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2008 saw a significant scale down of IPO activities in the Greater China capital markets, in line with the global trend. Capital markets over the world were seriously hit by the global financial crisis and contracting economy.
There were 157 IPOs in Greater China with total funds raised amounting to USD23.9 billion in 2008 compared to 242 IPOs with USD104.0 billion funds raised in 2007. After two consecutive years of having the highest total funds raised among the world's major capital markets, the Greater China capital markets ranked second in 2008. United States (New York Stock Exchange, NASDAQ and Alternext) regained the top position with 57 IPOs raising USD29.4 billion (2007: 296 IPOs raising USD65.1 billion), contributed by the biggest IPO in the US history - the Visa Inc's IPO which raised USD19.7 billion, representing 67% of the total IPO funds raised in the US in 2008. London came third with 96 IPOs raising total funds of USD12 billion (2007: 319 IPOs raising USD54.2 billion).
Looking ahead, the Greater China capital markets will still be affected by the unfavourable global economy which is unlikely to see a recovery at least in the first half of 2009. However, the Chinese Government has clear commitment to stimulate the economy and to maintain economic growth which may help the capital markets to stabilise. The Chinese Government recently announced its intention to build Shanghai into an international financial centre and to establish a stock market for growth enterprises in Shenzhen. We believe that when market sentiment rebounds, deal flows in these two stock markets will pick up quickly because there is a strong pipeline built up. We also believe that the Hong Kong stock market will continue to be attractive for IPOs as it is the gateway for foreign investors to access the Mainland China market.
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