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Pace of IPOs set to slow in H2 due to freeze
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THE initial public offerings of Chinese TMT (technology, media and telecommunications) companies have accelerated in the first half of this year, but the pace may slow in the second six months due to a regulatory freeze, said an industry report yesterday.
China reported 42 TMT IPOs, which garnered 22.1 billion yuan (US$3.5 billion) in proceeds, said PricewaterhouseCoopers in a report. China was ranked first globally by IPO number, followed by the US with 15 IPOs.
Only three TMT firms chose to list in overseas exchanges so far this year, garnering proceeds of 1.3 billion yuan — a sharp reversal from the earlier fever for cross-border IPOs.
“A more streamlined and transparent listing procedure for IPOs has made the domestic exchanges more attractive,” said Gao Jianbin, a PwC partner.
Gao sees the pace slowing in the second half of this year given the temporary freeze of IPOs by the stock regulator.
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