Tech IPOs boom

Source: Xinhua | 2017-05-26

TWELVE Chinese technology firms completed initial public offerings in the first quarter of this year, the most in the world, netting US$1.2 billion in total proceeds, PricewaterhouseCoopers said in a report yesterday.

All the 12 IPOs were launched on domestic exchanges due to favorable valuations. The newly listed companies are engaged in semiconductors and Internet software and services, and they’re relatively small in market valuation and business size. “The number of China tech IPOs continues to grow as a result of the faster IPO approval process by the China Securities Regulatory Commission,” said Gao Jianbin, TMT leader at PwC China. The company expects the number of Chinese tech IPOs to hit a historical high in 2017.