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Average yield puts world crown on China
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CHINA’S A-share market is a clear winner globally this year as the 219 initial public offerings, an increase of 75 percent year on year, reaped an average year-to-date return of 473 percent, according to an Ernst & Young report yesterday.
The IPOs raised a total of 158.6 billion yuan (US$24.4 billion), a surge of 102 percent, the report said.
In 2015, IPOs on the mainland posted an average year-to-date return of 473 percent, compared with 126 percent on the Hong Kong stock exchange and an average loss of 1 percent on the US exchanges, data showed.
“The exceptional performance has positioned the market as a clear winner globally despite the market volatility in July and August,” said Wang Yang, EY’s China A-share leader. “This reflected that the strong appetite of investors for IPOs was unchanged.”
By the number of deals, industrials ranked first, followed by TMT (technology, media and telecom) — accounting for 34 percent and 20 percent respectively of the total. By funds raised, the financial sector was first with 44.7 billion yuan, or 28 percent of total funds raised, due to blockbuster deals of brokerages.
Globally, the number of IPOs fell 2 percent year on year to 1,218, with proceeds totaling US$195.5 billion, a 25 percent slump.
The Shanghai Stock Exchange ranked third globally by funds raised after Hong Kong’s bourse and the New York Stock Exchange while the Shenzhen Stock Exchange topped in deals.
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