Three IPOs by Chinese technology companies worth a combined $267 million were the highest recorded for both volume and proceeds globally in the first quarter of 2016, a report released on Monday by PwC showed.
They occurred over a period characterized by decline, however, with the nation's technology IPO volume dipping from six with $551 million in proceeds in the prior quarter, and dropping from eight IPOs valued at $1.1 billion when measured year-on-year, the report said.
The three companies selected the Shenzhen Stock Exchange for their listings, which consequently accommodated more IPOs than any other exchange in the first quarter.
Gao Jianbin, a technology specialist at PwC, said in a note sent to the Global Times Monday that the uncertainties in the domestic stock market were fueled by the postponement of the new board for strategic emerging industries, as well as the new registration-based IPO system and the control of new issues.
The report said total technology IPO proceeds of $769 million were garnered globally in the first quarter of 2016, marking a 93 percent drop from the $10.8 billion recorded in the fourth quarter of 2015.
A shift in geographic distribution to Asia and smaller countries in Europe coincided with a lack of any recorded technology IPOs from either the US or the UK as well as an absence of any big-ticket IPOs over the first three months.
Additionally, cross-border listings dropped in volume from four in the first quarter of 2015 to two in the first quarter of 2016.
These contributing factors led to first-quarter global proceeds valued under $1 billion, the first time since 2008, the report said.
