China IPOs set to reap US$16.1b in 2014
Print Edition
AROUND 100 billion yuan (US$16.1 billion) are expected to be raised from initial public offerings on China’s A-share markets this year, with small- and medium-sized IPOs again dominant, according to an industry report.
Most IPOs will come from industrial, technology, media and communications industries as well as state-supported service sectors such as cultural and entertainment, agriculture, environmental protection and new materials, Ernst & Young pointed out in a report released yesterday.
In the first six months of this year, 52 companies went public on the mainland stock exchanges and raised a combined 35.3 billion yuan, according to the report.
During the period, the IPOs generated an average first-day return of 43 percent.
The medical sector topped with an average first-day return of 44.7 percent, followed by 44.5 percent in telecommunication, media and technology sectors and 44 percent for logistics companies.
The average price-to-earnings ratio for new shares was 28 times, nearly flat with 30 in 2012, but a sharp fall from 48 in 2011 and 59 in 2010 after the regulator tightened rules on the pricing of new shares.
China plans to allow about 100 IPOs in the second half of the year, but the figure is nearly halved from the number that analysts have projected.
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