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Equity financing decrease in Q3
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EQUITY financing by Chinese companies dropped in the third quarter this year due to a freeze of initial public offerings in domestic market amid the recent stock market rout, industry data showed today.
Total proceeds from equity finance, including both IPOs and follow-on offerings, declined 75.6 percent from the same period last year to US$16.3 billion between July and September, with the number of deals falling 76.3 percent to 59, according to data from Thomson Reuters.
Funds raised from offshore markets totaled US$2.5 billion, or 15 percent of the total proceeds, data showed.
With an indefinite suspension in Chinese mainland’s new share offerings, several companies have been waiting in the pipeline to list in Hong Kong. Thomson Reuters estimated those to raise more than US$1 billion for the rest of the year in Hong Kong, noting that market volatility may delay the offerings.
Chinese companies raised a total US$113.1 billion from equity capital markets so far this year, a 19.5 percent increase compared to the first nine months of 2014. This is the highest ever first nine months period since 2010. The number of offering rose 20.5 percent year on year to 465.
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