China's re-opening to lift Asia equity capital market volumes from 3-year lows

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Asian equity capital markets activity, languishing at three-year lows now, is set to get a much needed boost in 2023 from China's expected re-opening to the rest of the world after a spate of COVID-19 lockdowns, dealmakers said.

An easing of China's two-year tech sector crackdown, coupled with a breakthrough for the U.S. audit watchdog to get access to financial accounts of mainland firms, is also seen as a positive for equity capital markets activity, encompassing initial public offerings , secondary listings and follow-on equity sales.

IPOs in Asia Pacific, including Japan, fell by 43.3% this year in value terms, while total equity capital market deals plunged 52%, according to Refinitiv data. New share sales in Hong Kong plunged 74% to $7.4 billion this year from $28.17 billion in 2021, Refinitiv data showed. Of the 70 IPOs in the city this year, 44 are trading below their offer price, according to separate data from Dealogic.Nasdaq IPOs fell 95% this year as investors grappled with the Russia-Ukraine war, higher energy costs, and spiralling inflation that has pushed interest rates to record levels globally.

Domestic Chinese deals, however, rose with the value of Shanghai's STAR Market IPOs climbing 11.4% as companies still awaiting final regulations to carry out international share sales were forced to raise money locally.

 

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