More Funds Set To Be Raised From IPOs

More capital is expected to be raised through initial public offerings this year on the Chinese mainland than last year as the stock market is forecast to pick up in the second half of the year, an industry report said yesterday.

The total funds raised through IPOs on the mainland are set to top 152 billion yuan (US$22.23 billion) this year, PricewaterhouseCoopers said in the report. The expected amount represents a rise from 103.5 billion yuan raised through IPOs in 2008 on the mainland. The report said that 88 companies are expected to be listed this year, up from last year's 77 firms in Shanghai and Shenzhen, and the small and medium enterprise board in Shenzhen will likely see a number of IPOs.

"With its solid fundamentals and the government's huge economic stimulus plan, the mainland is likely to pick up growth earlier amongst major world economies hit by the global recession," the accounting firm said.