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March 27, 2015

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Home » Business » Finance

Mainland bourses rank top for IPOs

By Vera Ye | March 27, 2015, Friday | Print Edition

THE Shanghai and Shenzhen stock exchanges were ranked joint first in the number of initial public offerings globally in the first quarter as the Chinese securities regulator quickened approvals of new listings, an industry report said yesterday.

Seventy companies listed on the two exchanges in the first three months of this year, taking up 28 percent of the total new listings worldwide, Ernst & Young said in its quarterly global IPO trends report.

They reaped total proceeds of US$7.8 billion, making up 20 percent of the global total, according to the report. The Shanghai bourse topped globally with US$5.4 billion raised.

The accounting firm attributed the robust pace to faster IPO approvals by the mainland securities regulator. It said the rapid pace of new approvals will continue this year to finish with over 200 IPOs.

“2015 will be a year of reform for China’s stock exchanges,” said Terence Ho, EY’s China strategic growth markets leader.

“The launch of the Shenzhen-Hong Kong Stock Connect and the switch from an approval-based system to a registration-based system in the mainland A-share market will significantly boost activity in the second half of the year.”

As of March 19, 612 companies were waiting for approval to list on the two mainland bourses, according to the China Securities Regulatory Commission.

Globally, there were 252 IPOs in the first quarter, down 4 percent year on year. They raised US$38.2 billion, down 19 percent from a year earlier, according to the report.

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