2016年第一季度全球科技企业上市回顾（2016年5月）.pdfVIP免费

www.pwc.com/globaltechipoGlobalTechnologyIPOReviewQ12016TechnologyInstituteAquarterlylookatglobaltrendsinthetechnologyIPOmarketMay2016GlobalTechnologyIPOReviewQ120161AweakQ1setsthetoneforalacklusterfirsthalfoftheyear*RamanChitkaraPartnerandGlobalTechnologyIndustryLeaderPricewaterhouseCoopersLLPraman.chitkara@us.pwc.comWelcometothefirstquarter2016issueofPwC’sGlobalTechnologyIPOReview.Asiamaintainedasteadycourseastheyearbegan,makingitthebrightspotinanotherwiseweakquarter.Sevenofthefirstquarter’stentechnologyIPOswereinAsia,onparwithAsia’seighttechIPOsinthefourthquarterandsixinthethirdquarterof2015.Inthefirstquarterof2016,ChinaledwiththreeIPOs.IndiahadtwolistingsontheBombayStockExchange—itsfirstIPOssincethesecondquarterof2013.TherewerealsotwolistingsinJapan.TheoverallglobaltechIPOmarketbegan2016byhittingitslowestpointinrecentyears.ThetenIPOsinthefirstquarterof2016garneredcumulativeproceedsofUS$769million.ThelasttimewereportedfewerthantentechIPOswasinthefourthquarterof2012wheneightIPOswereissued.However,theproceedsweremuchhigheratUS$1.3billion.Fearinglowervaluationsduetomarketvolatility,technologycompaniesonbothsidesoftheAtlanticshelvedtheirIPOplans.NeithertheUSnortheUKhadatechIPO.Since2010,wehavenothadaquarterwithoutaUSdomiciledtechIPOuntilnow.SeveralfactorscausedtheIPOmarkettoplummetfromitsperformanceinthefourthquarterof2015(22techIPOswithproceedsofUS$10.8billion):SlowdownintheChineseeconomy;Depressedcommodityprices,especiallywithoilatanhistoricallow;UncertaintyoverFedrates;andTheforthcomingreferendumintheUKonwhethertoremainintheEU.Assuggestedinour2015AnnualTechIPOreport,thetechIPOmarketwasnotlikelytocontinuelastyear’spaceinthisfirstquarter.Infact,thefirstquarter2016proceedswerethelowestofanyquartersincethefirstquarterof2010,withasequentialdropof93%andyear-on-yeardeclineof87%.ThenumberofIPOsissuedwasdown55%quarteronquarterand57%yearonyear.TheInternetSoftware&ServicessubsectorhasretainedtheleadinnumberofIPOsforthelastfiveconsecutivequarters—sincethefirs...