Arab Today, arab today china\s ipo activity loses momentum in 2012
Last Updated : GMT 05:35:58
Arab Today, arab today
Arab Today, arab today

China\'s IPO activity loses momentum in 2012

Arab Today, arab today

Arab Today, arab today China\'s IPO activity loses momentum in 2012

Beijing - XINHUA

IPOs on China\'s A-share market slowed in 2012, with fewer newly listed companies and reduced fundraising, according to a leading Chinese financial data provider. Some 150 Chinese firms raised a combined 92.7 billion yuan (14.7 billion U.S. dollars) through IPOs in Shanghai and Shenzhen last year, down 45.2 percent and 63.4 percent from 2011, respectively, according to a report in Monday\'s China Securities Journal that cited data from the Wind Information Co. The number of IPOs and total funds raised both slumped to their lowest point since 2010, the newspaper said. Among all A-share IPO applicants last year, 78.2 percent had their applications approved, rising slightly from 76.8 percent in 2011. The figure remained low compared with 85.9 percent in 2009 and 83.5 percent in 2010, according to Wind Information. Amid a lackluster IPO market, China\'s refinancing market in 2012 was in full swing. Listed companies raised 343.65 billion yuan by issuing additional shares and another 11.94 billion yuan by issuing rights, Wind Information said. The scope of the refinancing market expanded to nearly four times the scope of the IPO market last year, offering alternatives for companies to stay afloat financially, Wind Information said. Meanwhile, 321 listed companies proposed plans for issuing additional stock, while another 122 firms had their refinancing plans approved, it said. Industry insiders warned that unlimited sprawl in the refinancing market may cause a massive increase in stock supplies and thus create liquidity pressure, calling for more refinancing audits and transparent information disclosures. Chinese stocks gained just 3.17 percent for 2012 over concerns about the country\'s slowing economic growth. However, shares have jumped more than 14 percent since the end of November, offering investors hope for the market\'s performance this year.

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