Yesterday, PricewaterhouseCoopers released the 2011 Review of the First Half of the IPO Market and Prospects for the Whole Year report. Although the number of first-time listed companies in the Shanghai and Shenzhen stock markets and the amount of funds in the first half of the year declined slightly compared to the same period of last year, Throughout the year, it is expected that the IPO** of the Shanghai and Shenzhen stock markets will remain at a relatively high level, reaching 400 billion yuan*** estimated at the beginning of the year.
In the first half of 2011, there were a total of 168 cases of IPOs in the Shanghai and Shenzhen stock markets, totalling RMB 176.3 billion, a decrease of 5% and 18% respectively from the same period of last year. Among them, a total of 24 A-share IPOs in Shanghai were up 85% year-on-year, but the amount was 56.9 billion yuan, down 7% year-on-year. There were a total of 61 IPOs for Shenzhen SME Boards, which amounted to RMB 62.2 billion, which was also down compared to the same period last year. Only the Shenzhen GEM continued its strong growth momentum. In the first half of the year, the number of newly listed companies reached 83, an increase of 54% year-on-year, and the amount of RMB 57.2 billion, which was a year-on-year increase of 25%.
From the industry point of view, in the first half of the year, the Shanghai A-shares and the Shenzhen Stock Exchange were still dominated by industrial product companies, which accounted for 58% and 46% of the total number of listed companies. PricewaterhouseCoopers predicts that listed companies in 2011 will still focus on industrial products, information technology, financial services, consumer products and retail industries.
Lin Yizhong, partner in charge of PricewaterhouseCoopers China, said: “This year, the mainstream of the price-to-earnings ratio of companies listed on the Shanghai A-share market and the Shenzhen SME IPO remains at a fairly robust 40- to 60-fold range. In the past, the Chinese market and other emerging capital markets The valuation of enterprises is being discounted, and since the global credit crisis, the valuation of companies in China’s capital market has exceeded that of similar companies in developed markets, and China will regard controlling inflation as the top priority for economic development, which is the development of domestic enterprises. It is also the key. On this basis, this IPO situation will continue in the second half of the year."
In the first half of 2011, there were a total of 168 cases of IPOs in the Shanghai and Shenzhen stock markets, totalling RMB 176.3 billion, a decrease of 5% and 18% respectively from the same period of last year. Among them, a total of 24 A-share IPOs in Shanghai were up 85% year-on-year, but the amount was 56.9 billion yuan, down 7% year-on-year. There were a total of 61 IPOs for Shenzhen SME Boards, which amounted to RMB 62.2 billion, which was also down compared to the same period last year. Only the Shenzhen GEM continued its strong growth momentum. In the first half of the year, the number of newly listed companies reached 83, an increase of 54% year-on-year, and the amount of RMB 57.2 billion, which was a year-on-year increase of 25%.
From the industry point of view, in the first half of the year, the Shanghai A-shares and the Shenzhen Stock Exchange were still dominated by industrial product companies, which accounted for 58% and 46% of the total number of listed companies. PricewaterhouseCoopers predicts that listed companies in 2011 will still focus on industrial products, information technology, financial services, consumer products and retail industries.
Lin Yizhong, partner in charge of PricewaterhouseCoopers China, said: “This year, the mainstream of the price-to-earnings ratio of companies listed on the Shanghai A-share market and the Shenzhen SME IPO remains at a fairly robust 40- to 60-fold range. In the past, the Chinese market and other emerging capital markets The valuation of enterprises is being discounted, and since the global credit crisis, the valuation of companies in China’s capital market has exceeded that of similar companies in developed markets, and China will regard controlling inflation as the top priority for economic development, which is the development of domestic enterprises. It is also the key. On this basis, this IPO situation will continue in the second half of the year."
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