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Chinese bourses attract mega IPOs in 1st quarter
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SHANGHAI and Shenzhen stock exchanges tied for the first place in the global initial public offering market in terms of deal number in the first quarter as Chinese securities regulator stepped up approvals of new listings, an industry report said.
A total of 70 companies went public on the Shanghai and Shenzhen stock exchanges in the first three months this year, accounting for 28 percent of the total new listings worldwide, Ernst & Young said in its quarterly global IPO trends report yesterday.
They reaped total proceeds of US$7.8 billion, making up 20 percent of the global total, according to the report.
The Shanghai exchange topped the global market with total fundraising of US$5.4 billion.
The accounting firm attributed the robust momentum to faster IPO approvals by mainland securities regulator, noting that the activity was somewhat offset by the impact of the late Chinese New Year that caused a temporary slowdown.
It predicted that the rapid pace of new approvals will be maintained throughout the year, sending total number of IPOs to more than 200 this year.
“2015 will be a year of reform for China’s stock exchanges. The launch of the Hong Kong-Shenzhen Stock Connect and the switch from an approval-based system to a registration-based system in the Chinese mainland A-share market will significantly boost activity in the second half of the year,” Terence Ho, EY's Greater China Strategic Growth Markets Leader, said.
As of March 19, 612 companies are waiting for green lights to list on the Shanghai and Shenzhen bourses, data from the China Securities Regulatory Commission showed.
Globally, there were 252 IPOs in the first quarter, a year-on-year decrease of 4 percent. Capital raised reached US$38.2 billion, down 19 percent from a year earlier, according to the report.
Hong Kong had a slower start with 24 companies raising US$2.4 billion yuan during the period.
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