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December 22, 2009

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Shanghai No. 1 market for IPOs in 2010

THE Shanghai Stock Exchange is likely to re-emerge as the world's biggest market for initial public offerings in 2010 as new share sales in China are expected to keep rising, industry watchers said yesterday.

The Shanghai bourse is now a close No. 3 globally by total funds raised for IPOs in the first 11 months of this year, following the Hong Kong stock exchange and the New York Stock Exchange. The Shanghai exchange was the world's biggest IPO market in terms of funds raised in 2007.

"It's very reasonable to forecast that the Shanghai bourse may rise as the world's biggest exchange for IPO activities in 2010 with the rising significance of Chinese companies in the global IPO market," Philip Leung, an Ernst & Young China partner, said yesterday.

He attributed the firm's confidence based on previous experience while the market trend showed that Shanghai has the potential to be the No. 1 market for IPOs in 2010.

Funds raised through IPOs are expected to more than double to 380 billion yuan (US$55.6 billion) in Shanghai next year as the Chinese economy and the capital markets become more stable, said Ernst & Young. The accounting firm said the IPO values in Shanghai and Hong Kong are based on data of companies lining up to list. Companies such as securities firms, banks and industrial institutions are expected to be the hottest sectors by total funds raised for IPOs in Shanghai next year.

The Agricultural Bank of China, the sole state-owned bank yet to be listed, is widely expected to list in Shanghai and Hong Kong next year. City commercial banks are also lining up to go public to shore up their capital.


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