Initial public offerings at mainland China's stock markets raised ¥73 billion in the first half of this year, down significantly from the ¥160.78 billion recorded in the same period a year ago, according to data from Reuters.
A lack of large-capitalization new stocks and a sluggish stock market were blamed for the sharp drop in the amount raised. The number of companies going public between January and June was down by a third from a year earlier.
China Communications Construction Co (SHA: 601800) emerged as the largest mainland IPO so far this year, drumming up ¥5 billion.
Zhongbao Properties Group, a residential and commercial real estate developer based in Shanxi province, has kicked off its IPO plan in Shanghai and Hong Kong. The dual listing is expected to raise as much as $6 billion by the end of the year.
Guosen Securities overtook Ping An Securities and Citic Securities (SHA: 600030) as the number one underwriter in the first half after taking up 17 IPOs that raised a combined total of ¥13.76 billion. Guosen Securities collected ¥660 million from underwriting these sales, well above Ping An Securities' ¥480 million and Citic Securities' ¥330 million.
$1 = ¥6.36