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October 10, 2014

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Home » Business » Finance

Chinese firms raise more funds via IPOs

By Ye Zhen | October 10, 2014, Friday | Print Edition

CHINESE companies raised more funds through initial public offerings in the third quarter of this year as the global economy recovered and the A-share market reopened to new listings, an industry report said yesterday.

A total of 54 Chinese firms went public on domestic and overseas markets between July and September, up from only 10 Chinese IPOs during the same period of last year, market research consultant Zero2IPO Group said in the report.

The new IPOs raised US$29.8 billion in the third quarter, up from US$1.93 billion raised during the same period a year ago, the report said.

Funds raised by the Chinese new listings accounted for 54.3 percent of the total proceeds by IPOs in global markets, according to the report.

Of the Chinese listings, 29 were on domestic bourses and they raised US$2.4 billion, or 8 percent of the aggregated funds raised by Chinese firms, while 25 companies listed overseas.

Venture capital and private equity funds backed 27 IPOs with US$27.3 billion. The average book return hit 11.58 times due to the lucrative listing of e-commerce giant Alibaba Group.

The Zero2IPO research covered IPOs on Shanghai and Shenzhen bourses as well as new listings on 13 overseas stock exchanges, including New York, London, Hong Kong, Singapore, Tokyo and Frankfurt.

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