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Equity financing sinks in Q3
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Equity financing by Chinese companies shrank in the third quarter of this year as initial public offerings were frozen in the domestic market amid the recent stock market rout, industry data showed yesterday.
Total proceeds from equity financing, including IPOs and follow-on offerings, sank 75.6 percent from the same quarter of last year to US$16.3 billion between July and September, according to data from Thomson Reuters. The number of deals shrank 76.3 percent to 59.
Funds raised from offshore markets totaled US$2.5 billion, or 15 percent of the total proceeds, data showed.
With an indefinite suspension of IPOs on the Chinese mainland, some firms have been waiting to list in Hong Kong. Thomson Reuters estimated them to raise over US$1 billion in Hong Kong for the rest of the year. But it noted that market volatility may delay the IPOs.
Chinese companies raised a total of US$113.1 billion from equity capital markets so far this year, a 19.5 percent jump compared with the first nine months of 2014. This is the highest-ever first nine-month period since 2010. The number of IPOs rose 20.5 percent year on year to 465.
The financial industry took most of the funds, with equity-linked deals of US$49.5 billion, up 611.8 percent compared with the first nine months of 2014.
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