China is poised to be the biggest initial public offering market in the world this year in terms of both the number of funds raised and new listings, according to a study conducted by PricewaterhouseCoopers (PwC).
The number of new listings in China’s two bourses in Shenzhen and Shanghai are estimated to reach 300 this year, compared to 99 in 2009, said the business consultancy firm. These companies are expected to raise 500 billion yuan ($103 billion) in IPOs for the whole-2010.
The IPO market has showed significant growth in the first half of 2010, despite worries over the global economic recovery euro debt crisis heightened market volatility, noted Mr. Frank Lyn, China Markets Leader for PwC.
According to PwC, in the first half of 2010, domestic firms raised 212.7 billion yuan from 176 IPOs, up from 187.9 billion yuan raised last year.
The Agricultural Bank of China is looking to raise up to US$23.2 billion ($32.3 billion) in a huge IPO in Hong Kong and Shanghai this month.