Chinese stock market raises $90 billion since June 2009

14:19, May 05, 2010      

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Since the reform in the initial public offerings (IPO) system in June 2009, 242 Chinese enterprises completed IPOs including those listed on the Growth Enterprise Market and 154 enterprises issued additional new shares, raising a total of 618 billion yuan (90.54 billion U.S. dollars), said Shang Fulin, chairman of the China Securities Regulatory Commission (CSRC), on May 4.

"Currently, the IPO mechanism is improving in an orderly manner. The pricing of IPOs has been more market-based and the size of funds frozen for IPO subscription is diminishing," Shang said. "The proportion of IPO shares allocated to prospective individual subscribers is rising and the growth rates of the IPO stocks during first-day trading have dropped dramatically."

Shang added that in response to the international financial crisis, the CSRC smoothly launched the Growth Enterprise Market in early 2009 to promote an innovation-oriented economy. By the end of April 2010, a total of 84 enterprises had already been approved for listing on Growth Enterprise Market.

Meanwhile, the CSRC has actively promoted listed companies to conduct mergers and acquisitions (M&A) and restructuring. In 2009, 56 listed companies completed major asset restructuring with transaction turnover totaling 369.4 billion yuan.

Twenty listed companies such as China Yangtze Power have completed the listing of their parent companies by means such as asset purchases, and 12 listed companies such as Tangshan Iron & Steel and China Eastern Airlines have enhanced the concentration of their respective industries by means of M&As. Twelve listed companies conducted acquisitions abroad with investments totaling 53.1 billion yuan.

By People's Daily Online


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