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According to Statistics of Zero2IPO Research Center, 34 Chinese companies completed IPOs at home or abroad in June of 2010, raising US$5.03B in total or US$148.00M on average. Compared with last month, the number of IPOs increased by one in June, up 3.0% quarter-on-quarter, but financing amount reduced by 8.0%. 28 of 34 IPOs in the domestic capital market raised US$4.42B in total or US$158.00M on average; six enterprises chose to seek IPOs abroad with a total of US$619.00M raised or per enterprises US$103.00M.
Table 1 Distribution of Chinese Enterprise’ IPOs in June 2010 by Market
|
Listing Market
|
Financing Amt.
(US$ M)
|
No. of IPOs
|
Average Financing Amt. (US$ M)
|
|
Domestic Market
|
4,414.95
|
28
|
157.68
|
|
Overseas Market
|
619.32
|
6
|
103.22
|
|
Total
|
5,034.27
|
34
|
148.07
|
Source:Zero2IPO Database 2010.07 www.zdbchina.com
34 Chinese Companies Complete IPOs at Home or Abroad; SMEB Sees a Surge in IPOs
In June, 24 enterprises landed in Shenzhen SMEB, totally financing US$3.95B, accounting for 70.6% and 78.4% of the total number IPO and financing amount in June. The HKMB and ChiNext each saw four IPOs, 11.8% of the total number of IPOs in June, raising US$505.00M and US$467.00M respectively, 10.0% and 9.3% of the total in June. In addition, NYSE and NASDAQ each had one IPO.
Table 2 Distribution of Chinese Enterprises’ IPOs in June 2010 by Listing Market
|
Listing Market
|
No. of IPOs
|
% of Total
|
Financing Amt.（US$M）
|
% of Total
|
Average Financing Amt.
（US$M）
|
|
SMEB
|
24
|
70.6%
|
3,948.40
|
78.4%
|
164.52
|
|
HKMB
|
4
|
11.8%
|
505.24
|
10.0%
|
126.31
|
|
ChiNext
|
4
|
11.8%
|
466.55
|
9.3%
|
116.64
|
|
Nasdaq
|
1
|
2.9%
|
74.00
|
1.5%
|
74.00
|
|
New York Stock Exchange
|
1
|
2.9%
|
40.08
|
0.8%
|
40.08
|
|
Total
|
34
|
100.0%
|
5,034.27
|
100.0%
|
148.07
|
Source:Zero2IPO Database 2010.07 www.zdbchina.com
As for industry breakdown, machinery manufacturing industry saw more IPOs, namely eight, accounting for 23.6% of the total in June, with US$969.00M raised, 19.2% of the total. Bio/Healthcare took the second place with six IPOs or 17.7% of the total, while the financing amount in the sector reached up to US$1.50B, accounting for 29.8% of the total of the month. IT industry got the third position and raised a total of US$463.00M.
From the perspective of average financing amount, chain retail industry came out on top with US$294.00M, bio/healthcare and construction/engineering industry followed closely with US$250.00M and US$227.00M.
Table 3 Industrial Distribution of Chinese Enterprises’ IPOs in June 2010
|
Industry (Grade-1)
|
No. of IPOs
|
% of Total
|
Financing Amt. （US$M）
|
% of Total
|
Average Financing Amt.
（US$M）
|
|
Machinery Production
|
8
|
23.6%
|
968.73
|
19.2%
|
121.09
|
|
Bio/Healthcare
|
6
|
17.7%
|
1,501.14
|
29.8%
|
250.19
|
|
IT
|
5
|
14.7%
|
462.96
|
9.2%
|
92.59
|
|
Construction/Engineering
|
2
|
5.9%
|
463,81
|
9.0%
|
226.90
|
|
Chemical Raw Materials and Processing
|
2
|
5.9%
|
165.96
|
3.3%
|
82.96
|
|
Costume
|
2
|
5.9%
|
162.75
|
3.2%
|
81.37
|
|
General Merchandising
|
1
|
2.9%
|
293.50
|
5.8%
|
293.50
|
|
Cleantech
|
1
|
2.9%
|
223.72
|
4.5%
|
223.72
|
|
Automobiles
|
1
|
2.9%
|
186.73
|
3.7%
|
186.73
|
|
Electronic Equipment and Opto-electronics Products
|
1
|
2.9%
|
149.31
|
3.0%
|
149.31
|
|
Energy and Mineral
|
1
|
2.9%
|
140.60
|
2.8%
|
140.60
|
|
Food&Beverage
|
1
|
2.9%
|
40.08
|
0.8%
|
40.08
|
|
Others
|
3
|
8.9%
|
284.98
|
5.7%
|
94.99
|
|
Total
|
34
|
100.0％
|
5,034.27
|
100.0%
|
148.07
|
Source:Zero2IPO Database 2010.07 www.zdbchina.com
18 VC / PE-backed Chinese Companies Go Public; 43 VC/PEs Exit
In June of 2010, 18 VC/PE-backed Chinese companies completed IPOs at home or abroad, raising a total of US$2.77B and accounting for 55.0% of the total financing amount in June. Among them, 15 IPOs were materialized at home, with US$2.56B raised; and the other three completed abroad with US$212.00M. As one of important exit channels for VC/PEs, the status of domestic capital market was more pronounced.
Table 4 VC/PE Backed Chinese Enterprises’ IPOs in June 2010
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Company Name
|
Listing Time
|
Listing Market
|
Industry
|
Financing Amt.
（US$M）
|
VC/PE
|
|
KangSheng
|
2010-6-1
|
SMEB
|
Machinery Production
|
105.34
|
Liyuan VC
Hangzhou Hi-tech VC
ZVC
Jiayin Investment
Zhongda Investment
Cheeryard Investment
|
|
Das Intellitech
|
2010-6-1
|
SMEB
|
IT
|
60.05
|
Leaguer
SCGC
HTI
IER
|
|
Kelun Pharmaceutical
|
2010-6-3
|
SMEB
|
Bio/Healthcare
|
732.52
|
Yong Jin Capital
|
|
Victory Precision Manufacture
|
2010-6-8
|
SMEB
|
Others
|
82.16
|
Guojia VC
Hengrong VC
Yiwen VC
Youfeng VC
Yuanfeng VC
|
|
Lincang Xinyuan Germanium Industrial
|
2010-6-8
|
SMEB
|
Energy and Mineral
|
140.60
|
Sunbridge Capital
|
|
MTC
|
2010-6-10
|
SMEB
|
Machinery Production
|
246.05
|
SCGC
Guotai Junan Capital
Xiangrong VC
|
|
Andon Health
|
2010-6-10
|
SMEB
|
Bio/Healthcare
|
87.99
|
Tongsheng Zhuoyue VC
IDG Capital
|
|
Borun
|
2010-6-11
|
New York Stock Exchange
|
Food&Beverage
|
40.08
|
ProIPO
TDR Capital
|
|
Chang Jiang Runfa
|
2010-6-18
|
SMEB
|
Machinery Production
|
74.91
|
Gaoxin Investment
|
|
Fastprint Circuit Tech
|
2010-6-18
|
SMEB
|
Electronic Equipment and Opto-electronics Products
|
149.31
|
Leading Capital
Winfast
|
|
Star-net Communication
|
2010-6-23
|
SMEB
|
IT
|
149.50
|
Weishi VC
|
|
Gloria Pharmaceuticals
|
2010-6-23
|
SMEB
|
Bio/Healthcare
|
256.30
|
New Horizon
|
|
Venustech
|
2010-6-25
|
SMEB
|
IT
|
91.54
|
KPCB
Ceyuan Ventures
|
|
The Great Wall Group
|
2010-6-25
|
ChiNext
|
Others
|
75.48
|
IER
|
|
Shengyun Machinery
|
2010-6-25
|
ChiNext
|
Machinery Production
|
80.12
|
SDIC
CITIC PE
|
|
Xindaxin Materials
|
2010-6-25
|
ChiNext
|
Cleantech
|
223.72
|
Hongshu VC
Cowin Capital
|
|
Trauson Holdings
|
2010-6-29
|
HKMB
|
Bio/Healthcare
|
98.39
|
CCBI
|
|
HiSoft
|
2010-6-30
|
Nasdaq
|
IT
|
74.00
|
GGV
IFC
JAFCO Asia
DFJ
Intel Capital
MUHKC
|
Source:Zero2IPO Database 2010.07 www.zdbchina.com
Among 15 VC/PE-backed domestic IPOs, 12 took place on SMEB, and the other three on ChiNext. Besides, HKMB, NASDAQ and NYSE each had one IPO. According to statistics of Zero2IPO database, from 15 VC/PE-backed domestic IPOs, 34 VC/PEs got an average of 8.6 times of book return.
On June 29, the Chinese leading orthopedic product manufacturer Trauson Holdings completed its IPO on HKMB. According to the introduction of company prospectus, on March 19, 2010, CCB International Asset Management Co., Ltd. purchased 55,940,625 issued shares (pre-IPO shares) by US$17.00M in cash. Based on the issue price of HK$3.52, CCB International Asset Management Co., Ltd. got 1.49 times of profit in only three months.
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