Beijing: Shanghai Stock Exchange has become the world leader in Initial Public Offerings for the first time, outshining rivals, New York and Hong Kong during the first quarter after raising 5.4 billion dollars, a report said.
In all, 35 companies had carried out new listings in Shanghai, prior to the launch of new regulations governing new listings, China Daily reported.
The new regulations to be launched by China Securities Regulatory Commission, later this year, will permit investors and markets to judge on their own about a company's value and the risks of buying its shares.
This has pushed New York Stock Exchange, which witnessed 50 per cent fewer IPOs, off the number one spot, as more and more companies launched new listings in Shanghai before the coming of new regulations.
Tong Chuanjiang, head of A-share IPO business for northern China at Deloitte China, said that the appetite of IPOs has been boosted due to falling interest rates, reductions in the reserve requirement ratio and positive sentiment towards the reform of the new share sales system.
