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IPO reboot may see over 50 firms raise US$7.2b
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More than 50 companies may raise around 44 billion yuan (US$7.2 billion) from the Chinese mainland’s stock market when initial public offerings resume after a year-long suspension, according to an industry report.
“The first batch of new IPOs will attract more subscriptions due to the prolonged suspension of new offerings and those companies are considered better quality as they have passed the stringent financial inspection,” Ernst & Young said in a report yesterday.
Of the more than 700 companies in the IPO backlog, about 40 percent of them will go public next year, raising a total of 200 billion yuan, it estimated. As of Thursday, there were 727 companies waiting for the green light from the regulator to go public.
The domestic IPO market has been frozen since November 2012 as the China Securities Regulatory Commission cracked down on fraudulent issuance. But last month the CSRC unveiled a market-oriented reform plan that aims to improve transparency at every step of the listing process.
“Simplified review procedures will lead to more IPOs,” said Tang Zhehui, Ernst & Young’s Assurance Partner. He said some companies will still be rejected due to more stringent requirements on disclosures.
Meanwhile, the Hong Kong stock exchange may see 74 listings raising a total of US$20.5 billion this year, up 78 percent from last year’s US$11.5 billion, according to the report.
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