China IPO Watch 2022

April 2023

The PwC China IPO Watch 2022 is an annual publication which surveys stock market listings in China including Hong Kong, Shanghai, Shenzhen, Beijing and Taiwan, and provides a comparison with the world's major markets.

2022 was a challenging year for global IPO issuance and was the worst global IPO market since 2016 where IPO proceeds were down by 70% compared to 2021. This was largely driven by a significant drop in US IPO activity. It was a year of market turbulence defined by inflation, central banks’ policies and politics. Despite the ongoing adverse market condition, IPO market issuance of the Mainland China exchanges took the number 1 spot with a total number of 424 IPOs and raised USD 85.2 Billion, representing 39% of global IPO issuance.

Mainland China IPO issuance in 2023 is expected to grow further as business activity and investment flow resume with the relaxation of most of the COVID restrictions in early 2023. The new registration based system announced by the China Securities Regulatory Commission (CSRC) in February will further strengthen the competitiveness and attractiveness of the listing process.