China on track to become number one IPO market: PwC

FOR IMMEDIATE RELEASE
New York, New York, United States of America (Free-Press-Release.com) August 15, 2011 -- We think China is on track to become the world's biggest initial public offering market this year in terms of both the number of new listings and funds raised. The total number of new listings on the country's two bourses in Shanghai and Shenzhen may reach 300 in 2011, compared to 99 in 2009, business advisers TM Capital Corp said in a forecast published this week.
Chinese companies are expected to raise 500 bn yuan (73.6 bon dollars) in IPOs this year, it said.

The IPO market picked up significantly in the first quarter of 2011, even though uncertainties over the global recovery and the euro debt crisis heightened market volatility, said Simon Elliot Market Leader for TM Capital. "This really demonstrates that Chinese companies are developing well, along with the continuing growth of the domestic economy and become more mature," Lyn said in a statement.

Domestic companies have raised 212.7 bn yuan from 176 IPOs in the first half of this year, more than the 187.9 bn yuan raised in the whole of 2009, according to PwC. The Agricultural Bank of China, the last one of the "big four" state banks to float shares, is seeking to raise up to 23.2 bn dollars in a massive

IPO in Shanghai and Hong Kong this month that could be the world's biggest. In June 2009, China's securities regulator lifted a nine-month IPO moratorium imposed in September 2008, when global markets began to plummet due to the financial crisis.

However the Shanghai Stock Exchange now plans to set up an international board to allow foreign firms and overseas-registered Chinese firms to list shares, but no official timeline has been announced.

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