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May 5, 2016

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Home » Business » Finance

Slower nod for IPOs sees Chinese firms net less capital

CHINESE companies raised less capital through initial public offerings last month as the mainland regulator slowed approval of new offerings following a stock market rout.

Twenty-three Chinese firms went public worldwide last month, down 34 percent from a year earlier, according to data compiled by investment research firm ChinaVenture Investment Consulting Ltd.

Just 6.38 billion yuan (US$982 million) was raised from the IPOs last month, down 84 percent year on year, data showed.

Eleven of the new listings last month were on the mainland stock exchanges, down 63 percent year on year. They raised an aggregate 3.75 billion yuan, down 76 percent.

“The China Securities Regulatory Commission managed the pace of new share sales in a bid to maintain market stability after the stock market rout,” said Liu Menghan, researcher at ChinaVenture. “The regulator approved a smaller number of IPOs and kept the financing of each IPO within a certain range.”

The Hong Kong stock exchange saw 10 Chinese listings last month, more than doubled from the same month of last year, but total funds raised dived 92 percent to 1.85 billion yuan, data showed.

Two were listed overseas in the US and Australia.


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