Shanghai showcased its resilience as a fundraising center amid Covid lockdowns, taking the top rank in initial public offerings worldwide in the first half, according to Deloitte.
The Shanghai Stock Exchange ranked first in IPOs globally with 680 listings raising a total of $32.4 billion in the first half, according to a report by Deloitte, marking a 49 percent year-on-year increase. Mainland China’s financial capital was home to three out of the world’s top ten largest listings by funds raised including mobile operator China Mobile, offshore driller CNOOC and Jinko Solar.
Securing the top rank was an especially notable feat for Shanghai as it was undergoing a two-month Covid-linked lockdown from April and only began to gradually reopen this month.
Weak Outlook in Hong Kong
In contrast, Hong Kong is experiencing a difficult year having raised less than $2.3 billion from 24 IPOs in 2022, placing it in the ninth rank – the worst showing since 2009. Deloitte also slashed its forecast for the full year in Hong Kong from HK$330 billion ($42 billion) raised to between HK$160 billion and HK$180 billion.
Behind Shanghai is runner-up Shenzhen Stock Exchange followed by Korea Stock Exchange which raised around $15.4 billion and $11.5 billion, respectively.
