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China's IPO capital drops about 80%

By Bi Xiaoning (chinadaily.com.cn)
Updated: 2009-01-19 17:35

Activity in initial public offerings (IPOs) has fallen to a three-year low in China, according to a report released by market researcher Zero2IPO Group.

The amount of money raised by Chinese companies in 2008 through IPOs fell about 80 percent over the previous year to $21.8 billion, the report said.

The numbers of IPOs and total capital raised also touched three-year lows, falling 53.3 percent and 79.2 percent respectively year-on-year.

In overseas markets, the number of Chinese IPOs dropped from 118 in 2007 to 37 last year, with capital raised falling 82.6 percent to $6.922 billion.

In the domestic market, the number of IPOs fell from 124 in 2007 to 76 last year, with capital raised dropping about 77.1 percent to $14.91 billion.