Shanghai-based securities institutions sponsored the initial public offerings of 111 companies in 2022, with the combined financing amounting to 224.5 billion yuan ($32.6 billion), local media platform Shanghai Observer on Monday.

The figures were released during a regional supervision work conference held by the Shanghai securities regulatory bureau on April 7.

These local securities firms generated 390 million yuan in income from their underwriting businesses last year, according to Shanghai Observer.

The combined assets of the 20 securities firms overseen by the Shanghai securities regulatory bureau were valued at 2.3 trillion yuan by the end of 2022, up 4 percent from a year earlier. Their net asset value also increased 7 percent year-on-year to 612.2 billion yuan.

The total sales revenue of these securities companies was 76.6 billion yuan last year, with the net profit reaching 29.4 billion yuan, according to the regulatory bureau.

Shanghai is presently home to four foreign-controlled securities firms. Three Shanghai-based securities brokerages, including Guotai Junan Securities, are qualified as market makers for the technology-focused STAR Market of the Shanghai bourse.

A listing ceremony was simultaneously held in Beijing, Shanghai and Shenzhen on Monday for the first 10 companies that went public on the A-share main board under the registration-based IPO mechanism.