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Funds raised by IPOs to reach 152b yuan in 2009

By Hu Yuanyuan (chinadaily.com.cn)
Updated: 2009-01-05 14:18

The total funds raised through initial public offerings (IPOs) in China will reach 152 billion yuan ($22.19 billion) in 2009 as firms expect the IPO market to stabilize and pick up in the second half of this year, said a report from PricewaterhouseCoopers today.

The total number of new listings will reach 88 including 80 on the Shenzhen SME Board, said the report.

"In particular, we expect that companies related to infrastructure, financial institutions, retail and industrial and consumer products will benefit from China's 4 trillion yuan economic stimulus plan and new issues in these sectors will also pick up gradually," said Frank Lyn, China Markets Leader of PricewaterhouseCoopers.

The combined total IPO funds raised in Shanghai and Shenzhen stock exchanges in 2008 were 103.5 billion yuan, a significant drop of 78 percent from 2007.

The total number of IPOs in the two stock exchanges was 77 including 6 in Shanghai (25 in the year of 2007) and 71 in Shenzhen (101 in 2007), declining 39 percent from 2007. Out of the 77 IPOs in 2008, there were only three A-shares issued by H-share companies listed on the Hong Kong Stock Exchange, while there were 12 in 2007.