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Chinese TMT firms launch record IPOs: PwC

Xinhua, September 9, 2015 Adjust font size:

China's technology, media and telecommunications (TMT) sectors saw a record high number of initial public offerings (IPOs) in the first half of 2015, according to a new report from accounting firm PricewaterhouseCoopers (PwC).

A heated domestic stock market and more streamlined procedures lured 42 TMT companies to go public in the first half, with 22.1 billion yuan (3.47 billion U.S. dollars) raised, the report showed.

Most IPOs were launched on the NASDAQ-style board of growth enterprises in Shenzhen, with 25 firms raising 10.2 billion yuan. Only three companies made IPOs overseas.

The more streamlined and transparent listing procedure for IPOs has made domestic exchanges more attractive, said Amanda Zhang, northern China technology industry leader with PwC China.

However, she anticipates the positive momentum for IPOs to slow down in the second half.

Chinese regulators have reduced the number of IPOs since July to cope with recent stock market volatility.

The emergence of more innovative technology companies in China, a process the government aims to accelerate, is ushering in strong demand for financing through the capital markets, according to the report.

"In the long run, we still expect significant growth of TMT listings on domestic exchanges as a result of reforms to introduce a new registration-based system and develop a multi-level capital market," said Zhang.

A registration-based system for listings will allow firms to go public without administrative approvals. Endi