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PwC predicts IPO rebound

By Wang Xinyuan (Global Times)

08:21, January 08, 2013

The number of initial public offerings (IPOs) in China's A-share market, the world's fourth largest stock market by market capitalization, is expected to rebound slightly in 2013 compared with 2012, accounting firm PricewaterhouseCoopers (PwC) said Monday.

"PwC is expecting 200 IPOs to raise 130 to 150 billion yuan ($20.87 to $24.08 billion) in 2013 by listing on the Shanghai and Shenzhen stock markets," Frank Lyn, managing partner at PwC China, said at a press conference in Beijing Monday.

He said the projection is based on the hypotheses that China's GDP will grow more quickly and the US quantitative easing policy will continue to positively affect China's capital market.

Buffeted by global economic uncertainties, market fluctuations and investors' cooling interest in IPOs under sluggish trading, the Shanghai and Shenzhen stock exchanges listed only 155 IPOs in 2012, with total funds raised at 108.3 billion yuan, down 45 percent and 62 percent respectively from 2011 and around one-third of the levels seen in 2010.

By the end of 2012, China's A-share market - composed of the Shanghai and Shenzhen stock exchanges - ranked fourth in global exchanges with market capitalization of 21.15 trillion yuan, after the New York Stock Exchange, the NASDAQ, and the London Stock Exchange.

PwC also forecast that 80 new IPOs would list in Hong Kong this year, including 65 on the Main Board and 15 on the Growth Enterprise Board, with total funds raised of HK$120-150 billion, a significant growth compared with 2012.

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