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Accountancy firm: China IPOs to rise 45% in 2009

(Xinhua)
Updated: 2009-01-05 22:42

BEIJING - Initial public offerings (IPOs) in China are expected to rise 45 percent in value this year as a result of government stimulus policies, accountancy firm PricewaterhouseCoopers (PwC) said Monday.

Companies will raise about 150 billion yuan (US$22 billion) through IPOs in China in 2009, the PwC said in a report.

Sectors such as infrastructure, finance, consumer goods manufacturing and retailing will benefit from a 4 trillion-yuan economic stimulus package announced in November, hence IPOs in those areas will gradually come back to growth, it said.

"It's hopeful that China's capital market will see a steady development in the second half of 2009 as the economy's fundamentals remain stable," said PwC China Managing Partner Lin Yizhong.

China will recover sooner than other countries afflicted by the global financial crisis because of its economic foundation and massive fiscal stimulus plan, said the report.

IPOs at China's Shanghai and Shenzhen stock exchanges slumped by 78 percent in value last year as investor enthusiasm collapsed under the crush of the financial crisis.