China IPO NEWS – China’s securities regulator has approved initial public offering (IPO) applications of 12 companies, allowing them to raise up to Rmb7 billion (USD1.03 billion).
The China Securities Regulatory Commission (CSRC) said six of the 12 firms will be listed on the Shanghai exchange, two on the Shenzhen SME board and four on the Nasdaq-style board ChiNext.
The firms and their underwriters are scheduled to confirm the IPO dates following discussions with the exchanges before publishing prospectuses.
CSRC spokesperson Deng Ge also announced that China will push for the normalization of IPOs and refinancing activities and hinted at possible pressure on the market.
An IPO suspension between July and November 2015 was followed by a period of slower IPO approval. Under the current IPO system, new shares are subject to approval from the China Securities Regulatory Commission, which controls both the timing and price.
In 2015, 219 companies raised Rmb159 billion (USD23 billion) through IPOs on the Chinese mainland despite market volatility over the summer that put offerings on hold.
Shanghai Posts Highest e-Commerce Growth in 2016
In other China news, Shanghai’s e-commerce industry was at its highest in 2016, growing robustly to hit a record high of more than Rmb2 trillion (USD290 billion).
This is up 21.9% from the previous year, according, according to data released by Shanghai Municipal Commission of Commerce.
Out of that amount, e-commerce for enterprises accounted for 72% or about Rmb1.4 trillion, an increase of 17.3% year-on- year.
Business officials have attributed the surge to trade growth in steel, petrol chemicals, non-ferrous metals and automobiles.
In the same year, the individual consumer e-commerce market likewise posted stellar growth. It was up 35.4% year-on- year to Rmb560 billion.
Of that amount, consumer goods comprised nearly Rmb300 billion and services represented Rmb260 billion.
In 2012, the online shopping market in Shanghai was worth only Rmb110 billion. – EventsNewsAsia.com