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Equity finance deals soar to 5-year high
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The value and number of equity financing deals by Chinese companies surged to a five-year high, boosted by a flurry of equity offerings from financial firms, a report showed yesterday.
The total proceeds from equity financing, including initial public offerings, follow-on offerings and convertible bond issues, rose 3.9 percent year on year to US$142.7 billion so far this year, the highest since 2010, according to data from Thomson Reuters. The deal number jumped 10.1 percent to 598.
Follow-on offerings generated the most proceeds of US$76.8 billion, up 35.4 percent from the same period of last year. Follow-on offerings in the A-share market rose 22.7 percent to US$50.5 billion, or 66 percent of the total, data showed.
Chinese firms raised an aggregated US$55.2 billion from IPOs, down 17.9 percent despite a 31.3 percent jump in the number of IPOs.
They raised US$10.7 billion via convertibles so far this year, down 19.5 percent from the same period of last year, and was the lowest since 2012.
The financial sector accounted for most of the equity-linked financing with US$59.7 billion in proceeds, or 41.8 percent of the total, a sharp surge of 277 percent compared with 2014.
“Chinese banks and brokerage firms were seeking to strengthen their capital position or meet the demand for margin financing,” the report said.
Huatai Securities Co led the largest deals with its US$5 billion IPO in Hong Kong.
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