China's stock market helped its companies raise $9.04 billion in the first quarter of 2012, down 62% from the same period a year ago, Thomson Reuters data have shown.
Funds raised from initial public offerings in Shanghai and Shenzhen totaled $4.1 billion during the three-month period, down 71.2% from a year earlier, signaling no apparent improvements in the business climate.
Manufacturing companies raised $3.6 billion from rights offers, or 34% of the total, whereas companies associated with the energy and power generation industries, which prevailed in the same period of 2010, receded to the second spot with $1.7 billion, down 78%, according to Thomson Reuters.
From January through March, Chinese companies raised $10.6 billion through offshore IPOs and additional share offerings, down 64.1% from the first quarter of last year. Hong Kong continued to be the first choice for offshore listings.
Citic Group emerged as the top underwriter for Chinese companies in the past quarter, underwriting $1.1 billion worth of offerings in the first quarter of 2012, which dropped 19% from a year earlier. UBS kept its position as the highest-ranked Chinese-foreign underwriter, underwriting $670 million worth offerings, which dived 53.2% from a year earlier, Thomson Reuters revealed.