Mega deals raised IPO funds by nearly 85%
Print Edition
CHINESE companies raised nearly 85 percent more funds from initial public offerings in May, driven by mega deals in machine manufacturing and the financial sector, although the number of firms doing so was flat from a month ago, industry data showed.
Last month saw 14 Chinese companies listed, unchanged from April, according to data compiled by research firm Zero2IPO. However they raised a total of US$1.26 billion, a surge of 84.9 percent month on month, data showed.
Year on year, the number of deals shrank 70.8 percent last month while the total deal value fell 64.7 percent as China’s securities regulator tightened approval amid a sluggish stock market.
The China Securities Regulatory Commission “has been slowing the approval pace (for IPOs) and tightening supervision by taking into account companies’ growth potential” amid a weak market, said researcher Zhang Jing at Zero2IPO.
As of May 27, 643 companies were waiting for approval to go public on mainland exchanges, data from the CSRC showed.
Of the IPOs, the machine manufacturing sector topped by both deal volume and value, with five companies raising US$465.7 million, accounting for 37 percent of the total.
The US$357-million IPO of First Capital Securities Co Ltd in Shenzhen, the largest last month, elevated the financial sector to second place by the amount of funds raised.
Five IPOs listed in Shanghai last month, eight listed in Shenzhen and one company went public in Hong Kong.
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