BEIJING - China led the global market in technology IPOs, with nine tech firms listed in the third quarter (Q3) this year, a report showed Monday.

The number of tech IPOs in Q3 is an increase from eight over the previous two quarters combined, this pick up has been attributed to the improving economic environment, increased confidence and reduced fears of a sharp drop to the economic growth rate, according to a report by PwC.

IPOs in China generated $611 million in Q3, with an average of $68 million, while 20 technology IPOs were listed worldwide, generating proceeds of $5.38 billion.

The overall performance in Q3 equates to a 43-percent increase in the number of tech IPOs globally compared to the previous quarter, and a 264-percent rise in proceeds, the report showed.

Software, and Internet software and services accounted for 65 percent of global tech IPOs in Q3. Nine software IPOs were reported, of which five were from China, according to the report.

Meanwhile, cross-border IPOs, especially in Hong Kong and the US, are becoming more attractive to Chinese tech firms, and we anticipate they will continue to grow in prominence, at least in the short-term, PwC China TMT partner Frank Lin said.