Shanghai Exchange outshines NASDAQ, NYSE with $26.2bn in IPOs in 2023

Ben Eguzozie

Shanghai Stock Exchange (SSE) outshone NASDAQ and NYSE combined with $26.2 billion in initial public offers (IPOs) in 2023, according to data presented by Stocklytics.com.

Edith Reads, financial specialist at Stocklytics, said SSE outstripped NASDAQ and NYSE combined, surpassing $26 billion in 2023.

“Shanghai’s IPO market witnessed an unprecedented surge in activity throughout 2023, with a diverse range of companies eager to tap into the city’s vast pool of capital and investor appetite,” Reads said.

Reads informed that firms across various sectors: from tech startups to traditional manufacturing giants, rushed to capitalise on Shanghai’s booming economy and investor enthusiasm.

Available data from Stocklytics said, in the third quarter of 2023, Chinese exchanges dominated IPOs, amassing a total of $45.2 billion, surpassing the $18.8 billion on the US stock markets.

Reads listed notable global IPOs in 2023 to include Saudi Aramco at $25.6 trillion, Alibaba Group at $21.77 trillion, and Softbank Corporation at $21.35 trillion.

Shanghai is mainland China’s commercial capital and most populous city (26.32 million as of 2019). It is the Asian country’s biggest city and a global financial hub. It is also described as one of the world’s major centres for finance, business and economics, research, science and technology, manufacturing, transportation, tourism, and culture.

With a GDP of 4.72 trillion Yuan (660.45 billion) as of 2023, Shanghai has 161 out of altogether 169 industrial segments available in China, according to data from Chinabriefing.com. In 2005, the electronics, mechanics, light industries, petrochemicals, metal and automotive industries realised 22 percent, 19.8 percent, 16.3 percent, 12.0 percent, 8.5 percent, and 6.6 percent of the city’s total value, while the rest accounted for 24.8 percent.