9 in 10 largest planned offshore IPOs to be listed on HKSE

Here's why some IPOs are leaving mainland China.

According to Appleby's Offshore-i Report, the second quarter of 2013 posted impressive results in the Initial Public Offering market with 17 IPOs worth a combined value of USD2.4bn as opposed to 8 in Q1 2013 with a combined value of only USD504m. Planned IPOs were also on the increase by both number and value and reached 22 deals worth USD1.7bn.

One location stands out above others to benefit from the apparent surge in IPO activity, namely Hong Kong.

Nine out of the ten largest planned IPOs will be listed on the Hong Kong Stock Exchange (HKSE). This is in part due to the suspension by the Chinese government of approval for listings in mainland China which is driving Chinese company IPOs to Hong Kong.

The largest of these is the USD325m planned IPO of 30% of Cayman-incorporated Nexteer Automotive Group.

The Appleby report shows that M&A activity offshore in the second quarter of 2013 presents a relatively positive picture, with both the number of deals completed and their value remaining broadly consistent compared with Q1, suggesting that there may be some stabilisation of transactional activity levels after the volatility of the last few years.

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