【正文】 Growth during economic uncertainty Global IPO trends report 20xx !@ Foreword Emerging markets continue to fuel global initial public offerings (IPOs) despite financial volatility triggered by the credit crunch. In 20xx, with global IPO fundraising at an alltime high, Brazil, Russia, India and China (BRIC countries) raised US$119 billion, over 40% of total global IPO proceeds. By contrast, a decade earlier, the US and Europe dominated IPO markets, and all the BRIC countries together produced US$6 billion or just 5% of total IPO proceeds. In the first quarter of 20xx, financial turmoil sparked a deceleration in IPO markets around the world, especially in developed economies. However, highquality enterprises, primarily from the emerging markets, continue to be well received by the world‘s public markets. Today, capital follows a good investment story, wherever it‘s listed. Global liquidity and thriving local economies have ignited rapid growth in the emerging markets. In their hunt for higher returns, investors with a risk appetite have been shifting assets to the fastgrowth BRIC countries. It‘s also getting easier to value and finance ideas outside the public markets, thanks to an expanding array of capital sources, including private equity, venture capital, hedge funds, private placements and sovereign wealth funds. After extensive interviews with the world‘s top investment bankers and stock exchange leaders, Ernst amp。 Young‘s Global IPO Trends Report 20xx reviews the major developments in the worldwide IPO markets in 20xx and the first quarter of 20xx. As the fifth global IPO report produced by Ernst amp。 Young, this review offers an indepth examination of the key trends for panies planning an IPO today. Trends in IPO activity can be difficult to predict, especially in times of market volatility. However, panies around the world continue to ready themselves to go public while waiting for market conditions to improve. We look forward to working with these panies and their teams in their transformation from a private entity to a public enterprise. Global IPO Trends Report 20xx Contents Perspectives on global IPO markets Global Emerging markets drive global IPOs despite ? nancial volatility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Interviews: David Erickson, Lehman Brothers . . . . . . . . . . . . . . . . . . . . .9 Noreen Culhane and Robin L Weiss, NYSE Euronext . . . . . . 11 Graphics: Top 20 largest IPOs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 The rise of emerging markets . . . . . . . . . . . . . . . . . . . . . . . . . . 16 The Americas The US Financial, technology and foreign issuers invigorate IPOs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Interviews: Lisa Carnoy, Merrill Lynch. . . . . . . . . . . . . . . . . . . . . . . . . . 22 Cully Davis, Credit Suisse . . . . . . . . . . . . . . . . . . . . . . . . . . 25 John Jacobs, NASDAQ OMX . . . . . . . . . . . . . . . . . . . . . . . . 28 Brazil IPO markets attain global prominence for the ? rst time . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 Interview: Hans Lin, Merrill Lynch . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 AsiaPaci? c China Robust economic growth strengthens Greater China‘s dynamic IPO markets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 Interviews: Henry Cai, UBS China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 Gokul Laroia, Man Stanley . . . . . . . . . . . . . . . . . . . . . . . 41 Paul Chow, Hong Kong Exchange and Clearing Ltd. . . . . . . 43 India Soaring liquidity and corporate pro? ts propel IPO markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 Interview: Dr. S. Subramanian, ENAM Securities Private Ltd. . . . . . . . 48 Australia Numerous small mining panies continue to tap public markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51 EMEA Europe IPO markets remain resilient, sustained by Russian/CIS panies and private equity . . . . . . . . . . . . . . . . 52 Interviews: Jonathan Grussing, Credit Suisse . . . . . . . . . . . . . . . . . . . . 56 Ian Hannam, JP Man Chase . . . . . . . . . . . . . . . . . . . . . . 59 Tracey Pierce, London Stock Exchange . . . . . . . . . . . . . . . . 61 Russia/CIS Record IPO markets decelerate due to rising domestic challenges. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63 Interview: Natasha Tsukanova, JP Man . . . . . . . . . . . . . . . . . . . . . 66 The Middle East Surging petrodollar liquidity and economic reforms fuel IPO markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68 Interview: Brad Bourland, Jadwa Investments. . . . . . . . . . . . . . . . . . . 71 Perspectives on IPO readiness Companies have a choice in structuring an IPO . . . . . . . . . . . . 73 IFRS: the global ? nancial reporting language . . . . . . . . . . . . . 76 De? nition of an IPO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80 Perspectives on global IPO markets Emerging markets drive global IPOs despite financial crisis Emerging markets continue to drive the global IPO markets Key trends ? Despite ? nancial volatility in 20xx,