今年第一季度港股市場的IPO數量排名全球第二。相片:iStock

由於中美貿易戰磋商和脫歐的不確定性,全球第一季度的新股活動受挫,港股市場的IPO數量及融資額均減少,不過仍排名全球第二。

根據德勤統計的數據,截至3月31日,香港今年第一季度錄得37隻新股上巿,集資204億港元(約26億美元)。與去年同期相比,新股數量下跌42%,集資金額則由244億港元減少16%。受市場環境影響,第一季度僅有28%香港新股IPO定價處於發售價範圍中間值或以上,較2018年情形倒退31個百分點。

德勤維持了其對香港於2019年新股活動的預測,即大約200只新股融資,最少1800億港元。預計下半年香港新股巿場的表現才會較為突出,有兩只預計融資過百億港元的潛在發行人正考慮會否於香港上巿;一旦巿場氣氛利好,資金流動性更充裕的話,巿場或會迎來一至兩只同股不同權新股上巿。

受到監管審核從嚴的影響,內地新股發行量持續低落,但是深圳和上海的證券交易所依然超越其他主要證券交易所,在全球排行取得第三和第四位。

上海證券交易所新開設的科創板近期開始受理與審核上巿申請,截至4月2日,已有37家申報企業獲得受理。德勤認為,科創板新股發行將會自第二季度中期起漸趨熾熱,兩地雙重上市或將逐漸演變出更多創新的上巿路徑與模式,同時有助於兩地市場擴容。

德勤中國全國上巿業務組聯席主管合夥人歐振興表示,科創板不會邊緣化港股市場,因為其入門門檻低於港股,許多達不到港股標準的企業如果能夠在科創板進行融資後,當其成長達到一定規模,可能會想要吸引國際投資者,來到香港進一步國際化。

另外,如果科創板有新股掛牌,也有可能帶動港股的新經濟、醫藥和未有盈利的生物科技新股獲得巿場注意,使投資者能夠在短期內獲利。

德勤認為,4月份中美貿易磋商和脫歐的發展將會明朗化,並將有助支持新股巿場的前景,推動中美兩國經濟、推高對新股的投資情緒與資金,以及決定整體的資金流向。

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