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China鈥檚 tech IPOs likely to reach a record high this year
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TOTAL proceeds from the initial public offerings from Chinese technology firms reached US$1.2 billion in the first quarter this year, the highest number of IPO deals around the world, according to PwC's quarterly Global Technology IPO Review.
"The number of China tech IPOs continues to grow as a result of the faster CSRC IPO approval process,” said Gao Jianbin, PwC China TMT leader.
It expects the number of Chinese tech IPOs will reach a historical high in 2017.
The newly listed companies cover a wide range of sub sectors, including semiconductors and Internet software & services, although they're relevantly small in market valuation and business size.
In the three months ended March, all 12 Chinese IPOs were launched on the domestic equity exchanges, as a result of favorable valuations on the Chinese exchanges and avoiding of the potential additional overseas listing cost, while in the past Chinese tech companies are usually the drivers of cross-border listings.
According to CBinsights, China has a total of 46 private companies valued at more than US$1 billion, the highest number outside the US.
Globally, the combined proceeds from technology IPOs reached US$58 billion with Snap and MuleSolf getting listed during the period.
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