China leads world in global tech IPOs in Q1
Print Edition
CHINA led in the number of initial public offerings by technology companies globally in the first quarter, PricewaterhouseCoopers said in a report yesterday.
Eight Chinese technology companies went public in the first three months of this year, down 27 percent from a quarter earlier, PwC said in its Global Technology IPO Review.
The eight IPOs propelled China to first place, followed by five IPOs by European technology firms and four by US technology companies.
The Chinese technology companies raised a combined US$1.1 billion in proceeds, down 26 percent quarter on quarter, according to the report. That trailed US$3 billion raised by European enterprises and US$1.4 billion by US companies.
In the first quarter, all the Chinese technology companies listed their IPOs on domestic exchanges due to easier procedures as China’s securities regulator sought to reform the domestic IPO system toward a registration-based model.
“While there are a number of Chinese technology companies in the IPO pipeline in the US, we anticipate significant growth in technology listings on domestic exchanges as a result of both the new registration-based system and increased valuations,” said Gao Jianbin, PwC China’s technology industry leader.
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