BEIJING, May 16 (Xinhua) -- In the first quarter of 2006, 18 Chinese mainland companies raised 1.309 billion U.S. dollars through overseas initial public offerings (IPO's).

    The 18 mainland-based firms, covering both traditional industry, IT, biological, pharmaceutical and service sectors, went public on the U.S. Nasdaq, Hong Kong and Singapore Stock Exchanges during the period, China Business News quoted a report from the Qingke Venture Investment Research Center as saying.

    Five firms were supported by venture investment and raised 155 million U.S. dollars in the first three months of 2006, said the report.

    Compared with the same period of last year, the number of firms listed abroad jumped 63.6 percent, and the funds raised through overseas IPOs soared 326.6 percent, according to the report.

    Six of the 18 companies made their IPO on the main board of the Hong Kong Stock Exchange, raising 880 million dollars, which accounted for 67.3 percent of the total raised by the 18 companies.

    Seven mainland firms made their IPO on the main board of Singapore Stock Exchange, raising 240 million U.S. dollars.

    The report predicts that more mainland-based companies will make overseas IPOs, most of which are focused on traditional industries. Enditem