全球首次公开募股季度报告(编辑修改稿)

全球首次公开募股季度报告(编辑修改稿)内容摘要：

, attracting 24% of total IPO proceeds or US$67 billion. The financial sector made up 10 of the top 20 IPOs, including Russia‘s VTB Bank issuance, the US$ billion IPO of China‘s CITIC Bank Corp. Ltd. and the US$ billion offering of US alternative assets manager, the Blackstone Group (see page 14). However, the financial sector was hardest hit by the credit crunch, as heavy losses were sustained by financial institutions exposed to subprime debt. The industrial, metals amp。 mining and energy sectors were also highly active in 20xx (see figure 3, page 6). Industrial firms, especially those involved with transportation and infrastructure, raised US$48 billion, with such heavyweight deals as the US$5 billion IPO of container port pany, Dubai Ports World in the United Arab Emirates. The metals and mining sector generated US$33 billion including the listing of Eurasian Natural Resources Corporation(ENRC), a Kazakh mining pany in London. Energy and power panies produced US$32 billion, most notably the IPO of Spain‘s Iberdrola Renovables. Thriving economies and liquidity foster emerging markets growth Soaring global liquidity and flourishing local economies have kindled emerging markets growth. Furthermore, trade diversification and growing crossborder capital flows have led to multiplying links between the capital markets of emerging and developed countries, as well as among the emerging markets themselves. Why are emerging markets growing so swiftly right now? ―It‘s a bination of the economic, fiscal and currency strength within these local markets, bined with massive global liquidity,‖ says Lisa Carnoy, Managing Director and CoHead of Equity Capital Markets, Merrill Lynch in New York. ―The flows of global capital are very robust and fluid. We‘re all going after the same pools of capital and that makes a big difference.‖ ―As these emerging economies develop so rapidly, there is both a need and an opportunity for new entrepreneurial businesses,‖ says Noreen Culhane, Executive Vice President, Global Corporate Client Group, NYSE Euronext. ―These businesses need capital to fund anic growth and to gain a currency for acquisitions.‖ Since 3 Perspectives on global IPO markets Figure 1: Global IPO activity by year Capital raised (US$b) Number of deals 1979 1290 1837 1748 1372 1042 1883 832 839864 1517 1537 1729 $86 $132 $145 $116 $177 $210 $94 $66 $50 $125 $167 $246 $287 1995 1996 1997 1998 1999 20xx 20xx 20xx 20xx 20xx 20xx 20xx 20xx Source: Dealogic, Thomson Financial, Ernst amp。 Young bank loans are no longer enough to meet their capital needs, many fastgrowing panies in the emerging markets are looking to the local equity markets. Although the credit crunch triggered a slowdown in the US and Europe in the second half of 20xx, many emerging markets, such as China and India, maintained their momentum. This led some analysts to conclude that the emerging market economies had bee somewhat ―decoupled‖ or independent from developed market economies, and therefore insulated against the effects of the credit squeeze. However, in the first quarter of 20xx, the stock and IPO markets of BRIC countries have often declined in tandem with developed equity markets which suggests that the world‘s capital markets remain highly integrated. Global investors shift assets towards emerging markets Global investors with an appetite for risk have been shifting assets to fastgrowing emerging markets where higher returns can be achieved. ―It‘s a little easier to achieve the alpha or high growth that investors seek in the emerging markets, given their generally greater underlying economic strength,‖ says Jonathan Grussing, Managing Director and Head of Equity Corporate Finance, Credit Suisse in London. No longer just the province of specialists, emerging markets issues are also being sourced by mainstream global investors with an appetite for risk. So many more emerging market panies are in a growth industry, or their industries are at an earlier growth stage pared with those in more developed markets. ―Emerging market panies offer global investors an opportunity to invest, not just in the pany, but in the country and its growth,‖ says Culhane. For instance, many investors have targeted Chinese panies not only based on their individual promise but also as a proxy to participate in China‘s stunning economic growth. Global investors have grown fortable investing in emerging markets. ―The risk premium associated with the emerging markets has e off,‖ says Gokul Laroia, Managing Director and Head of Capital Markets Asia, Man Stanley in Hong Kong. ―Because investors have much more confidence in the fundamental demand in these economies and the ability of panies‘ management teams to deliver on promises, investors are paying for the growth, putting a lot more capital into these emerging markets.‖ Capital follows a good investment story, wherever it’s listed These days, it‘s no longer so necessary for a pany to list on a major exchange. ―The twoweek road show to America is going to be less and less relevant, since panies will be able to raise money in their local markets,‖ says Ian Hannam, Chairman of Equity Capital Markets EMEA, JP Man Chase in London. In 20xx, the 12 major exchanges raised just 55% of global proceeds pared with 72% in 20xx. The Hong Kong Stock Exchange(HKEx) was the leading exchange in funds raised, attracting US$ billion, the London Stock Exchange (LSE) generated US$ billion, while the New York Stock Exchange(NYSE) drew。