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Chinese companies raise more capital in IPOs in Q3
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CHINESE companies raised more funds through initial public offerings in the third quarter this year thanks to a recovering global economy and the reopening of A-share market to new listings, an industry report said today.
A total of 54 Chinese firms went public on domestic and overseas markets between July and September, compared with only 10 Chinese IPOs during the same period last year, market research consultancy Zero2IPO Group said in the report.
New IPOs raised US$29.8 billion in the third quarter, compared with US$1.93 billion raised during the same period last year, according to the report.
Funds raised by Chinese new listings accounted for 54.3 percent of the total proceeds by IPOs on global markets, said the report.
Of Chinese listings, 29 were on domestic bourses and they raised US$2.4 billion, representing 8 percent of the aggregated funds raised by Chinese firms, while 25 were on overseas exchanges.
Chen Fei, analyst with Zero2IPO, said China’s IPO market has been back on track after it was resumed in the second quarter.
There were 27 IPOs that were backed by venture capital and private equity funds, with financing volume totaling US$27.3 billion. The average book return hit 11.58 times due to the lucrative listing of Chinese Internet giant Alibaba Group Holding.
The research covers IPOs on Shanghai and Shenzhen bourses as well as new listings on 13 overseas stock exchanges in New York, London, Hong Kong, Singapore, Tokyo, Busan and Frankfurt.
The number of IPOs in these markets was 203 during the period, up 99 percent year on year, and total raised funds rose 62 percent from a year earlier as the US and European economies are recovering, said the report.
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