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Chinese IPOs hit record in May, report says
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THE number of initial public offerings by Chinese companies rose to a record high last month as domestic securities regulator accelerated approvals of new listings, an industry report showed.
A total of 48 Chinese firms went public on stock bourses worldwide in May, up 41.2 percent from April and a nearly six-fold increase from a year earlier, the Zero2IPO Research said in a report released today.
They raised a total of US$3.5 billion, down 46.1 percent month on month and decreasing by 2.7 percent year on year, as new listings were dominated by small-size firms, the Beijing-based research firm said.
Mainland exchanges attracted 44 of the new listings while the Hong Kong exchange saw two listings by Chinese firms. The remaining two were floated on the Nasdaq stock market in the US and on the Australian Securities Exchange, according to the report.
Mainland listings raked in US$3.1 billion, accounting for 89 percent of all, while proceeds by Hong Kong listings totaled US$259 million, or 7.4 percent of the total.
“Faster regulatory approvals contributed to the surging IPOs,” said Zheng Yinzhu, researcher with Zero2IPO.
As of May 27, China Securities Regulatory Commission has granted IPO approvals to 143 companies this year. That compared with the total of 107 in 2014.
Machinery manufacturing sector topped in both deal volume and value, with 11 IPOs raising US$697 million last month. That was followed by eight IPOs in biotechnology and healthcare sector that raised US$694 million.
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