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September 8, 2016

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IPOs of TMT sector see proceeds drop

PROCEEDS from initial public offerings by Chinese technology, media and telecommunications companies in the first half year plunged 67 percent from the same period a year ago to 5.1 billion yuan (US$765 million), according to a latest report.

The number of IPOs fell 29 percent from the second half of last year to 10 in the six months ended June 30, PricewaterhouseCoopers said in its Technology IPO Quarterly Review released yesterday.

Six of the 10 IPOs were listed on the Shenzhen growth enterprise market, two went public on the main board, one on the Shenzhen small and medium-sized enterprise board and the last on an overseas exchange.

“We expect TMT IPOs to see improvement in the second half but there won’t be a sudden boom, and globally China would still remain the hottest IPO market,” Robert Li, PwC Central China TMT Tax lead partner, said.

Globally, IPOs valued at US$400 million or more in the first six months plunged 59 percent from a year ago to 24 while their total proceeds dived 82 percent to US$2.2 billion.


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