Stocks News
- Mainland tops global IPO charts: report
Date: 1-Nov-2007 Sources: (Shenzhen Daily)
SURGING Chinese mainland stock markets won the global initial public offering (IPO) crown in the third quarter, hosting more share flotations and raising more capital than bourses in any other country, an Ernst & Young report showed Tuesday.
Other emerging markets, from Brazil to India, also boasted record IPO activity, but listings slumped in mature markets under the weight of a credit crunch touched off by the meltdown in the U.S. subprime mortgage market.
Companies on the mainland and in Hong Kong raised US$14.3 billion in the third quarter, more than twice as much as in the same period last year.
Three of the world's top 10 initial public offerings, including the Shanghai listing of Bank of Beijing, were on the mainland last quarter.
The fourth quarter has been the strongest for Chinese IPOs in recent years, a trend that Ernst & Young expects to continue.
'Provided investor confidence remains positive, there is every reason to believe that funds raised by companies on the mainland and in Hong Kong will comfortably exceed US$50 billion for 2007,'Ernst & Young partner Joe Tsang said.
Reflecting the shifting global balance, Brazil took second place with US$9.3 billion of capital raised in the third quarter. The United States came third, netting US$8.3 billion.
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