普华永道于近期发布中国科技媒体通信行业 （TMT） IPO回顾与前瞻报告，报告指出，2021年下半年，中国内地TMT公司在海外及中国香港上市的势头有所放缓，香港及海外IPO占总融资比例从上半年的82%陡降至下半年的25%。
与此同时，中国内地TMT公司在国内资本市场仍保持了较为活跃的表现，这得益于国内科创板及创业板的带动，新三板的深化改革以及北京证券交易所的设立。
据悉，2021年下半年内地TMT公司IPO数量为74起，其中39%的企业选择在科创板上市，28%选择在创业板上市，15%选择在北京证券交易所挂牌上市，而11%选择在香港及海外上市。
虽然数量有所下降，但香港及海外资本市场在融资额方面仍表现突出。报告指出，去年下半年有8家内地TMT公司选择香港及海外上市，获得约人民币372亿元融资额，占总融资额的25%。与此相对，科创板有29起TMT行业IPO，共获得约人民币462亿元融资额，占总融资额的31%。
此外，香港及海外市场对尚未盈利的企业带亏损上市接受度较高，去年下半年上市的8家TMT企业中共有5家处于亏损状态，包括商汤集团、网易云音乐、小鹏汽车及理想汽车等。
普华永道指出，近年国家围绕推进数字中国建设不断释放政策利好，近期各地方政府部门也在加速布局元宇宙相关产业发展等。2022年，科技创新型TMT企业仍将保持活跃的资本市场表现。
在上市地选择上，伴随国内资本市场注册制的细化和完善，其将继续受到国内TMT企业，尤其服务创新性中小企业的青睐。
此外，伴随美国《外国公司问责法案》于2021年落地实施，中概股陆续返回香港市场进行二次上市，2022年上半年香港及内地资本市场对中概股的吸引力将进一步提升。港交所对SPAC上市机制的引入也将为香港资本市场注入新活力。
PwC: domestic capital markets become preferred options for China TMT companies
PwC China has released data on initial public offerings (IPOs) by Chinese TMT companies in the second half of 2021. Data shows that the momentum of mainland TMT companies in overseas and Hong Kong market listings slowed in 2H21, and the percentage of revenue raised from offshore markets drop from 82 percent of 1H21 to only 25 percent.
Meanwhile, galvanized by the STAR Market and ChiNext Market, together with the deepening reform of NEEQ and the establishment of the Beijing Stock Exchange, mainland TMT companies remained active in the domestic capital market.
Over the period, there were 74 IPOs by mainland TMT enterprises. 39 percent and 28 percent of them chose to list on the STAR Market and the ChiNext Market in Shenzhen, respectively. Another 15 percent elected to list on the Beijing Stock Exchange. Additionally, 8 mainland TMT enterprises, relating to 11 percent of the total number of companies chose to list in Hong Kong and overseas.
Although a drop in company number, listings in Hong Kong and overseas markets still acquired 37.2 billion yuan, which amounts to 25 percent of the financing total. IPOs on the STAR Market accounted for 31 percent of total financing.
Besides, Hong Kong and overseas markets are more receptive to listings of enterprises that have not yet turned a profit, five of the eight TMT companies listed in Hong Kong and overseas in 2H21 were loss-making at the time of listing, including Sense Time, NetEase Cloud Music, XPENG Motors and Li Auto.
PwC points out that the favorable policies have created an environment for technologically innovative TMT companies to expand their business footprint. Looking ahead, 2022 will see the capital market performance of innovative TMT companies continue to grow steadily and appeal to investors.
With the refinement and improvement of the registration system, in the first half of 2022, the listing and issuance of shares under the STAR Market and ChiNext registration system are expected to remain active.
As the U.S. Foreign Company Accountability Act was implemented in 2021, the market has seen some successful secondary listings of U.S.-listed Chinese enterprises in the Hong Kong market, as well as in the A shares market. The introduction of the SPAC listing mechanism by the Hong Kong Stock Exchange will also inject new vitality into the Hong Kong capital market.
