on the A-share market, raising a total of RMB 22.368 billion; 12 companies completed IPOs on the Hong Kong stock market, raising a total of HK$4.73 billion; 30 enterprises completed IPOs on the US stock market, raising a total of US$7.8 billion. According to the data, the first two markets saw a significant year-on-year decline, while the latter market saw a notable year-on-year increase. Overview of Chinese-funded enterprises' US IPOs Number of Chinese-funded enterprises' US IPOs In Q1 2024, all overseas IPOs of Chinese-funded enterprises were completed on the US stock market, with all 11 companies listed on the NASDAQ. The number of overseas IPO enterprises decreased by 1 compared to the same period in 2023, and decreased by 1 compared to Q4 2023. Fundraising amount of Chinese-funded enterprises' US IPOs Chinese-funded enterprises raised a total of RMB 401 million through US IPOs, representing an 89.21% decline compared to the same period in 2023, and a 73.42% decline compared to Q4 2023. Industry distribution of Chinese-funded enterprises' US IPOs Judging from the industry distribution of Chinese-funded enterprises listed overseas, there are 4 industrial enterprises, 3 optional consumption enterprises and 3 information technology enterprises respectively. Industrial enterprises raised the most funds, with a total of RMB 162 million; optional consumption enterprises raised a total of RMB 157 million; information technology enterprises raised a total of RMB 82 million. Regional distribution of Chinese-funded enterprises' US IPOs Among Chinese-funded enterprises that conducted US IPOs, 5 are from Hong Kong, and 5 from other regions combined. In terms of fundraising, enterprises from Hong Kong raised a total of RMB 215 million, while enterprises from other regions raised a total of RMB 186 million. While China's major stock markets are mired in difficulties, the US stock market has continued to lead in the new year. The New York Stock Exchange (NYSE) ranked first globally, with IPO fundraising reaching US$4.5 billion, among which the US-based social media company Reddit raised US$860 million. The NASDAQ ranked second with US$3.63 billion in IPO fundraising. The National Stock Exchange of India ranked third with US$2.31 billion. Overview of the US IPO market in Q1 2024 In Q1 2024, the US IPO market continued to grow, with 30 IPOs raising a total of US$7.8 billion. Although the number of deals was flat compared to Q1 2023, thanks to the continued return of larger-scale offerings, proceeds more than doubled. 15 US IPOs raised US$100 million or more, the most for a single quarter since 2021, including two US$1 billion deals: Finnish sporting goods manufacturer Amer Sports and Kazakhstan fintech company Kaspi.kz. Activity started strong in January, with the biotechnology market remaining active, although a shift in the Federal Reserve's rate cut outlook sparked some hesitation after February's lull. A rebound in returns attracted some large issuers to list in March, marking the start of the 2024 tech IPO revival, with social media platform Reddit and chipmaker Astera Labs going public. Both deals performed well, and the overall IPO performance of the quarter was solid, mainly driven by deals exceeding US$100 million, with an average quoted return rate of 23%. After stumbling earlier, the Renaissance IPO Index rebounded, closing up 10%, slightly outperforming the S&P 500. Blank-check company proceeds fell to their lowest level in more than eight years, and merger news was low-key aside from some large listings and announcements. Looking ahead, improved returns and a backlog of pending deals still signal a clear rebound in IPOs from spring to summer. - 30 IPOs raised nearly $8 billion, three times the amount from the same period last year - IPOs performed well, with a 23% return rate mainly driven by large issuers - 15 IPOs raised over $100 million, led by the $1 billion deals from Amer Sports and Kaspi.kz - Reddit and Astera Labs kick off 2024 tech IPO revival - IPO index rebounded in the middle of the quarter, with a 10% return rate, slightly outperforming the S&P 500 - Improved returns and backlogged activity signal a spring IPO rebound © 2021 Meishun (Hong Kong) Management Consulting Co., Ltd. and Meishun (Hangzhou) Management Consulting Co., Ltd. All rights reserved. Meishun Meiyin (Hangzhou) Consulting Management Co., Ltd. is a domestic subsidiary of Hong Kong Meishun Management Consulting Co., Ltd. under the same ultimate beneficial owner. Both companies share the same ultimate beneficial owner and are managed under the same China-based management, and comply with the laws of Hong Kong and mainland China.