China's TMT firms post 22 percent fall in IPO funds in first ha;f year

China’s technology, media and telecommunications companies saw funds raised from initial public offerings in the first half of the year fall 22 percent to 25.8 billion yuan (US$3.9 billion) from six months ago.

During the period, a total of 59 IPOs were completed in the domestic market, PwC said in its quarterly Global Technology IPO review.

Twenty-seven Chinese companies completed IPOs in the the first half on the Growth Enterprise Market in Shenzhen, with total proceeds of 9 billion yuan, making up of 35 percent of the total proceeds. 

Chinese tech companies completed 28 IPOs in the first half, the most listings in the world, and the United States was runner-up with 10 IPOs. Globally 46 tech IPOs were completed in the first half, up 53 percent from six months earlier, with total proceeds jumping 54 percent to US$10.9 billion.

“The Chinese A-share market will continue to attract a majority of Chinese TMT IPOs with higher market valuation in the domestic equity market while the Hong Kong and US markets are more appealing to software service and Internet finance companies,” said Frank Lin, PwC China TMT partner.

Gao Jianbin, PwC China TMT leader, said that Chinese TMT IPOs "will likely to stay among the top 3 globally in the second half of this year, with China continuing to be one of the world’s hottest IPO markets.”