China IPO market down 86 pct in third quarter
17/10/2008 17:18
Chinese companies recorded a sharp drop in both the number and value of
domestic and overseas initial public offerings in the third quarter, said the
Zero2IPO Group, a Beijing-based research firm.
Twenty-eight Chinese companies
raised US$3.06 billion by listing on the mainland and overseas markets.
The
number of IPOs was down 62.2 percent from the same period last year and value
decreased 86.1 percent. That's the lowest level in the past three third
quarters.
Among the total, 18 companies were listed on domestic markets,
raising US$1.99 billion, down 55.0 percent and 86.1 percent, respectively, from
a year earlier.
China's securities regulator slowed the pace of new equities
offers in a bid to maintain market stability.
The benchmark Shanghai
Composite Index plunged 68 percent from its peak in mid October amid fears over
oversupply of shares and economic slowdown.
China South Locomotive and
Rolling Stock Corporation was the only large company listed on the Shanghai
Stock Exchange. The other 17 listed on the Shenzhen bourse, a small- and
medium-sized enterprises board, raising a total US$1.03 billion.
Xinhua
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