29 Chinese firms launch IPOs to raise US$2.2b
Print Edition
TWENTY-NINE Chinese companies launched initial public offerings on exchanges worldwide last month, raising an aggregated US$2.2 billion, according to an industry report.
The number of new listings fell 17.1 percent from a month earlier while total proceeds were down by 84 percent, according to the Beijing-based Zero2IPO Research Center’s report.
Among them, 22 went public on mainland exchanges, raising US$2 billion, figures showed.
They included 12 on the Shanghai bourse, three on the Small and Medium Enterprises Board in Shenzhen and seven on the ChiNext board.
“The mainland’s market is expected to see around 400 IPOs this year as the China Securities Regulatory Commission has speeded up approvals of new listings to 30 to 40 per month,” said Zheng Yinzhu, a Zero2IPO researcher.
Last Friday, the CSRC allowed 24 companies to go public, taking January’s total to 44.
The machinery manufacturing sector saw four IPOs, the most of all sectors, while chemical raw materials and processing and automobile industries tied for second with three new listings each.
Chinese companies completed seven overseas listings last month, with six in Hong Kong and one in the Alternative Investment Market, a sub-market of the London Stock Exchange for smaller companies.
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