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China raises more fund through IPOs than US

(China Daily)
Updated: 2007-04-03 09:18

Funds raised through initial public offerings (IPOs) in the Chinese capital market last year exceeded that in the United States for the first time, according to a PricewaterhouseCoopers report.

IPOs from the bourses in Shanghai, Shenzhen, Hong Kong and Taiwan reached a record high of $62 billion in 2006, beating the $48 billion from IPOs in the New York Stock Exchange, NASDAQ and American Stock Exchange.

"The two mega IPOs, namely the Industrial and Commercial Bank of China (ICBC) and Bank of China (BOC), contributed significantly to the superb performance," said Edmond Chan, capital market services group partner at PricewaterhouseCoopers.

In 2006, there were 140 IPOs in China, with the average deal size hitting $440 million, up from $260 million in 2005. The figure was higher than the average deal size of $220 million in the US and $130 million in the UK.

The aggregated market capitalisation in the Chinese capital market at the end of 2006 amounted to $3,455 billion, an increase of 79 percent over the previous year. The annual trading value last year nearly doubled to $2,969 billion, with an active foreign buying interest in shares listed in Hong Kong.

"We are expecting more dual listings of Chinese companies on the Hong Kong stock exchange and the Shanghai or Shenzhen stock exchange in the near future. Some of these listings might happen at the same time, while others might seek to list in one market before another," said Chan.

The ICBC was the first company listed concurrently in Hong Kong and Shanghai. By the end of 2006, there were 37 companies dually listed on the Hong Kong stock exchange and the Shanghai or Shenzhen stock exchange.