China's global IPOs lowest since 2004

Mainland companies had 69 new offerings on foreign exchanges this year, mostly in Hong Kong.

The proceeds from China-domiciled company IPOs fell 44 percent to $14.8 billion in 2013, the lowest total since 2004 when proceeds fell to $13 billion, according to Thomson Reuters data.  

IPO approvals for China’s domestic markets have been frozen on since late 2012, with no set date to re-open. Chinese companies have responded by listing on foreign exchanges. 

In 2013, the Hong Kong exchange accounted for 45 of 69 new issues, representing a value of $13.7 billion, the data showed. 

December private equity-backed IPOs in Hong Kong included RRJ Capital-invested China Everbright International; Fu Shou Yuan, a Chinese funeral services provider, which has The Carlyle Group as a $25 million cornerstone investor; and non-performing loan manager China Cinda Asset Management, which  has Oaktree Capital Management among its investors.

By comparison, Chinese companies listing on the NYSE and NASDAQ raised $534 million and $350 million respectively this year, up substantially from 2012.

The bulk of Chinese company global listings (42) came in the fourth quarter, suggesting momentum into 2014.

China’s regulators have hinted that domestic IPO approvals may resume in early 2014, but no official date has been provided.