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Shanghai, Shenzhen Bourses Are World’s Top Two IPO Markets in First Three Quarters 2022-11-10
Shanghai, Shenzhen Bourses Are World's Top Two IPO Markets in First Three Quarters
The Chinese mainland bourses in Shanghai and Shenzhen have raised the first and second-largest amounts through initial public offerings in the first three quarters, according to the vice chairman of China's securities watchdog.
China's stock market financing is growing steadily, and the IPO amount on the Shanghai Stock Exchange and Shenzhen Stock Exchange ranked top two worldwide in the first nine months of the year, Fang Xinghai, vice chair of the China Securities Regulatory Commission, said at the SSE Global Investors Conference 2022 yesterday, The Paper reported on Thursday.
Fang did not specify the IPO amount of the two exchanges in the period.
As China is improving its multi-tiered capital market and Nasdaq-like SSE's Star Market and SZSE's ChiNext are experimenting with a registration-based IPO system, the capital market is more attractive to high-quality companies, Fang pointed out.
Chinese and international capital markets are in different internal periods, raising the value of the Chinese market to global investors, Fang added, noting that high-quality listed firms demonstrated the high-quality development of the Chinese economy and offered sufficient investment choices and good investment returns to domestic and overseas investors.
China's stock, bond, and futures markets are the world's second-largest by market scale, and the market capitalization of listed Chinese firms was nearly CNY80 trillion, he said.
Over 80 percent of the over 4,800 companies listed on the SSE and SZSE reported profits in the first three quarters, according to Fang. They logged a total of CNY52 trillion (USD7.2 trillion) in operating revenue, up 8.5 percent from a year earlier. Profit made by Chinese mainland-listed firms accounted for 76 percent of that logged by enterprises above designated size, he added.
Technological and business innovation has become a highlight of listed Chinese companies to attract international investors, Fang said, noting that some listed firms are making great efforts in innovative sectors such as photovoltaic and electric vehicles in recent years with the support of the capital market, which promotes China to become a global leader in these fields.
Source: Yicai
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