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China’s third-quarter IPOs decline amid efforts by regulator to tighten the pace of fundraising

  • There were 91 IPOs worth US$15.8 billion in the third quarter, down from 105 share listings worth US$20 billion in the previous quarter
  • In the first nine months of the year, a total of 264 new share listings in mainland China raised US$45 billion

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An electronic board shows the Shanghai and Shenzhen stock indexes at the Lujiazui financial district in Shanghai. Photo: Reuters
Yuke Xiein Beijing
The number of initial public offering (IPO) activities in mainland China slowed down in the three months to September from the previous quarter, as the securities regulator moved to reduce share sales to help boost the country’s flagging stock market.

There were 91 listings worth 114 billion yuan (US$15.8 billion) recorded in the third quarter, down from 105 listings worth 144.6 billion yuan in the previous quarter, according to reports by local news outlets.

In the first nine months of the year, a total of 264 new share listings in mainland China raised 323.6 billion yuan, which marked a 0.33 per cent decline from the number of IPOs in the same period in 2022.

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Shanghai’s Nasdaq-style Star market was the mainland’s top IPO venue during the past three quarters, with a total of 139.6 billion yuan raised. It was followed by Shenzhen’s start-up-focused ChiNext Market, which raised 112 billion yuan.
The Shanghai Stock Exchange’s tech-focused Star Market was the main venue for initial public offering activities in mainland China during the past three quarters of this year. Photo: Reuters
The Shanghai Stock Exchange’s tech-focused Star Market was the main venue for initial public offering activities in mainland China during the past three quarters of this year. Photo: Reuters

Shanghai’s main board, meanwhile, raised a total of 39.6 billion yuan in the same period, compared to 21.4 billion yuan in Shenzhen and 11.1 billion yuan in Beijing.

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The sluggish state of new mainland IPOs in the third quarter reflected the waning confidence in China’s economic recovery efforts.
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