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BEIJING, July 4 (Xinhua) -- The number of IPOs on China's A-share market and their value both fell sharply in the first half of this year, a report showed Monday.
A total of 61 IPOs were launched on the Shanghai and Shenzhen stock exchanges, down 67 percent on the same period last year. About 28.8 billion yuan (4.3 billion U.S.dollars) was raised, down by 80 percent, according to a report from international accounting firm PwC.
The Shanghai Stock Exchange saw 26 IPOs, while its Shenzhen counterpart saw 15 IPOs of small-and-medium-sized enterprises and 20 start-up companies.
Fluctuations of the markets led to a tightening of IPO approval to maintain stability, according to Frank Lyn, PwC China's mainland and Hong Kong Markets Leaders.
The tightening drove some enterprises seek other financing options such as bonds or listing on the National Equities Exchange and Quotations (NEEQ), an over-the-counter exchange for small firms.
The second half of this year should see a similar number of IPOs, making a total of about 120 cases in 2016 with about 60 billion to 80 billion yuan in financing volume, Lyn predicted.
